LATEST NEWS: Sharp increase in Taiwanese major’s July PVC price for India
by ChemOrbis Editorial Team - content@chemorbis.com
A major Taiwanese producer has notified a sharp $150/ton hike on its July offers to Indian buyers, reflecting a surge in freight rates because of the container space squeeze in Northeast Asia. The major also raised its FOB Taiwan and CIF China levels by $25/t from the previous month.
The producer’s new PVC K67-68 offers for July were noted at $980/ton CIF India, $820/ton CIF China and $775/ton FOB Taiwan. The latest offers from the producer indicate the second straight month of increases, after a month of price cuts in May. Volume discounts are off the table for its July offers.
Indian buyers have been expecting the sharp price increase since last week as freight rates from China and Taiwan to Inda rose above the $150/ton threshold. Earlier expectations ranged from increases of $20/ton to $120/ton.
“Agents of the Taiwanese major were openly talking about a $150/ton hike since the middle of last week. One of them told us that Indian buyers were willing to take shipments at the higher levels. We’re not too confident about that though,” said a Mumbai-based trader.
The major’s latest total allocations were not known yet.
The producer’s new PVC K67-68 offers for July were noted at $980/ton CIF India, $820/ton CIF China and $775/ton FOB Taiwan. The latest offers from the producer indicate the second straight month of increases, after a month of price cuts in May. Volume discounts are off the table for its July offers.
Indian buyers have been expecting the sharp price increase since last week as freight rates from China and Taiwan to Inda rose above the $150/ton threshold. Earlier expectations ranged from increases of $20/ton to $120/ton.
“Agents of the Taiwanese major were openly talking about a $150/ton hike since the middle of last week. One of them told us that Indian buyers were willing to take shipments at the higher levels. We’re not too confident about that though,” said a Mumbai-based trader.
The major’s latest total allocations were not known yet.
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