China February PVC import offers rise $80/tonne

12 January 2010 04:48  [Source: ICIS news]

SINGAPORE (ICIS news)--Benchmark offers for February-arrival polyvinyl chloride (PVC) cargoes into China have risen $80/tonne (€55.2/tonne) over the settlement price for January due to surging feedstock costs, market sources said on Tuesday.

January import offers from Taiwan were at $1,020/tonne CFR (cost and freight) China compared to the $940/tonne levels achieved for January-delivery cargoes.

A Taiwanese producer said it had to raise offers in order to pass on the increase in raw material costs. Feedstock ethylene values in Asia had surged by over 7% in the past four weeks to $1,250-1280/tonne CFR northeast (NE) Asia on Monday, data from ICIS pricing showed.

Buyers expressed strong resistance to the February offer, arguing that PVC demand in China usually slackens during the month of the Lunar New Year holidays, which is scheduled for mid-February this year.

 ($1 = €0.69)

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By: Ng Hun Wei
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