VCM supplies expected to improve in Asia
In South Korea, Hanwha Chemical was preparing to resume production by the middle of June after a 2-week shutdown. In Japan, Keiyo already restarted its Chiba unit while Tosoh and Kashima were planning to restart their units respectively by the middle and end of June.
Accordingly, VCM supplies are set to improve and buyers preferred to return to the sidelines in anticipation of possible further decreases. According to ChemOrbis Price Wizard, spot VCM prices in Far East Asia have posted a $35/ton decrease since early May on average.
In the downstream PVC market, a Taiwanese major has recently revealed its July prices to Asia with a $30/ton decrease for a second month in a row. Although VCM sellers are reportedly reluctant to reduce their offers due to high naphtha prices, the downturn in the downstream PVC market is expected to find reflection on VCM pricing as well.
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