Indian producer adjusted PP, PE offers to local market

It is reported that a major Indian producer has opened new PP and PE offers to local market today. After announcing price protection schemes on all PE cargoes in the previous week, the maker decided to cut latest offers by IDN2000/ton ($31/ton) for HDPE and LLDPE at IDN4000/ton ($63/ton) for LDPE. However, offers for PP gained IDN2000/ton ($31/ton) on the back of limited supply.

A trader commented, “The monsoon season is just about to start which dampens the general demand condition. Thanks to limited availability due to the recent shutdown, local PP market still maintains a strong position. We rather concern over the near term outlook as market is under double effect of GST and monsoon.”