06 May 2013 04:31 [Source: ICIS news]
SINGAPORE (ICIS)--Producers of polyvinyl chloride (PVC) in south Asia have rolled over their April list prices for May shipments, industry sources said on Monday.
In India, PVC makers announced their list prices for May cargoes at Indian rupees (Rs) 60.50/kg EXW (ex-works). At import parity, the price stands at $1,020-1,030/tonne CFR (cost and freight) India, market sources said.
This makes India’s domestic PVC prices higher than those of imported material, which were assessed at $960-975/tonne CFR India on 3 May, according to ICIS data.
Domestic cargoes are mostly prompt shipment, thus, they must be priced higher than imports, Indian producers said.
Prices are also supported by strong demand in India. Demand for PVC resins and pipes in the country typically picks up in May and June, according to domestic producers.
In April, Indian producers cut their list prices by a total of Rs5.00/kg, in line with falling prices in the import market amid weak buying sentiment, with the first price reduction – a Rs.200/kg cut – was implemented at the start of the month, while the second cut was done mid-month.
In Pakistan, on the other hand, domestic list prices for May PVC were likewise maintained from mid-April levels, following a Pakistan rupee (PRs) 3.00/lb reduction.
At PRs58.00/lb, the list price’s import parity is $980/tonne CFR (cost and freight) Pakistan, market sources said.
PVC demand in Pakistan strengthens in April-May, ahead of the summer and remains upbeat up to August-September, with robust PVC demand from the construction sector.
($1 = Rs53.83 / $1 = PRs98.42)
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