PVC sellers seek stabilization in India
A trader who received offers for Taiwanese PVC at $850/ton CIF India, cash, stated, “Taiwanese prices are up by around $30/ton while domestic prices also recorded some increases on the back of improved local demand. We expect to see more upward adjustments from other producers in the days ahead. Although some players in India have started to purchase, we think that the market has not stabilized yet.”
A second trader commented, “Domestic prices have moved up recently due to some supply limitations. Meanwhile, Taiwanese PVC prices rose $30-40/ton to reach $850/ton CIF, cash. However, we feel that the recent improvement in demand is mostly speculative as it only comes from traders who expect supply levels to be short and crude oil prices to stabilize in January. Converters, meanwhile, are still sticking to the sidelines as they are feeling uncertain about the market direction for the near term.”
A third trader reported that they concluded some import PVC deals for Taiwanese and South Korean origins at $810/ton and at $790/ton, respectively, both on a CIF India, cash basis. He said, “We managed to sell some quantities before a Taiwanese producer firmed up their prices to $850/ton CIF, cash. Demand is still absent in the local market except for traders’ purchases, which stem from their expectations of seeing a supply shortage in the coming weeks. Most players expect that a major Taiwanese producer will cut their prices again if crude oil prices maintain their current softening trend at the start of 2015.”
A fourth trader who also concluded some deals for Taiwanese PVC at $810/ton CIF India, cash, commented, “Demand remains muted in the local market as buyers are still postponing their purchases while traders are back to secure some cargoes as they expect local supplies to tighten in January. We are not feeling optimistic regarding the demand outlook.”
In India, import PVC k67 prices are currently reported in the range of $790-850/ton on a CIF India, cash equivalent basis.
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