28 September 2012 05:14 [Source: ICIS news]
SINGAPORE (ICIS)--State-owned Indian Oil cut its list prices for both high density polyethylene (HDPE) and linear low density polyethylene (LLDPE) by Indian rupees (Rs) 3/kg ($0.06/kg) to attract local buyers, a company source said late on Thursday.
Indian Oil announced this list price reduction late on Wednesday, after all the local polyolefins producers introduced price protection for all PE and PP grades with effect from 23 September.
The price protection was implemented to reflect the recent appreciation of the Indian rupee, sources close to the Indian polyolefins makers said.
The new list prices for LLDPE film and HDPE film are now at Rs92.00/kg and Rs93.00/kg respectively, effective from 27 September, the source said.
“The poor buying mood in the local market is putting pressure on our mounting inventories,” he said.
In addition to the reduction in the list prices, Indian Oil has cut the run rates at its HDPE unit, HDPE/LLDPE swing plant and PP unit in the week, the source said.
($1 = Rs52.99)
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