India’s import PVC prices slip from 8-month peak amid stalled ADD move, lingering rains

India’s import PVC market has started to soften after holding firm at an eight-month high for nearly a month, as uncertainty over the implementation of final anti-dumping duty (ADD) findings and a prolonged monsoon season derailed expectations for a post-monsoon rebound. Traders say sentiment has turned cautious, with both buyers and sellers reluctant to commit amid sluggish infrastructure demand and continued policy uncertainty.

Market slips as optimism fades

Import K67 prices dipped $10/ton from last week to be assessed at $710-760/ton CIF India, cash. The high end was marked by October shipment offers from a major Taiwanese supplier. Japanese duty-free cargoes were reported at $755/ton CIF, equivalent to around $700-705/ton CIF for dutiable origins. However, those were not included in the assessed range as players noted the absence of any offers below $710/ton CIF from other Northeast Asian producers.




The recent pullback follows a period of artificial firmness driven by ADD speculation. The proposed measure, primarily targeting Chinese-origin cargoes, had curbed Chinese offers in the spot market over the past few months, effectively supporting import prices. But with the ADD yet to be finalized—despite earlier expectations of enforcement by late September—this support has now faded.

Trade data reflect shifting dynamics

According to ChemOrbis Stats Wizard data, India imported around 256,000 tons of SPVC in June, about 60% of which came from China. By July, as ADD anticipation grew, India’s total PVC imports fell to 205,000 tons, with Chinese-origin volumes down to 85,000 tons.

However, China’s own export data point to a different trend. Chinese SPVC exports to India rose sharply to 115,000 tons in July and held firm at 111,000 tons in August, compared with 97,000 tons in August last year. This suggests that substantial volumes were still being shipped to India and are likely to appear in India’s August-September import statistics due to reporting lags between Chinese exports and Indian customs data.

The contrast between declining spot availability and still-strong contractual flows helps explain why Indian import prices have struggled to sustain earlier gains despite the visible reduction in open-market Chinese offers.

Domestic prices fall sharply in two weeks

As per ChemOrbis Price Index data, the weekly average of India’s local PVC K67 price range has seen a cumulative loss of 4%, or INR3,000/ton, for the past two weeks, easing from its highest level since mid-February.

The country’s largest local producer cut its PVC K67 prices by INR3,000/ton ($36/ton) effective October 1, and withdrew price protection, removing a key safeguard for buyers. This move prompted traders to focus on destocking rather than restocking, despite the significant price cuts. To support long-term sales, the producer rolled out a new Annual Purchase Rate (APR)-linked incentive program offering INR1,000-2,000/ton ($11-23/ton) discounts based on offtake levels.

Muted demand, policy limbo weigh on sentiment

Players say the post-monsoon demand surge that typically boosts October sales has failed to materialize. “The market was counting on the end of the rains and ADD clarity to drive a rally, but neither has happened,” a Mumbai-based trader said. The Southwest monsoon, which usually retreats by late September, has lingered into October in several regions, delaying infrastructure and construction activity.

With both seasonal and policy-driven catalysts missing, the near-term outlook remains soft. Players expect import prices to come under further pressure, with talk of potential $10-20/ton reductions in November offers from the Taiwanese major if demand fails to improve.