India’s Reliance Industries Limited Tuesday cut domestic polypropylene offers by Rupees 2,500/mt — its fourth price cut since August 1 — on continuing weak demand, a source close to the producer said.
Its latest domestic PP raffia offer for October-loading cargoes is Rupees 77,730/mt ex-plant, equating to $1,050/mt on an import parity basis, down Rupees 2,500/mt from its last offer issued last week.
The cut came a day after an uptick in the PP market: Platts assessed PP raffia up $20/mt Monday from last Friday at $970/mt CFR China.
“The current situation is not rosy; there is an element of doubt that the current rebound is sustainable,” the source said.
Reliance also extended a price protection scheme for domestic customers until September 30, under which it will refund the difference in purchase price if it lowers prices again before the next offer announcement scheduled for early October.
