Local PVC prices in India firm up on improved demand

It is reported that a major local producer in India has lifted PVC prices to domestic buyers by another INR1,000/ton ($14/ton) from earlier this month. The hike is partially contributed to the depreciation of the Indian Rupee against the US dollar, but mostly due to improved demand condition in the country. 

It is expected that such market condition might persist throughout June, as buyers need to prepare stock for the high demand season. “But we expect July to be a softer month due to the start of the monsoon,” a trader said.

In the import market, a major Taiwanese producer sold out the allocation to India right after the new price announcement with $10/ton hike from last month to $870/ton CIF India, LC AS term. Customers are asking for additional quantity, signalling the upswing of the market.