PP and PE pricing in India market still holding their trend amid changeable conditions. Indian polyolefins market players informed SSESSMENTS.COM that open spot PP price is going up further by INR2000/ton ($26/ton). Also, PE open spot price goes up by INR1500-2000/ton ($19-26/ton) with all adjustment taking effect from July 1. From the import market, a trader heard that import PP Homopolymer offers to India are all above $900/ton, which deemed unworkable as domestic prices are still more competitive at the moment. Meanwhile, HDPE Film offers from the United Arab Emirates at $830-840/ton, up by $10-20/ton compared to last week with deals done at initial offer. The trader informed that HDPE Film cargoes allocation already sold out as the company only had limited volume this week. For LDPE Film, offers for both Qatar and Saudi cargoes are still stable following last week’s price at $910/ton. All import offers on LC at sight, CIF Nhava Sheva.
Demand for PP Homo Raffia, in particular, is still steady even though the monsoon has already arrived as converters are concentrating to finish orders to deliver up to September-October for the export market. However, SSESSMENTS.COM noted that most of them are still running at a reduced rate because of the manpower issue. Speaking about PE, demand is quite steady as supported by the packaging sector.
In terms of outlook, the trader told SSESSMENTS.COM that uptrend in Indian PE market wouldn't last so long as now it is only supported by tight supply and firm feedstock prices. The trader also shared their thought that PP price should be stable onward in the India market.
