Taiwanese major slashes PVC offers to India

It is reported that a major Taiwanese producer has announced May shipment offers for PVC to India with a large reduction of $60/ton from last month to $970/ton CIF India, LC AS term. Other markets in the region have not received new prices, however, players expected similar cuts to take place.

Demand in India unexpectedly turned weak as players here are still struggling with the recent ban on the issuance of Letter of Undertaking (LoUs). “However, buyers would come back to make replenishment again at the latest price levels. This is the buying pattern that has been taking place over the past several months,” an Indian trader informed.

Such deep price cut is expected to have some impact on the local ground, sources said, and very likely that domestic producers would follow the trend. “The discount schemes major local producer withdrew earlier this month might reemerge in the coming days. We hope to see better movement as a result,” another trader added.