25 March 2013 10:03 [Source: ICIS news]
SINGAPORE (ICIS)--Taiwan’s Formosa Plastics Corp (FPC) has reduced its April offers for polyvinyl chloride (PVC) to China, southeast Asia, India and other markets by $50/tonne (€38.5/tonne) month on month amid weak market conditions, a company source said on Monday.
It offered April-loading cargoes to China and southeast Asia at $1,020/tonne CIF (cost, insurance & freight) China/ SE (southeast) Asia, the source said.
FPC’s offers to India were at $1,030/tonne CIF India, while export offers to other deep-sea markets were at $980/tonne FOB (free on board) Taiwan, the source said.
The company has offered a quantity discount of $10/tonne for purchase of volumes more than 500 tonnes to China and more than 1,000 tonnes to the India market.
FPC plans to export an estimated volume of 70,000 tonnes in total for April shipments, according to the source.
The company had, in early March, brought its prices for March shipments down by $30/tonne, after initial offers of $1,090/tonne CIF China and $1,100/tonne CIF India received muted response from buyers across the markets.
PVC prices are expected to be bottoming out at the present level, as there is not much room for further downward movement of prices in view of high feedstock vinyl chloride monomer (VCM) costs, the source added.
($1 = €0.77)
Additional reporting by Jasmine Khoo and Stephanie Zhang
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