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Morning Briefing - 21 Apr. 2025In a surprising turn amid prevailing bearish sentiment across Asia, Chinese PVC suppliers adopted a bold pricing strategy during the week ending 18 April. Domestic spot offers were raised by CNY 50/ton for ethylene-based PVC |
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CommoPlast
Morning Briefing
21 April 2025
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Chinese PVC sellers attempted rebound
In a surprising turn amid prevailing bearish sentiment across Asia, Chinese PVC suppliers adopted a bold pricing strategy during the week ending 18 April. Domestic spot offers were raised by CNY 50/ton for ethylene-based PVC and by a more pronounced CNY 150/ton for carbide-based material.
This assertive move appeared to reflect easing inventory pressures, spurred by a modest recovery in buying interest noted the previous week. The uptick also coincided with a rebound in crude oil futures, lending further support to suppliers’ confidence.
Still, buyers maintained a cautious stance, noting that any sustained recovery may face headwinds. Chief among them is an upcoming wave of domestic capacity expansions, with most of these plants scheduled to come online between April and July. If the production commissioning is as planned, the Chinese PVC market could see an additional 3 million tons of local supply by the end of 2025, which is deemed not ideal at the current market conditions.
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Local homo-PP market in Indonesia plunged
Indonesia’s domestic homo-PP market saw steep price cuts of up to IDR 600,000/ton ($36/ton) in the week ending 18 April 2025, diverging sharply from a more measured decline in the import segment. The aggressive adjustments underscored growing unease among local sellers aiming to curb potential losses amid deepening macroeconomic uncertainties.
Market sentiment has been increasingly shaken by the broader implications of the ongoing China–US trade dispute, which continues to weigh on Chinese demand. As Chinese suppliers struggle to clear inventories at home, Indonesian traders are bracing for a possible influx of redirected supply into Southeast Asia — a scenario that could further intensify downward pressure on regional pricing.
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