RIL, HPCL Revise PP Price Downwards

India's Polypropylene is trending downwards as producers are under the pressure of clearing stocks to avoid inventory pileups. Daily bulk prices were heard to be lower by INR 1-1.5 per kg, as announced by HPCL and RIL with effect from August 13, 2020. One of the players remarked that due to continuously changing market dynamics, the near-term outlook for PP resin seems highly uncertain. This is the second downward revision of the product within the month. RIL had earlier revised PP prices on 1^st of August.