Indian producer announces local PVC, PP offers higher
The producer’s offers currently stand at INR70000/ton ($1045/ton) for PVC and at INR82500/ton ($1231/ton) for PP raffia on an ex-warehouse India, cash basis. Other PP offers of the producer are yet to be captured.
A company source commented, “Rains are slowing and the monsoon season is nearing an end. Accordingly, demand is starting to improve in our domestic market. Traditionally buyers from the construction and automotive sectors will return to buy in September and October. We even saw some rebound in PP cement bags in recent weeks.” He also said that the 3-week shutdown at Indian Oil Corporation helped cause demand to show some improvement. “As we are not under much inventory pressure, we consider gradual cuts in our export allocations,” he added.
Ahead of this increase announcement, a trader had commented, “Buying interest in India improved substantially following rumors about a possible price hike from the major domestic producer.”
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