Indian PP market subdued ahead of Diwali
Muhamad Fadhil
21-Oct-2014
DUBAI (ICIS)–The Indian polypropylene (PP) market is subdued
ahead of the Hindu festival of Diwali in the country, with
most buyers remaining on the sidelines, industry sources said
on Tuesday.
“Diwali is a time when buying generally stops. Traders and
buyers welcome the holiday break because the market is weak,”
according to a trader based in Mumbai.
Diwali, or Festival of Lights, will be celebrated in India on 23 October.
Buyers said prices could come under further downward pressure amid weakness in the upstream crude and propylene markets.
However, suppliers had so far tried to resist lowering prices, but acknowledged they could be pushed to do so should demand weaken further.
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