China’s local PVC market retreats from 8-month high
Softer prices were attributed to retreating PVC futures on the Dalian Commodity Exchange, which posted a weekly decrease of $22/ton as of May 23, despite the ongoing turnaround season inside China as well as high costs.
As can be seen in the below graph created by ChemOrbis Price Wizard, local acetylene and ethylene based PVC prices in China have turned soft recently after seven weeks of consecutive increases, which pushed prices to an eight-month high over the past week.
A Shanghai-based trader commented, “Local PVC prices are following a stable to slightly softer trend this week in line with retreating futures prices. Following this, players mostly adopt a wait and see stance. We think that the near term market trend will be mostly stable with small fluctuations.”
Meanwhile, the import PVC sentiment in China has improved this week on the back of better buying appetite following a major Taiwanese producer’s lower June pricing revealed last week. Good demand in India’s PVC market ahead of the monsoon season and supply concerns amidst the upcoming planned shutdowns across Asia were also cited as other supportive factors.
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