Indian PVC players evaluate the Taiwanese major’s July announcement
The producer’s new offers are currently standing at $930/ton CIF India, cash and at $870/ton CFR China/CIF SEA, cash.
A trader in Mumbai noted, “We think the major’s rollover is a positive move and it may help the market sentiment although the market is expected to be weak given the implementation of GST at the beginning of July.”
Another trader noted, “The Taiwanese major informed us that they are receiving good orders from the Indian local market. However, we believe that Indian traders have low buying interest nowadays given the uncertainty caused by the implementation of GST.”
A third trader pointed out that the Taiwanese major’s July allocation to India is 15,000 tons, which is slightly lower than the previous months. Both traders and buyers are calm nowadays due to GST. “We have no idea about how much time the market needs to adopt the tax,” he said.
A trader in Mumbai also stated that they expect stable demand despite the rollover, pointing to GST and the monsoon season.
More free plastics newsPlastic resin (PP, LDPE, LLDPE ,HDPE, PVC, GPS; HIPS, PET, ABS) prices, polymer market trends, and more...
- Major LDPE markets touch multi-year highs on growing tightness
- A prospect for Q4 through uncharted waters of 2020 amid pandemic
- China's import PP markets maintain uptrend under shadow of oil-driven losses in Dalian futures
- Weaker domestic demand prompts Vietnam to export polymers
- European PP market ceases upward trend in September
- Force majeure declarations rock the boat in Turkish PVC market
- China’s PE uptrend fueled by US force majeures; LDPE soars to more than 1-year high
- Stats: China’s cumulative PP imports in Jan-July 2020 reach record-high
- Sept PP, PE trend begins to take shape in Saudi Arabia
- Sept expectations voiced in Europe; ABS draws rosier picture than PS