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(ICIS) -- India’s polyethylene (PE) and
polypropylene (PP) prices have stopped increasing this week, with large volumes
of lower-priced imports purchased in July due to arrive in the country in the
next three weeks, industry sources said on Friday.
In addition, volatile crude futures, which were triggered by fears of the
US falling back into an economic recession, have resulted in a change in market
sentiment.
Most local market players have retreated to the sidelines as a result of
the incoming large supply and the uncertain market outlook.
Most offers for imports have been withdrawn and buying ideas were lower
this week, causing a standstill in the domestic market, market players
said.
The Indian import prices of linear low density PE (LLDPE) film, high
density PE (HDPE) film, low density PE (LDPE) film and PP raffia have increased
by USD 95-185/tonne (EUR 67-130/tonne) or 6.3-14.9% from early July to 5 August,
according to data from ICIS.
mrcplast.com
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