China, SEA import PVC prices hit lowest since May 2020; India softens from 4-month high

Import PVC K67-68 markets in China, Southeast Asia, and India experienced a downtrend in the current week in line with the latest price notification from a Taiwanese major for January shipments, as well as lower offers from Southeast Asian suppliers. The bearish trend across the region’s import markets was mainly attributed to persistently thin demand by players.

Imports in China resume downtrend

China’s import prices resumed their downward trajectory after stabilizing briefly, hitting their lowest levels since May 2020, according to ChemOrbis Price Index data. Weak fundamentals persisted in both the overseas and domestic markets, compounded by the restart of several plants after turnarounds, which intensified supply pressures. Meanwhile, downstream rigid PVC factories continued to operate at reduced rates.

Import K67-68 prices in China were assessed stable to $20/ton lower from a week earlier at $635-740/ton on a CIF, cash basis. “The outlook remains bearish,” noted a source from a Chinese producer.

SE Asian markets down for 4th consecutive week

Southeast Asian import PVC prices remained on a softer trend for the fourth consecutive week, with suppliers reducing prices by $10-20/ton in the latest assessments. Import offers for all origins were assessed at $650-750/ton CIF, cash, marking the lowest mid-point since May 2020, according to ChemOrbis data.

Market sentiment in Southeast Asia remained bearish. “Converters expect the current stable-to-softer trend to persist due to weak demand,” noted a Philippine trader.

A Vietnamese trader added, “Players are buying only as needed, and we think sentiment will remain subdued until the Chinese New Year. However, some improvement is expected post-holiday as buyers may need to restock.” “New offers are standing below our expectations when compared to last month’s levels. However, we still purchase based on our immediate needs,” opined a converter also in Vietnam.

India’s import market sees first drop since early Sep

India’s import PVC prices, which had been on a stable-to-firmer trend since early September, saw their first decline this week, slipping from nearly four-month highs. Prices for all origins were assessed $25/ton lower from the previous week, at $745-785/ton CIF, cash.

An Indian trader attributed the drop to reduced offers from the Taiwanese major. “Previous offers below $750/ton from China didn’t attract much interest from buyers. Recent purchases have been small volumes by converters, who find imports more competitive than locally sourced material despite potential anti-dumping duties. Still, not many shipments have traded at these levels. More buyers may opt for Chinese shipments if the anti-dumping duties continue to be delayed. Additionally, there is speculation that BIS standards for imported PVC may be announced soon,” the trader explained.