Indian Polymer Producers Announce Price Revision Effective March 16th, 2023
Date: 17-03-2023 Several major Indian petrochemical companies, including RIL, OPAL, IOCL, HPL, and MRPL, have collectively reduced the prices of their polypropylene (PP) grades by Rs 3.50/kg. Additionally, RIL, OPAL, IOCL, HPL, and GAIL have decreased their high-density polyethylene (HDPE) prices by Rs 2/kg and their linear low-density polyethylene (LLDPE) prices by Rs 3/kg. RIL has further reduced its low-density polyethylene (LDPE) prices by Rs 3/kg and its LDPE 4MI and 2MI prices by Rs 4/kg, while its IM grades remain unchanged. Furthermore, RIL has revised its deemed export prices in accordance with the DE policy, effective as of March 16, 2023. In a similar move, OPAL, IOCL, GAIL, and HPL have reduced their high-molecular-weight (HM) film grade prices by Rs 3/kg. All of these producers have announced price protection for their PP and PE grades from March 16, 2023, until March 31, 2023, or until the next price change, whichever occurs earlier. Domestic producers have lowered polymer prices along with hidden discounts to boost demand and restore faith in MOUs, reflecting a proactive approach to adapt to market conditions. A notable decline in export PP proposals by a Chinese manufacturer has been observed. The sluggish demand situation in India is extensively acknowledged, attributed to the deceleration of sales of final products. India's recent customs exchange rate developments have been noteworthy. On March 3rd, the government reduced the rate by 15p to stimulate demand. On March 17th, it was revised and increased by 20p to 83.70 for imports and 81.95 for exports. PolyMart does not provide any assurances or guarantees regarding the reliability, accuracy, completeness, or quality of the information available on its website, app, or through any of its services. Therefore, the company is not responsible for any errors, omissions, loss, or damage that may result from the use of the website or app. It is advisable for users to exercise caution and independently verify any information obtained from these sources before relying on it for any purpose
