Indian PVC players gauge near-term outlook after February hikes
Following the $20/ton increase from the Taiwanese major for February, some players reported that the buying interest has improved over the past two weeks as players had struggled to secure cargoes in the previous period after the government’s demonetization decision, so they need to make new purchases due to their low inventory levels. In addition, the firmer expectations for the upcoming period have pushed buyers to purchase in order to avoid paying higher prices.
Moreover, some players commented to ChemOrbis that they feel the effects of the demonetization decision will start to wane in the days ahead, which eventually will result in better demand in line with the improving trading conditions.
A producer source said that the Asian market is expected to pick up in the next month, especially for China, after the Chinese New Year holidays which will officially start on January 28.
A trader operating in Mumbai opined that demand is still below normal rates as the effects of the currency demonetization persist whereas they are expecting the activities in the Indian PVC market to improve in March. However, the trader pointed out that how much prices will go up will hinge on the developments following the Chinese New Year.
Another trader also stated that the market outlook for the February-March period is positive due to the expectations of better demand.
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