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Just slightly more than an hour after the new price announcement, it is reported that the major Taiwanese maker has sold out the May allocation to India at the price range $850-860/ton CIF, LC AS term. 

The total quantity sold to this market stood at 20,000-23,000 tons, sources said and more inquiries are still coming in. 

“We think the market is either near the bottom or already at the bottom, hence we decided to stock up some quantity despite the uncertain end-product demand outlook,” a converter said.

Earlier today, a major local producer in India decided to maintain offers unchanged from last week after three consecutive reductions. This is regarded as a sign of stabilisation among Indian buyers. 

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