10 May 2013 06:04 [Source: ICIS news]
SINGAPORE (ICIS)--Indian polystyrene (PS) producers raised their list prices by rupees (Rs) 2.50/kg ($45.98/tonne) for May shipments, following the government’s decision to hike duties on all plastics imports to 7.5%, market sources said on Friday.
List prices of general purpose (GPPS) were raised to Rs117.50/kg EXW (ex-works), while those of high impact PS (HIPS) were nudged up to Rs123.50/kg EXW, with immediate effect.
The Indian government implemented the 2.5-percentage point increase in duties on imports of all polymers effective 9 May – a move that is widely expected to prompt domestic producers to hike prices.
PS producers in India include Supreme Petrochem, LG Polymers India and BASF.
($1 = Rs54.36)
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