31 October 2012 09:04 [Source: ICIS news]
SINGAPORE (ICIS)--Prices of high density polyethylene (HDPE) film in ?xml:namespace>
HDPE film resins, which are the key raw material for the manufacture of plastic bags, may face a significant decrease in demand.
“This will curtail the already shrinking demand for HDPE film resins. Over the past few years, the Indian government has gradually imposed partial and complete bans of shopping bags across the various cities, hurting the resins’ demand,” a local converter said.
On 31 October, Gulf Cooperation Council (GCC)-originated cargoes were offered at $1,350-1,360/tonne (€1,040-1,047/tonne) CFR (cost & freight) Mumbai, while Iranian material were booked at $1,310/tonne CFR Mumbai, according to local players.
In the fiscal year ending March 2012, India’s consumption of HDPE resins was about 1.6m tonnes, up by 5-6% year on year, while in the period of January 2012 to August 2012, demand of HDPE resins improved by 10%, market sources said.
($1 = €0.77)
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