GCC producers hike Middle East PVC offers by $70/tonne for Oct

01 October 2012 07:26  [Source: ICIS news]

SINGAPORE (ICIS)--Gulf Cooperation Council (GCC) producers have raised their October offers for polyvinyl chloride (PVC) to the Middle East markets by $70/tonne on higher feedstock costs, market sources said.

Offers to the GCC region are at $1,130-1,140/tonne (€881.40-889.20/tonne) DEL (delivered) GCC for October. Sources said that these offers are $70/tonne higher than the producers’ September offers.

In the East Mediterranean (East Med) region, Saudi Arabian producers offered October cargoes at $1,160-1,170/tonne DEL East Med, an increase of $60-70/tonne from September offers, according to ICIS data.

However, the price hike from GCC producers was met with firm buyers’ resistance, who preferred to maintain a cautious approach to the offers, sources added.

A Dubai-based trader said that given the high offers from Saudi producers, buyers are likely to pick up only small quantities from GCC makers and source for bulk volumes from US-based manufacturers.  

($1 = €0.78)

By: Veena Pathare
+65 6780 4327

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