A China-based trader revealed to SSESSMENTS.COM that China’s spot PVC prices have found support from domestic inventory level, but gains were capped by a strong buyers resistance toward higher prices. According to the trader, China’s domestic acetylene-based PVC inventory level showed consistent drops for nine consecutive weeks since late April. As of Tuesday morning, June 16, the trader shared that the total inventories of acetylene-based PVC in coastal China fell by 19,100 tons from last week, stood at 292,800 tons. The inventory level in South China recorded a decline of 5,000 tons from a week earlier, captured at 70,000 tons. While in East China, the inventory level recorded at 222,800 tons, a reduction of 14,100 tons as compared to the same period.
However, overall buying sentiment remains flat as compared to last week, weighed down by buyers’ resistance on high prices. Considering the current market situation, the trader maintains a stable offer level for local acetylene-based PVC cargoes as compared to last week. The latest offers from the trader are available between CNY6,400-6,480/ton ($902-913/ton) on cash, EXW China basis and including 13% VAT. From the import market, SSESSMENTS.COM was informed that the trader has yet to receive any import offers from Southeast Asia origin so far.
