22 July 2013 04:54 [Source: ICIS news]
SINGAPORE (ICIS)--Taiwan’s Formosa Plastics Corp (FPC) reduced its August offers for polyvinyl chloride (PVC) cargoes by $30/tonne (€23/tonne) late last week after its initial offers received a weak response from buyers, market sources said on Monday.
The producer had previously announced its offers at $30/tonne higher than July prices citing a rise in energy and feedstock costs.
Offers to China were dropped to $1,020/tonne CFR (cost & freight) China from a previous $1,050/tonne CFR China, while August lots were offered to India at $1,040/tonne CFR India, down from a previous $1,070/tonne CFR India.
The revised offers are expected to give a boost to the presently flagging demand across markets.
Meanwhile, most regional producers said they will continue to observe the market’s response to FPC’s prices before offering their August-loading parcels later during the week.
With additional reporting by Veena Pathare and Stephanie Zhang
($1 = €0.76)
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