SSESSMENTS.COM noted that pressure on South Korea ethylene-based PVC prices continues as the latest bid level surfaced in the China market at a level lower than the previous transactions. A Chinese trader informed that buyers placed bids at $600/ton on LC 90 Days, CIF China main port basis for 2,000 to 3,000 tons of the cargoes of the cargoes. The trader is waiting for responses from the supplier.
Based on SSESSMENTS.COM’s data, the bids are between $10-20/ton lower than the last deal heard concluded in China on April 8. Compared to the offer received by local traders last week, the current bid level is between $30-50/ton lower.
At the end of March, a South Korean PVC producer reported to SSESSMENTS.COM that the company faced order cancellations for April shipment in the India market as the country is on lockdown. Then, at the beginning of April, offers for PVC cargoes of South Korea origin to China and Southeast Asian countries nosedived from $800/ton-level to $600/ton-level.
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