A trader reported to SSESSMENTS.COM that the latest import PVC offers to India is trailing China’s prices, breaking below $600/ton threshold. Offers for ethylene-based PVC from several origins recorded between $550-600/ton on LC at sight, CIF India main ports basis.
‘’We received offers for Russian PVC cargoes at $600/ton on LC 90 days payment term, CIF Nhava Sheva port basis. For European origin, the offers are heard at $550/ton for Belgian cargoes while from South America, at $570/ton for Mexican origin. Assuming VCM price is $400/ton, the bottom level for PVC should be around $550/ton,’’ the trader said. However, a second trader claims that there are no offers to India market below $600/ton yet. The second trader noted to SSESSMENTS.COM that such a level would be customers’ expectations rather than the actual offers. ‘’So far we have only received at $625/ton for Russian cargoes, and deals are difficult to conclude as buyers deem the price as too high. In addition, with the producer insisting payment on LC at sight term, no one can make immediate payment as businesses are slow,’’ the second trader explained.
Speaking about the Covid-19 duty, the first trader informs that until now that has not been an official announcement made by the Indian government and remains as rumours. These rumours usually spread as a trick to lift sentiment amongst local market players, boost producers’ sales and heighten the local price. Most of the time, such rumours don’t come into realisations, the trader stated to SSESSMENTS.COM.
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