Taiwanese major slashed December PVC offers to India

It is reported that a major Taiwanese producer has announced December shipment offers for PVC to India with $50/ton reduction month on month, bringing latest price list to $890/ton CIF India, LS AS term. The reduction is larger than initial market expectation of $20-30/ton, which comes as a surprise, players said, considering the current energy and ethylene markets.

A trader said, “Demand in India remains weak at the moment and we were hoping that stronger upstream costs would minimize the range of price reduction. This could be the result of persistent weak EDC and VCM costs and pressure to keep low inventories during year-end period.” The source expect buyers to return to the market as prices have reached the lowest levels since August 2016.