India PP makers hike domestic list prices by Rs2/kg

03 July 2012 12:13  [Source: ICIS news]

SINGAPORE (ICIS)--Indian polypropylene (PP) producers have raised their domestic list prices for homo and copolymer product grades by rupee (Rs) 2/kg ($36.54/tonne) from 2 July on the back of renewed buying interest, market players said on Tuesday.

The new list prices for PP raffia now stand at Rs95.50-97.00/kg DEL (delivered), while for block copolymer, the new prices are Rs100.00-101.00/kg DEL, inclusive of a 12.3% excise duty, local traders said.

Indian producers last revised their list prices on 17 May.

Buying interest is gathering momentum as importers are currently restocking, after purchasing low volumes in the previous months, traders said.

“Prices in China are higher. Confidence in the market is coming back,” a Mumbai-based trader said.

Following the hike in Indian PP list prices, open market spot prices inched up Rs1.50/kg to Rs95.50-97.50/kg DEL west India, local traders said.

Buying ideas for imports have likewise firmed to above $1,300/tonne (€1,027/tonne) CFR (cost and freight) Mumbai, they said.

However, most overseas suppliers have largely sold out their July allocations last week at $1,280-1,300/tonne CFR Mumbai, they added.

($1 = 0.79 / $1 = Rs54.73)

By: Ong Sheau Ling
+65 6780 4359

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