01 November 2012 04:26 [Source: ICIS news]
The PE and PP list prices, including 12.3% excise duty, are higher by Indian rupees (Rs) 1.00-2.50/kg (2-5 US cents/kg) with effect from 1 November.
The list prices of low density PE (LDPE) film are up by Rs1.00/kg at Rs93.50-94.00/kg
The list prices of linear low density PE (LLDPE) film and high density PE (HDPE) film are up by Rs2.50/kg at Rs91.00-93.00/kg DEL India and 93.00-95.00/kg DEL India respectively, they added.
The price increases follow two to four times of price reduction since end-September, depending on grades.
Meanwhile, PP list prices have been increased by Rs2.00/kg for the second straight week, with the new list prices of PP raffia, injection and block copolymer at Rs93.50-96.00/kg DEL India, Rs94.50-96.00/kg DEL India and Rs99.50-100.50/kg DEL India respectively.
“The rupee has been depreciating since a week ago, and [the depreciation] is rather steep. So, we have to adjust our list prices accordingly to match the current discussion levels for imports,” a source close to RIL said.
The increment has boosted domestic trade and lifted prices in the open domestic market, local traders said.
On average, locally-produced PE and PP material and imports were discussed and transacted Rs1.00-3.00kg higher during the week, as compared to the previous week, they added.
“The sentiment just suddenly changed this week with the increased list prices. Buying [activity] has returned,” a trader based in Mumbai said.
($1 = Rs53.85)
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