PVC buyers in India resist Taiwanese major’s Sept hikes
An agent of the major producer noted, “We have received quite a few inquiries from buyers recently. Demand is stagnant as buyers are showing resistance to higher offers.”
Earlier this week, the Taiwanese major announced its September PVC offers to India with an increase of $60/ton from August at $1010/ton CIF, cash on the back of the ongoing firming trend in China, surging ethylene prices as well as their limited allocation.
A trader in India commented, “We are not willing to accept the producer’s new offer level. The size of their hike is too large to be absorbed by the Indian market, where demand is still sluggish given the ongoing monsoon season. Our buy idea is around $960-970/ton CIF, cash.”
Another trader added, “The Taiwanese major might divert some of its quota to China as its hike amount is too large to find acceptance in India. We believe that PVC prices will increase, albeit at a slower pace in the near term.”
Meanwhile, an agent of the major producer noted, “Despite buyers’ resistance, the producer is not planning to step back on its offers as it already has a limited allocation for September due to its planned maintenance shutdown. We hear that some US and Japanese suppliers are offering competitive levels nowadays.”
The overall range for import PVC prices is currently quoted at $930-1020/ton on a CIF India, cash basis.
More free plastics newsPlastic resin (PP, LDPE, LLDPE ,HDPE, PVC, GPS; HIPS, PET, ABS) prices, polymer market trends, and more...
- Europe PVC prices lag behind global markets, upward pressure mounts
- PS, ABS markets take respite from rising streak in China, SEA
- Muted demand in Europe paves way for plenty of PP, PE offers in Turkey
- Import PE uptrend persists in China despite bearish winds mounting in local market
- 3-digit hikes in Oct PVC offers reinforce supply-driven bullishness in Asia
- Crude oil caught between demand woes and production disruption
- Tightness drives European PVC market up, prices near pre-pandemic levels
- 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