16 July 2009 03:47 [Source: ICIS news]
SINGAPORE (ICIS news)--Benchmark offers for polyvinyl chloride (PVC) cargoes for August arrival into China were around $70/tonne (€49.7/tonne) higher than the settlement price reached in July, traders and producers said on Thursday.
Offers were heard at $920/tonne CFR (cost and freight) CMP (China Main port) compared with July's levels of $850/tonne CFR CMP.
The latest offers were lower than what some traders had expected earlier, which they said was an indication of stiffening buying resistance. Offers to some non-Chinese markets were last week heard at around $920/tonne FOB (free on board) northeast (NE) ?xml:namespace>
Despite the subdued demand, the price hike was necessary because of a surge in feedstock values, particularly ethylene, producers said. Ethylene prices have risen by over 20% in the past month to $1,020-1,050/tonne CFR NE Asia.
PVC is produced from ethylene and chlorine.
($1 = €0.71)
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