22 November 2012 12:08 [Source: ICIS news]
SINGAPORE (ICIS)--India’s polyethylene (PE) producers revised their list prices higher for the second time in November late on Wednesday, on the back of a further depreciated rupee currency and the expectation of improved buying sentiment on low stock levels among buyers, market sources said on Thursday.
The increase of Indian rupee (Rs) 1.00-2.50/kg, depending on PE grades is effective, from 22 November
The new PE list prices now stand at Rs96.00-96.50/kg DEL (delivered) India for low density PE (LDPE) film, Rs91.50-94.00/kg DEL India for linear low density PE (LLDPE) film and Rs94.50-96.00/kg DEL for high density PE (HDPE) film, including 12.3% excise duty.
Previously on 1 November, PE list prices were increased by Rs1.00-2.50/kg.
“Weaker rupee and low customers’ inventory are the main reasons for the increase in list prices,” a source close to one of the Indian PE producers said.
“After the Diwali festival last week, market sentiment is better,” a trader based in Mumbai said, adding that the higher PE list prices were within expectation.
Following the revision in the list prices, spot PE discussions in the open domestic market in west India were at about Rs98.00/kg DEL for LDPE film Rs94.50/kg DEL for LLDPE film and Rs96.00/kg DEL for HDPE film.
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