India LAB import market stable on the back of stronger currency

12 March 2014 12:08 Source:ICIS News

SINGAPORE (ICIS)--Imported prices of linear alkyl benzene (LAB) in India were have been stable amid largely rangebound discussion, market players said on Wednesday.

The recent strengthening of the rupee against the US dollar was said to have supported buyers sentiment to import cargoes.

Nevertheless, market participants said they were not expecting an upward movement in prices as economic growth remained unlikely ahead of the general elections in the country. According to news reports, India's general election will take place in nine phases in April and May.

Offers were indicated at or above $1,800/tonne CFR (cost and freight) India from GCC suppliers. 

Workable bids or buying ideas were quoted at $1,760-1,780/tonne CFR India.

A seller was negotiating cargoes at $1,790/tonne CFR India, with the buyer cited bidding at $1,780/tonne CFR SE India.

Offers by a producer was cited at  $1,830-1,840/tonne CFR India, but quoted facing buying ideas at $1,820/tonne CFR India.

($1 = Rs61.02)

By Fahima Khail