01 March 2013 23:55 [Source: ICIS news]
HOUSTON (ICIS)--Prices of imported polyvinyl chloride (PVC) for domestic sales remained unchanged in Venezuela after the currency devaluation of February, sources said on Friday.
Offers of imported resin have remained stable in US dollars, as the original pricing basis was in US dollars before the devaluation.
However, prices in US dollars of PVC produced by local producer Pequiven were revised down in Venezuela, in line with the currency devaluation of 13 February, when the official exchange rate went to bolivares (Bs) 6.3/$1 from Bs4.3/$1.
Prices for PVC produced locally remained unchanged in the local bolivar currency, but the devaluation resulted in lower assessments when transposed to US dollar equivalents.
PVC domestic prices are now at $503/tonne (€387/tonne) DEL (delivered) for pipe grade and at $538/tonne DEL for general purpose (GP), compared with domestic resin priced at $737/tonne DEL for pipe grade and $788/tonne DEL for GP before the devaluation.
Pequiven’s prices for imported resin are assessed at $1,627/tonne DEL for pipe grade and general purpose.
Local sources said that Pequiven is selling only the more expensive imported resin. Domestic material is not being shipped despite ample inventories.
Although Hugo Chavez has returned to Venezuela after undergoing medical treatment in Cuba, the status of the president’s health and the political future of the country remain a source of concern, local sources said.
($1 = €0.77)
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