02 September 2013 11:16 [Source: ICIS news]
SINGAPORE (ICIS)--Polyvinyl chloride (PVC) producers in India has announced a sharp increase in their list prices for September shipments on the back of the depreciation in the Indian rupee to the US dollar, market sources said on Monday.
The regional producers’ list prices for September lots were announced at Indian rupees (Rs) 77.50/kg ($1.18/kg) EXW (ex-works), up by Rs7.00/kg from the previous month, sources said.
The steep depreciation in the Indian rupee in recent weeks has led to PVC makers increasing their list prices as feedstock and imported PVC offers to India rose sharply.
The equivalent import parity of the list price at the present exchange rate stands at $1,040-1,050/tonne CFR (cost & freight) India, market sources said.
While end-user demand in India continues to be weak because of the ongoing monsoon in many parts of the country, the impending announcement of a price increase on 1 September led many buyers to book multiple cargoes in end-August.
Regional producers were heard to have been able to offload significant stocks, before they announced the increase in prices.
Pipe demand for irrigation and construction activities is expected to pick up after mid-September, when the monsoon season ends.
PVC producers in India include Reliance Industries, Finolex Industries, Chemplast Sanmar and DCW.
($1 = Rs65.7)
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