Polypropylene (PP) producers in India raised their selling prices at the end of last week amid limited supply of material in the domestic market, ICIS reported.
Since February 22, prices for all grades of propylene homopolymer (PP-homo) increased by 1.5 Indian rupee (Rs) per ton.
For propylene block copolymers (PP block), prices also increased by Rs1.5 per kg, while prices for stat propylene copolymers (PP rand) increased by Rs1 per kg.
The supply of material in the domestic market remains at a low level, as processors have preferred to purchase PP volumes in the region in recent months due to the rupee volatility against the US dollar.
The increased selling prices stimulated consumer interest in new import volumes, but few deals were made, since the February parties were already sold out, and the volume of material for March deliveries will be offered a little later this month.
According to the ICIS-MRC Price Review, consumer activity on the Russian market is low, but demand for PP remains. Refiners continue to gradually replenish their inventories, although the main wave of purchases has already passed. Excess supply in the PP-homo segment is preserved, including due to the growth in imports from Central Asia. The excess continues to put pressure on prices. Last week, some sellers went for a further decline in PP-Homo prices.