11 January 2012 06:37 [Source: ICIS news]
NEW DELHI (ICIS)--India’s Reliance Industries Ltd (RIL) has increased its list prices for linear low density polyethylene (LLDPE) film prices by Indian rupees (Rs) 1.00-2.00/kg (Rs1,000-2,000/tonne, $19-39/tonne) on the back of tight local supply and higher import offers by Middle East producers, sources close to the company said on Wednesday.
RIL released the higher LLDPE film prices to its customers late on 9 January, while keeping its list prices for low density PE (LDPE) and high density PE (HDPE) grades unchanged, the sources said.
The revised LLDPE film prices now stand at Rs84.50-85.00/kg DEL (delivered) India with effect from 10 January, inclusive of a 10.3% excise duty, they added.
“Other producers here are not producing enough LLDPE film because of the severe butane-1 shortage. Also, the higher offers from Middle East makers were additional bullish factors,” a source close to Reliance said.
Import parity prices of LLDPE film were quoted by the local major at $1,310/tonne (€1,022/tonne) CFR (cost & freight) Mumbai.
On 10 January, a Middle East producer offered February cargoes at $1,270/tonne CFR Mumbai, market players said.
The average LLDPE film prices heard on 6 January were at $1,240/tonne CFR Mumbai, according to ICIS.
($1 = Rs51.71, $1 = €0.78)
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