China's PVC markets struggle with record lows as curtain falls on 2024
by Thi Huong Nguyen - thihuongnguyen@chemorbis.com

In China, PVC markets are about to conclude another rough year, with prices continuously breaking fresh lows. Except for a short-lived rebound during the May-June period, PVC prices mainly followed a downward direction in the face of persistent weak supply-demand fundamentals. External factors such as India’s pending anti-dumping duties (ADDs) and elevated freight rates further weighed on exporters.
Prices down by up to 15% compared to early 2024
As for the final week of 2024, ChemOrbis data shows the weekly average of import prices has stayed at its lowest level since May 2020, with the overall range remaining at $635-740/ton CIF China, cash. Export offers have stayed on a stubborn decline with additional drops of $5-10/ton, to be assessed at $635-670/ton for ethylene-based K67 and $620-640/ton for acetylene-based K67, both on FOB China, cash basis.
Meanwhile, local markets seem to be reaching their bottom, as the pace of price declines has slowed with rollovers to slight decreases of CNY50/ton ($7/ton) for two weeks. Prices were assessed this week at CNY5050-5400/ton ($613-655/ton without VAT) for ethylene-based PVC and CNY4900-5100/ton ($594-619/ton without VAT) for acetylene-based K67, all on an ex-warehouse, cash, including VAT basis.
According to ChemOrbis Price Index data, acetylene-based PVC prices for exports and domestic markets have hovered at historic lows for over a month. Meanwhile, export prices for ethylene-based K67 are at around a 16-year low.
Year-to-date, PVC prices have fallen by approximately 5% for imports and 10-12% for exports, while local prices recorded steeper declines of around 15%, according to ChemOrbis data.
2025 likely start on a soft note
Striding into a new year, China’s PVC markets are expected to maintain a stable-to-lower trend due to ongoing weak supply-demand fundamentals. A source from a Jining-based producer remarked, “We expect K67 prices to fluctuate within weak ranges in the near term.”
The approaching Lunar New Year in late January 2025 has prompted some demand from downstream sectors, as buyers typically stock up to complete projects or maintain production during the holiday period. However, pre-holiday stockpiling has been underwhelming this year. A trader noted, “We’re reaching out to customers with offers, as fewer buyers are making inquiries. Most prefer to purchase only as needed, even with the spring festival nearing.” Additionally, cold winter weather continues to dampen PVC buying interest.
Further internal pressure comes from abundant supply due to high outputs at current production units and plant restarts from maintenance turnarounds. Externally, muted global demand—especially from India, the world’s largest PVC importer and a key buyer of Chinese-origin K67—adds pressure. Exporters are closely monitoring India’s impending BIS certification and ADD implementation, which could significantly impact China’s PVC exports.
Long-term optimism emerges
Despite the current challenges, there is hope for long-term recovery. Prolonged price reductions have eroded producers’ margins, and many are expected to attempt price hikes to recover losses.
Moreover, the Chinese government’s initiatives to revive the property sector and broader economic stimulus measures are likely to gain traction in 2025, boosting PVC demand from construction. PVC is widely used in pipes, profiles, and cables, key components in construction.
Exports may also find support from India, as the typical peak season for PVC demand runs from January to April. Renewed buying interest from Indian importers could provide much-needed relief for Chinese exporters.
Prices down by up to 15% compared to early 2024
As for the final week of 2024, ChemOrbis data shows the weekly average of import prices has stayed at its lowest level since May 2020, with the overall range remaining at $635-740/ton CIF China, cash. Export offers have stayed on a stubborn decline with additional drops of $5-10/ton, to be assessed at $635-670/ton for ethylene-based K67 and $620-640/ton for acetylene-based K67, both on FOB China, cash basis.
Meanwhile, local markets seem to be reaching their bottom, as the pace of price declines has slowed with rollovers to slight decreases of CNY50/ton ($7/ton) for two weeks. Prices were assessed this week at CNY5050-5400/ton ($613-655/ton without VAT) for ethylene-based PVC and CNY4900-5100/ton ($594-619/ton without VAT) for acetylene-based K67, all on an ex-warehouse, cash, including VAT basis.
According to ChemOrbis Price Index data, acetylene-based PVC prices for exports and domestic markets have hovered at historic lows for over a month. Meanwhile, export prices for ethylene-based K67 are at around a 16-year low.
Year-to-date, PVC prices have fallen by approximately 5% for imports and 10-12% for exports, while local prices recorded steeper declines of around 15%, according to ChemOrbis data.

2025 likely start on a soft note
Striding into a new year, China’s PVC markets are expected to maintain a stable-to-lower trend due to ongoing weak supply-demand fundamentals. A source from a Jining-based producer remarked, “We expect K67 prices to fluctuate within weak ranges in the near term.”
The approaching Lunar New Year in late January 2025 has prompted some demand from downstream sectors, as buyers typically stock up to complete projects or maintain production during the holiday period. However, pre-holiday stockpiling has been underwhelming this year. A trader noted, “We’re reaching out to customers with offers, as fewer buyers are making inquiries. Most prefer to purchase only as needed, even with the spring festival nearing.” Additionally, cold winter weather continues to dampen PVC buying interest.
Further internal pressure comes from abundant supply due to high outputs at current production units and plant restarts from maintenance turnarounds. Externally, muted global demand—especially from India, the world’s largest PVC importer and a key buyer of Chinese-origin K67—adds pressure. Exporters are closely monitoring India’s impending BIS certification and ADD implementation, which could significantly impact China’s PVC exports.
Long-term optimism emerges
Despite the current challenges, there is hope for long-term recovery. Prolonged price reductions have eroded producers’ margins, and many are expected to attempt price hikes to recover losses.
Moreover, the Chinese government’s initiatives to revive the property sector and broader economic stimulus measures are likely to gain traction in 2025, boosting PVC demand from construction. PVC is widely used in pipes, profiles, and cables, key components in construction.
Exports may also find support from India, as the typical peak season for PVC demand runs from January to April. Renewed buying interest from Indian importers could provide much-needed relief for Chinese exporters.
More free plastics news
Plastic resin (PP, LDPE, LLDPE ,HDPE, PVC, GPS; HIPS, PET, ABS) prices, polymer market trends, and more...- PVC lags behind bullish January trends in Türkiye’s polymer markets
- PET bottle prices rangebound at more-than-a year low in Europe; Feb signals firming
- PP, PE players in China, SE Asia discuss post-CNY outlook
- Asian ABS markets face renewed drops as weak demand persists into Jan
- China’s PE markets on soft note amid weaker demand, falling futures
- Global PP and PE sellers approach Türkiye with hikes for January
- European PP and PE markets start 2025 on a stable to slightly firmer note
- Global spot styrene markets open 2025 on divergent paths
- New year opens with mixed trends in China’s PVC markets
- China delays major PP, PE startups as expansion plans hit roadblocks