16 November 2012 09:46 [Source: ICIS news]
SINGAPORE (ICIS)--India's Reliance Industries Ltd (RIL) and Indian Oil Corp (IOC) have raised their domestic list prices for all polypropylene (PP) grades by Indian rupee (Rs) 1.50-2.00/kg ($26.38-36.51/tonne) late this week, given continued weakness in the local currency, company sources said on Friday.
IOC implemented a price hike of Rs2.00/kg on all homo PP grades, and a Rs1.50/kg increase on copolymer grades, with effect from 15 November, a company source said.
RIL, on the other hand, has raised prices across all PP grades by Rs2.00/kg as announced on 16 November, a company source said.
Including a 12.3% excise duty, the new list prices are Rs95.50-98.00/kg DEL India for PP raffia; Rs96.50-98.00/kg DEL India for injection grade, and; Rs101.00-102.50/kg DEL India for block copolymer.
“Rupee is still weakening and with some firming seen in the key China market, we raised our list prices,” a source close to IOC said.
Producers are confident that there will be an uptick in trading activity in the domestic market, following the Diwali festival this week.
“Prices in the open domestic market will move in tandem next week, when the market returns fully from their festive holidays,” a Mumbai-based trader said.
On 16 November, imported and locally-produced raffia lots were discussed largely unchanged week-on-week at Rs94.50-97.50/kg DEL (delivered) west India in the open domestic market.
($1 = Rs54.78)
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