PVC price in the India market is finding its foothold after movement earlier this week. A trader contacted by SSESSMENTS.COM informed that the leading Indian PVC producer did not increase this week's offer after it predicted to do so. The latest offers stand at INR68,500/ton ($910/ton) on EXW Mumbai basis. The trader also revealed deals conducted for Korea/Taiwan origin localized PVC cargoes at INR72,000-72,500/ton ($956-963/ton) in Mumbai. Meanwhile, in Delhi, Russia origin localized PVC cargoes offered at INR75,000/ton ($996/ton), INR1,000/ton ($13/ton) lower than those offered from Korea/Taiwan. All local/localized offers on cash, EXW basis and excluding 18% GST.
Speaking of the import market, the trader expressed their surprise that a Taiwanese PVC producer managed to conclude deals at $820/ton, which in an opinion made no sense compared to cargoes from Japan offered in the range of $800-830/ton with much lower custom duty. Further added, import offers coming from Europe and South America at $780/ton are too high and unworkable as SSESSMENTS.COM quoted from the trader.
From the demand side, the trader shared with SSESSMENTS.COM that robust demand comes from the agricultural sector and expected to last for the next three weeks. Orders for local/localized cargoes are also supported by factors where supply is limited because only one of the local producers is known to be fully operational at the moment. Other local PVC producers still operate at reduced rates, SSESSMENTS.COM was told. Speaking of import offers for July shipment, the trader opined that the upward price adjustment will not touch up to $100/ton-gains.
