Import PVC soars to 4-month high in China, India
Feb hikes come as no surprise
A major Taiwanese producer’s February announcement matched Asian PVC players’ initial expectations due to tight regional supplies and healthy demand from India. The producer approached both China’s and India’s import PVC markets for February with $20/ton increases from January.
A Chinese trader opined, “The major Taiwanese producer’s allocation is quite limited this time as February corresponds to the Chinese New Year celebrations. Players are expected to leave their desks for the long holidays soon while operating rates are also anticipated to be reduced.”
A South Korean producer also lifted its import PVC offers to India by the same amount on a monthly basis, several Indian traders reported.
Import PVC at highest since Sept 2018 in China and India
Asian suppliers’ firm pricing policy for February has carried China’s and India’s import PVC markets to their four-month high, the weekly average data obtained from ChemOrbis Price Index show.
Spot VCM hits multi-month highs; ethylene stabilizes in Asia
Not only PVC tightness across regional markets and healthy demand from India in the midst of the high-season but also firmer upstream costs gave an upper hand to sellers.
Tight supplies particularly from Southeast Asia and the strong sentiment in the Asian PVC market led to gains in the Asian spot VCM prices. ChemOrbis Price Wizard suggests that the weekly average of spot VCM prices on CFR Far East Asia basis has also currently standing at a four-month high.
Data also indicate that the weekly average of spot ethylene prices has also stabilized recently after remaining on the soft side for two consecutive weeks.
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