08 October 2012 10:59 [Source: ICIS news]
Prices spiked by more than 9% over the weekend to Indian rupees (Rs) 87-88/kg ($1.68-68/kg) ex-tank, from Rs79-81/kg ex-tank on 5 October, amid an acute shortage of prompt supply in the domestic market, they said.
The new numbers beat the previous all-time highs of Rs84.00-85.00/kg ex-tank hit on 20 September.
Buyers were sidelined by the volatile prices.
“Most people are just waiting for prices to fall again,” said an India-based buyer.
Import offers were heard at $1,255-1,265/tonne (€966-974/tonne) CFR India on Monday, though no deals were heard so far, the buyer said.
($1 = Rs51.92 / $1 = €0.77)
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