03 April 2013 03:56 [Source: ICIS news]
SINGAPORE (ICIS)--India’s polyvinyl chloride (PVC) producers have reduced their April list prices by Indian rupees (Rs) 2.00/kg ($0.04/kg) to Rs63.50/kg ex-works (EXW) to match the lower import offers of April lots, market sources said on Wednesday.
The equivalent import parity for the revised list price now stands at $1,045-1,050/tonne (€815-819/tonne) cost & freight (CFR) India, according to the sources.
An improved supply of feedstock vinyl chloride monomer (VCM) into India was also said to have contributed to lower April prices, sources said.
In March, northeast Asian cargoes for loading in April were offered at $1,020-1,040/tonne CFR India, down by $30/tonne from the previous month following weak demand and strong buyer resistance to higher March offers, ICIS data showed.
In early March, Indian PVC producers raised their list prices by Rs1.50/kg following a severe tightness in the supply of VCM cargoes, with several brief turnarounds conducted at a number of regional PVC facilities as a result.
The arrival of fresh VCM cargoes in mid-March helped PVC production in India resume to full capacity.
Indian PVC demand is expected to strengthen from April onwards and remain robust until June ahead of the country’s monsoon season, market sources said.
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($1 = Rs54.43)
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