(ICIS) -- Polyethylene (PE) and polypropylene (PP) import prices in India are likely to increase this week on the back of an expected restocking activity, with active plastics trades in the key China market providing an upward momentum on prices, industry sources said on Tuesday. Indian converters are low on stocks and are expected to tap the spot market soon for cargoes, they said.
Buying and selling indications for various PE and PP grades heard on Monday are generally higher than discussion levels last week, which marked the end of the price decline, market players said.
⌠Prices have finally bottomed out. This is good news, a trader based in Mumbai said.
Linear low density PE (LLDPE) film cargoes from Saudi Arabia were offered at $1,300-1,310/tonne (┬949-956/tonne) CFR (cost & freight) Mumbai on 14 November, while high density PE (HDPE) film parcels were offered at $1,340/tonne CFR Mumbai for shipment in December, industry sources said.
A Saudi producer announced on 14 November a $20/tonne increase across all PE and PP grades for December parcels. The new offers are at $1,385/tonne CFR Mumbai for LDPE, $1,325/tonne CFR Mumbai for HDPE blow moulding and $1,395/tonne CFR Mumbai for PP raffia/injection, Mumbai-based traders said.
Perspectives of development of polymer markets, pricing issues and other important aspects will be discussed at The Polymers Summit-2011, which will be held in Moscow on November 30, 2011 at the Ritz Carlton Hotel. The Summit will be organized by MRC with the support of ICIS. The main idea of the Summit is to find a "the golden mean" between producers and converters. When producers receive exactly such margin of production, which helps them to invest in production expansion in order to substitute polymers imports, and the converters receive such price of feedstock that helps them to compete imported finished products. The Summit site gives an access to the live video of the Summit, speakers" presentations, as well as opportunities to ask questions or make appointments to any Summit partcipant.