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Indian players reported to have received fresh PVC offers for November shipment from a major Taiwanese producer at $70/ton dropped from last month, reaching $940/ton CIF India, LC AS term.

The reduction is much larger than expected, which players attributed to the persistent weak demand in the country. There are market talks that the producer did not completely sell out the allocation for October, resulted in bloated inventories levels this week.

An Indian trader said, “Market has been sloppy over the past months as an aftermath effect of the GST. Many sellers had conceded to discount since last weeks in order to smoothen buying interest. We hope demand would pick up after the large discount. Buyers might wish to replenish some cargoes before going off for the Diwali holidays.”

Meanwhile, latest offers from the producer to China and Southeast Asian indicated $50-60/ton drop month on month, reaching $890-900/ton CFR/CIF, LC AS term.