Falling for the fourth consecutive day, oil prices have dropped to US$91 a barrel. Suspension of buying activities in anticipation of a further price decline has led to India petrochem majors; Reliance Industries, GAIL Ltd. and Haldia Petrochemicals being faced with an acute deterioration in demand from domestic as well as export markets. Persistently falling crude oil prices have taken their toll on ethylene and propylene values, in turn bringing down polypropylene (PP) and polyethylene (PE) prices. Anticipating a further price drop, processors wish to delay buying, in an estimate to offset margin losses incurred when oil and polymer prices peaked to all time highs.
06-Oct-08 
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