Sellers start to pronounce fresh October import PVC prices to China

21-Sep-11
Sellers started to pronounce fresh October import PVC prices to China, in line with the previous market expectations focused on lower levels due to the weak demand, as per ChemOrbis. For the past two weeks, September PVC deals in China have been indicating a decreasing trend in line with consistently thin demand amidst softening feedstock costs. The fact that overall local levels have also started to soften influenced this decreasing trend further in the import market. In the upstream markets, spot ethylene prices started the month of September with US$30/ton decreases on CFR NEA basis while they entered the month with a drop of US$65/ton on CFR SEA basis. As the month proceeded, decreases have continued in line with the weak buying interest and consequently Asian spot prices lost US$35/ton when compared with the beginning of September on both CFR NEA/SEA basis. A similar downward trend is also observed in the spot VCM market with prices starting September with US$70/ton decreases from August levels. When compared with the beginning of the month, spot VCM prices are US$20-30/ton lower. Earlier this week, a Taiwanese producer approached the Chinese market with US$25-60/ton lower import prices for PVC k67-68 when compared with the general September done deal range for Asian origins in the country. A source from the seller, who lacks confidence in the market outlook, noted that they are open to negotiations in return for firm counter bids as they aim to speed up their sales. Meanwhile, as of yesterday, a trader revealed new October prices to China for American PVC k67-68 with US$60-70/ton decreases when compared to their September offers. The trader’s new offer indicates a US$50-60/ton drop with respect to the overall American offer range for September. Just like the abovementioned Taiwanese producer, this trader, too, is willing to offer some discounts depending on the purchasing volumes. “We have received some inquiries from buyers and we are currently in negotiations,” he further commented. Inside China, overall offers levels from the domestic producers are CNY50-100/ton (US$8-16/ton) lower this week while players are operating their plants mostly at lower rates amidst bearish market sentiment. Sellers mostly complain that they could only achieve sales for small volumes.
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