02 November 2012 11:20 [Source: ICIS news]
SINGAPORE (ICIS)--India’s list prices for polyvinyl chloride (PVC) fell by Indian rupees (Rs) 1.5/kg ($27.92/tonne) to Rs59/kg EXW (ex-works), as regional producers announced cuts in their offers for November lots, market sources said on Friday.
The import parity equivalent for the revised list price is $990-1,000/tonne CFR (cost and freight) India.
The price reduction came on the back of a bulk of deals for imported cargoes concluded in end-October, a regional producer said.
Last week, offers from a Taiwanese producer that were initially at $1,000 CFR India were slashed by $30/tonne to generate buying interest amid a lacklustre demand, a market source said. According to the source, the producer sold about 20,000 tonnes of product in the Indian market and was heard to be sold out for November lots.
According to a separate market source, a South Korean producer also lowered its offers from a previous level of $1,030/tonne CFR India to $950-960/tonne CFR India, and was heard to have sold most of its product for November at the revised offer price, though the exact quantity of product sold was not available.
Demand in the south Asian country continues to be lacklustre, and market participants expect demand to pick up in mid-November, when buyers return from their Diwali celebrations.
Diwali falls on 13 November this year.
($1 = Rs53.73)
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