24 November 2011 10:45 [Source: ICIS news]
SINGAPORE (ICIS)--India’s Reliance Industries Limited (RIL) has increased its domestic list prices for polyethylene (PE) and polypropylene (PP) by Indian rupees (Rs) 1.50-2.50/kg - its third price hike in three weeks, industry sources close to the company said on Thursday.
RIL announced to customers late on 23 November an increment of Rs2/kg for all PP grades and an increment of Rs1.50-2.50/kg for the prices of all PE grades, taking into account a further depreciation of the Indian rupee, they said.
The revised PE prices are at Rs91.00–92.00/kg ($1.74-1.76/kg) ?xml:namespace>
PP prices now stand at Rs89.50–90.50/kg
Prices of bi-axially oriented polypropylene (BOPP) film are at Rs90.50-91.50/kg
“The increase in list prices is inevitable because of the weaker rupee currency,” a source close to Reliance said.
Trading activity in the domestic polymers market was brisk despite Reliance’s hike in list prices, as imports are still deemed too expensive, Indian traders said.
($1 = Rs52.38)
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