07 January 2009 03:51 [Source: ICIS news]
SINGAPORE (ICIS news)--Ethylene-based polyvinyl chloride (PVC) producers in Asia have hiked offers for February exports to China by around $40/tonne (€30/tonne) compared with January settlements on the back of improved buying interest, traders and producers said on Wednesday.
Offers were pegged at $670-700/tonne CFR (cost and freight) China Main Port (CMP), depending on the origin of the cargoes. Southeast Asian producers were heard offering $690-700/tonne CFR CMP while some northeast Asia producers – slapped with anti-dumping duties of 5-10% – were offering cargoes at lower prices of around $670/tonne CFR CMP, industry sources said.
January cargoes of northeast Asian origin were heard sold at around $630/tonne CFR CMP while southeast Asian suppliers were able to achieve around $660/tonne CFR CMP.
A spate of PVC plant shutdowns in recent months had tightened supplies in China, exerting some upward pressure on import prices, producers said. Market players in China, however, noted that downstream demand in the country was still very weak, which meant that the increase in PVC prices could be due more to speculative buying.
($1 = €0.74)
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