Local producers lifted PP, PVC, PE offers in India

Indian players reported having received fresh offers from a major domestic producer with moderate to large hike compared to last month. Buyers are not attributing such increases to the healthy demand condition, instead, putting the full weight on the depreciation of the local currency.

“Domestic supplier is capitalising on the recent weakness of the Indian Rupee against the US dollar. Demand is there, however, it is not as strong as the market expected given the ongoing monsoon season,” an Indian buyer said.

In the latest offer, domestic cargoes based on EXW India, cash equivalent see INR1,000/ton ($15/ton) hike on PVC, PP random copolymer, HDPE yarn and LDPE film. Meanwhile, homo-PP gained INR2,000/ton ($30/ton). All the increases come to effect on 1 June 2018.