Sluggishness in the Indian PVC market happened due to weather changes. A trader informed SSESSMENTS.COM that offers for cargoes of Russia, South Korea, and Taiwan origin are at a rolled over from last week between INR70,000-72,000/ton ($928-955/ton) EXW Mumbai and excluding 18% GST. The trader observed that softness on overall demand pushing traders to adjust down their offers this week.
As quoted from the trader, “Demand is going to be more sluggish in July as compared to June with rain will be evenly distributed across India.” The trader continued on, told SSESSMENTS.COM that the company will wait for the new offers to be announced by the leading Taiwanese PVC producer for August shipment before making any price correction. Although upstream production costs ballooning, the trader expects import price should be rollover as end-product demand is going low. The trader is also expecting that local PVC producer to keep their offers stable going forward.
