01 March 2013 11:20 [Source: ICIS news]
(recasts headline and lead, adds Pakistan list prices)
India’s PS producers increased their list prices by rupees (Rs) 2/kg ($36.8/tonne) on Friday for March from February.
The list prices for general purpose PS (GPPS) in India are now at Rs115/kg EXW (ex-works) for March-shipping cargoes, while those for high impact PS (HIPS) were raised to Rs122/kg EXW, the sources said.
Indian producers cited tightness in SM availability because of ongoing maintenance at a Middle Eastern facility that supplies the feedstock to India.
“The turnaround at the [Middle Eastern] producer’s facility has led to a cut in our contractual volumes for SM for March,” a source at an Indian PS producer said.
The PS price hike was also in line with higher-priced SM cargoes that arrived in February.
PS demand in India is presently stable-to-soft but is expected to increase in March onwards, market sources said.
Given the likely increase in India’s PS demand in March, the focus was to cater to the domestic market, with very limited volumes for export, industry sources said.
Indian producers typically export surplus cargoes to Europe and the Middle East that includes the Gulf Cooperation Council (GCC) countries, East Mediterranean markets of Jordan, Syria and Egypt and Europe.
In neighbouring Pakistan, list prices for March PS shipments were increased on Friday by Pakistan rupees (PRs) 10/kg ($102/tonne), with GPPS list prices now at PRs215/kg EXW (ex-works) and HIPS price at PRs220/kg EXW.
The equivalent import parity for the revised list price for March stood at $1,975/tonne CFR Pakistan for GPPS and $2,125/tonne CFR Pakistan for HIPS.
Pakistan typically exports PS cargoes to traders and converters in the GCC countries, Lebanon and Egypt.
($1 = Rs54.37 /$1 = PRs98.21)
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