MEG prices would decline in India from the onset of November 2014 as demand from the coolant and PET bottle industries will shrink with the winter season setting in. Traders spoken to by Indianpetrochem revealed that market prices of the chemical will fluctuate very narrowly in the coming days, as the major producers--Reliance Industries Limited (RIL) and Indian Oil Corporation Limited (IOCL)--lowering their ex-work prices recently, due to import price parity. And, demand has been weak. RIL had lowered its ex-work price for the chemical on October 15, 2014 from Rs 63.70 a kg to Rs 60.60 a kg, while, IOCL had lower the price from Rs 65 a kg to Rs 61.60 a kg.
Prices of the imported variants are also likely to go down in the coming days as huge inventories of the chemical is piling up at the country's ports and import booking price also is going down. The prevailing import booking price for the chemical is at $1,100 per metric tonne CIF.
Currently, importers also have lowering their booking imports of the chemical in view of the weakening demand and domestic producers likely to lower ex-work prices.
(This article was published on the website on October 31, 2014)
Prices of the imported variants are also likely to go down in the coming days as huge inventories of the chemical is piling up at the country's ports and import booking price also is going down. The prevailing import booking price for the chemical is at $1,100 per metric tonne CIF.
Currently, importers also have lowering their booking imports of the chemical in view of the weakening demand and domestic producers likely to lower ex-work prices.
(This article was published on the website on October 31, 2014)
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