Taiwanese major sold out PVC allocation to India; SEA market remains reluctant

A day after announcing new PVC offers for December shipment with $20/ton hike to all market, it is reported that Taiwanese major has sold out all allocated quantity to India market without much hassle. 

This is much anticipated considering the improving demand condition in this market after the monsoon season. “Market responded to the hike very positively despite the plunge in the energy complex. Outlook is rather bright ahead,” a distributor informed. 

Transactions for these cargoes in India stood at $890-900/ton CIF, LC AS term.

Meanwhile, Southeast Asian buyers are rather reluctant to accept the new prices. As the monsoon ended in India, it is starting at part of Southeast Asia market. “Besides, buyers tend to keep low inventories levels approaching the year-end season. We are lifting the new offers anyway,” a Thailand producer commented. 

In Vietnam, duty-free Japanese cargoes are gaining traction at $860/ton CIF Vietnam, LC AS, sources reported. “We would wait for a couple of days more before making decision. Local buyers are unable to accommodate new hike, hence it is important to select the right cargoes,” a local trader in Vietnam said.