In India spot PE and PP import prices to fall for January shipments |
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(ICIS) -- India’s 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 country’s currency - the
rupee - is being battered in the foreign exchange market, industry sources said
on Monday.
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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. |
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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
country’s slowing economic growth, according to Reuters.
mrcplast.com
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