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PVC buyers in India resist Taiwanese major’s Sept hikes

by ChemOrbis Editorial Team -
  • 18/08/2017 (17:46)
PVC players operating in India report that buyers’ initial response to the major Taiwanese producer’s $60/ton higher September offers has been quite weak so far.

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.
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