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In India spot PE and PP import prices to fall for January shipments

December 19/2011

(ICIS) -- Indias spot polyethylene (PE) and polypropylene (PP) import prices are likely to fall for January shipments as buyers hesitate to stock up on the material while the countrys currency - the rupee - is being battered in the foreign exchange market, industry sources said on Monday.

In the week ended 16 December, average low density polyethylene (LDPE) film spot prices were assessed at USD1,380/tonne (EUR,063/tonne) CFR (cost and freight) Mumbai, down USD5/tonne from the previous week; linear low density polyethylene (LLDPE) at USD1,250/tonne CFR Mumbai, down USD25/tonne, according to ICIS.

High-density polyethylene (HDPE) film average prices were at USD1,315/tonne, down by USD5/tonne from the previous week, while PP raffia average spot prices were assessed at USD1,340/tonne CFR Mumbai, USD25/tonne lower week on week, ICIS data showed.

A much weaker Indian rupee against the US dollar translate to much higher prices of polymer imports compared to domestic material, they said. The rupee fell to a record low of Rs54.30 to the US dollar on 15 December, representing a more than 18% decline from the highs hit in July, on concerns about the countrys slowing economic growth, according to Reuters.

Author:Marina Ivanova
Tags:PP, PE.
Category:General News
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