PVC bids move below $800 in SE Asia
A source from an Indonesian PVC producer noted, “A Philippine producer is nowadays offering quite aggressively to its local market. Therefore, we are receiving lower bids from the country at around $780/ton CIF Philippines, cash. As for Indonesia, the market remains quiet due to the ongoing Ramadan month as well as the approaching Eid holiday. We are not expecting the market to improve before August.”
The source added, “Demand from some countries such as Pakistan and Bangladesh will be muted for the next couple of weeks due to the Eid holiday. That’s why; supply levels will increase and exert pressure on prices.”
Meanwhile, a converter operating in Malaysia reported that he secured some cargoes ahead of a major Taiwanese producer’s July announcement, believing that the producer may implement slight increases on its new offers. “However, we also believe that we might obtain offer levels below $800/ton if we negotiate for an additional purchase.”
The overall range for Asian PVC offers has been reported at $800-870/ton CIF SEA, cash so far this week.
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