Taiwanese major sold out PVC allocation for August to India

It is reported that a major Taiwanese producer has sold out August shipment allocation for PVC to India shortly after the new price announcement that saw $40/ton reduction from last month, to $870/ton CIF India, LC AS term.

The aggressive price decision was attributed to the producer’s effort to maintain the prominent position in the market amid the Indian government’s decision to eliminate anti-dumping duties on import cargoes from Thailand while lowering the rate for several Chinese companies.

“Despite the slack end product demand condition, many buyers decided to procure the cargoes as prices are relatively competitive. There are no more quantities available and we are requesting the supplier for additional cargoes would other markets are unable to absorb,” a buyer reported.

Meanwhile, other producers, especially those from Southeast Asia market, who are enjoying lower import duties rate (7.5% compared to 10% from other origins) decided to introduce smaller price reduction.