Indian maker cut local PP and PE prices amid lockdown

Indian players reported that a major local producer has announced fresh local PP and PE offers for April delivery with a rather large reduction compared to last month amid the absence of manufacturing plants during the COVID-19 lockdown.

Spot homo-PP cargoes plunged INR 3000/ton ($40/ton) while PP copolymers and LLDPE down INR 2000/ton ($26/ton). The producer kept LDPE prices unchanged but reduce HDPE offers by INR 1000/ton ($13/ton).

The Indian government imposes a complete lockdown nationwide on 24 March 2020 for 21 days in an effort to control the spread of the COVID-19 spread. Most manufacturers have to suspend the operations, reducing demand visibly. A couple of local petrochemical plants have to declare force majeure on the output due to the lockdown.