China’s local PVC market rebounds from 5-month low
According to weekly average prices on ChemOrbis Price Wizard, local acetylene and ethylene based PVC prices have witnessed an uptick recently after following a mostly decreasing trend since early September.
A source from an acetylene based PVC producer noted, “Local prices have firmed up this week on the back of the rebound in the futures market. Meanwhile, our export offers also increased by $20/ton, following firmer local prices.”
A trader commented, “The local PVC market has turned up slightly since the end of last week given firmer futures. We think the route of the local market will depend on the movements of the futures market.”
A Taiwanese trader commented, “China’s local market is improving this week. We hope this firming will sustain in the next days and support a Taiwanese major’s new prices.”
Meanwhile, Asian PVC players are now waiting for the January announcement of a Taiwanese major in order to see whether the ongoing weak sentiment will come to an end or continue. Some players believe that there is no room for further decreases in the major’s new offers as prices already came down to a certain level within the last few months.
Apart from the recent rebound in China’s local market, modest increases seen in the Indian market over the past week as well as firmer ethylene prices in Asia are expected to give a stronger hand to the Taiwanese major. However, others still argue that more-than-sufficient supplies in India and Southeast Asia along with a possible destocking activity ahead of the year-end may overshadow these firming expectations.
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