17 October 2013 13:55 [Source: ICIS news]
SINGAPORE (ICIS)--Indian end-users are holding on to high inventories of polypropylene (PP) and, as a result, staying away from the market ahead of the Hindu festival of Diwali in November, Mumbai-based traders said on Thursday.
“Demand is weak in India. Nobody is buying anything ahead of Diwali because stock levels are high,” said a Mumbai based PP trader.
Several end-users purchased cargoes from Middle East producers before the Muslim festival of Eid-ul-Adha in mid-October, when suppliers traditionally go on long leave.
“Indian buyers went shopping before Eid-ul-Adha. PP was sold at attractive prices especially before the producers went away [for Eid-ul-Adha], and [the Indian end-users] snapped up cargoes quickly,” another Mumbai-based trader said.
PP raffia/injection prices were assessed at $1,470-1,500/tonne (€1,088-1,110/tonne) CFR India during the week ended 11 October, according to ICIS data.
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