Indian maker lifted local PVC offers but buying interest is diminishing

It is reported that a major local producer in India has announced fresh PVC offers to the domestic market with INR1500/ton ($22/ton) hike from last week, following the firming trend in the international market.

The maker previously decided to roll-over prices despite the $50/ton increased in July shipment offers from a major Taiwanese producer. 

Indian buyers are reporting of a slow down in demand given the start of the monsoon season in the country. This has created a stiff resistance towards the latest offers in both local and import markets, sources said. 

A trader commented, “Market acceptance of the new prices is very low. Customers have been showing limited interest in the import cargoes since last week, and the hike in the local ground has not stimulated demand.” 

As reported in the previous week, a major Taiwanese producer implemented $50/ton month-on-month increased on July shipment offers to India to $910/ton CIF, LC AS term. Indian distributor informed that the producer has yet to sell off the allocation at the time this report is published.