Currently, Indian end-users of PVC are buying strictly on a need-to basis as the Indian Rupee gets further devalued and a battering in the foreign exchange market, as per Platts.
The Indian PVC import price rose US$43.75/mt or 4.3% month on month to an average US$1063.75/mt CFR India in March, Platts data showed. The rupee has fallen about 4.8% since March 1 against the dollar to stand at Rupees 51.4 to the dollar Thursday.
The rise in PVC prices was also attributed to higher offers by Asian producers, who say high production costs due to expensive feedstock ethylene gives them little choice but to raise prices. Ethylene prices have risen US$71/mt or 5.5% since March 1 to be assessed at US$1351/mt CFR Northeast Asia Thursday.