Vietnam’s local PVC market dips to more than 3-month low
Weakness in economic conditions, limited demand and the downturn across global PVC markets were cited as factors that pulled the Vietnamese market further down. Plus, a major Taiwanese producer’s decision to cut its November PVC offers visibly to the Asian markets was followed by several other regional producers, reinforcing the bearish sentiment.
A Vietnamese converter reported that November PVC offers they received from a local producer decreased by VND400,000/ton ($18/ton) when compared to last month. “Although demand for our end-products slightly improved through the year-end, we still keep our purchases limited to our urgent needs,” he added.
A compounder said, “Demand towards our end products has somewhat slowed when compared to last year. However, this is a general case for the market due to Vietnam’s weak economic performance. We are not planning to make any purchases from the local market despite attractive prices as we have previously covered some stocks from the import market.”
Another converter commented, “We are only purchasing based on our needs as we think prices have still room for further decreases.”
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