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Following a $60/ton cut to India market from a major Taiwanese producer, Chinese buyers reported receiving the new price list from the same producer at $90/ton reduction month-on-month, at $870/ton CFR China, LC AS term.

Buyers here are seeing a clear pressure from overseas sellers now that competitive USA materials dominate the Southeast Asian market while demand in India is rather sluggish due to the monsoon season and the unfavorable exchange rate.

“Chinese buyers would soon go off for the long National Day holiday. The post-holiday market outlook remains cloudy, especially with the escalated trade tension between China and the USA. It is natural that sellers want to push out as much quantity as possible this month,” a Chinese trader said. 

Leverage on the market condition, Chinese buyers are negotiating for discounts though no immediate deals are seen at the time this report is published.