15 January 2013 11:00 [Source: ICIS news]
SINGAPORE (ICIS)--Taiwan’s Formosa Plastics Corp (FPC) has raised its February offers for polyvinyl chloride (PVC) to China, India and other markets by $40-50/tonne (€30-38/tonne) from its January prices, a company source said on Tuesday.
The Taiwanese producer offered February-loading cargoes at $1,020/tonne CIF (cost, insurance & freight) China.
FPC’s offers to India were at $1,050/tonne CIF India, while export offers to other markets were at $990/tonne FOB (free on board) Taiwan for February-loading lots, the source said.
Other Asian producers are likely to announce similar price hikes later this week.
The source added that FPC would be offering about 50-60% of its usual offer volumes for February sales amid the present shortage of spot cargoes, adding that the volumes will be around 35,000-40,000 tonnes – although no exact figure was confirmed.
According to the source the volumes to be allocated to each region – such as China, India and southeast Asia – have not been decided, as the company would like to observe the demand situation and the buyers’ reaction to the price increase.
When asked if discounts would be available for bulk purchases of over 1,000 tonnes, a separate company source said it was unlikely, as “supply of spot cargoes is already critically tight”.
Additional reporting by Jasmine Khoo
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