Indian major slashed local PVC offers for the second time in less than a week

A major local producer in India has introduced the second price cut on PVC cargoes in just days after the first, sources reported. The latest offers indicated INR3000/ton ($44/ton) reduction, totaling the drop to INR6000/ton ($88/ton) in less than a week. 

The continuous price cuts have startled buyers to a certain degree and customers, who have procured cargoes from the import ground, are now feeling uneasy.

“Major Taiwanese producer has yet to sell out the April allocation to India. Customers seem to take a step back after the adjustment in the local ground. We are a bit concern on the near-term outlook,” a distributor selling Taiwanese cargoes commented. 

Buyers in other markets within the Asia region are watching out the development in India very closely and raising concern that import prices might drop further if overseas suppliers face difficulties in depleting April cargoes to this market.

“We have just purchased Indonesian PVC at $850/ton CIF Vietnam and now market seems losing momentum. End product demand is not strong at the moment,” a Vietnamese buyer said.