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Indian Polypropylene Producers Extend Price Stability till August End

Prices of Polypropylene headed towards stability in the Indian market after domestic producers decided to roll over the prices between 19-31 August amid limited room for price movements. The measure has been adopted as local producers are constantly trying to push and stabilize the already softening PP markets and match the buyers' pockets. As per the industry experts, the move will also stimulate the product demand and draw down inventories of the manufacturers. Post July, the prices of PP raffia grade lost value by $13 per mt in the initial two weeks of August. In addition, new discount schemes were devised in July to take buyers into confidence with heavy discounts being offered per tonne for bulk quantities. Import prices for PP raffia are hovering around $890-910 per tonne CFR India since 23rdJuly. PP prices had been steadily rising since June, when the plant operating rates rose backed by improving demand fundamentals following the Covid-19 lockdowns. However, the domestic market soon reached a period of stagnation as buying sentiments remained largely unchanged for a number of weeks. Ex-Depot Mumbai bulk prices for PP raffia grade have been assessed around $1000-1040 per MT since their last revision on 13thAugust.