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This week, PVC prices journeyed southward in the Asian region.
An industry source in Asia on condition of anonymity informed a Polymerupdate team member, “A strengthened US dollar against Asian currencies has continued to dampen market sentiment. PVC prices in the domestic and export markets continue to be under pressure with no significant uptick seen in fundamentals. Downstream demand has been persistently weak amid ample supplies with the situation likely to exacerbate further amid an anticipated increase in industry inventories.” 
The source added, “Meanwhile, a Ukrainian drone attack on the pumping station of a key pipeline in southern Russia, leading to a potential 30% reduction in oil exports from Kazakhstan, and cold weather conditions in the US heightening the prospects of output reductions, pushed oil prices higher on Tuesday. However, gains were capped as start of talks to end the Russia-Ukraine war prompted participants to factor in the possibility of increased oil supply to global markets, in case sanctions are eased against Russia. Meanwhile, the market has largely adopted a cautionary approach while continuing to keep track of OPEC+ decisions and demand trends in China, key factors which influence the global oil outlook."
In China, PVC prices were assessed at the USD 680-710/mt CFR levels, a fall of USD (-20/mt) from the previous week.
In China, overseas producers have offered PVC resin suspension grades in the range of USD 680-710/mt CFR levels, for shipment in March 2025. Meanwhile, Chinese producers have offered PVC (ethylene based) at the USD 660/mt and PVC (carbide based) is offered at the USD 640/mt FOB basis.
Almost all PVC manufacturers in Northeast Asia, except those in China, have secured Bureau of Indian Standards (BIS) certification for exporting PVC to India, while producers in Southeast Asia are expected to abide with the June deadline. Nonetheless, there is widespread scepticism as regards the ability of producers in China and the US to obtain certification. Additionally, it is still unclear when India will impose provisional anti-dumping duties on PVC imports.
In Southeast Asia, PVC prices were assessed at the USD 700-740/mt CFR levels, a week on week of USD (-20/mt).
In Southeast Asia, a producer from China offered its PVC resin suspension grade at the USD 700/mt CFR levels, for shipment in March 2025.
In Southeast Asia, PVC prices decreased marginally this week due to continuous pressure exerted by China on supply and prices. Some ethylene-based material from China became available in southeast Asia during the week as Chinese producers looked to offload February shipments, amid subdued local market conditions. With converters and other participants down the value chain holding ample inventories, purchasing activity continues to be quiet throughout the region. Larger s-PVC converters in Vietnam would be in a better position to sustain production until the early second quarter, if they continued to make as-required purchases, due to ample s-PVC stock levels at their manufacturing sites. Meanwhile, converters in other countries in southeast Asia are unlikely to maintain similarly longer production schedules. The Southeast Asian market is particularly concerned about India's ongoing trade restrictions, in the form of anti-dumping duties (ADDs) and BIS quality controls. This is because regular exporters to India, who would now be viewed as less competitive in the country due to impending ADDs, may decide to reroute this supply to export markets in Southeast Asia in order to maintain a balanced supply of caustic soda and chlorine.
In India, PVC prices were assessed at the USD 740-770/mt CFR levels, lower by USD (-10/NC/mt) from last week.
In India, a major Taiwanese producer offered its PVC suspension grades (S65D/S65/S60/S70) at the USD 740/mt levels and (S57) grade at USD 750/mt levels. Meanwhile, another Mass grade (B57) is on offer at the USD 780/mt levels. All offers are on CIF Nhava Sheva/Mundra/Chennai ports basis with shipment for March & April 2025 (LC at sight). These offers are lower by USD 20/mt from previous month offers. Add USD 30/mt for CIF Kolkata/Cochin/Pipavav ports. For LC 90 days Add USD 10/mt.
Meanwhile, Chinese producers have offered PVC (ethylene-based) at the USD 700/mt and PVC (carbide-based) is offered at the USD 680/mt CFR basis.
In Pakistan, PVC prices were assessed at the USD 760-800/mt CFR levels, a drop of USD (-10/NC/mt) from the previous week.
In Pakistan, overseas producers have offered PVC resin suspension grades in the range of USD 760-800/mt CFR levels, for shipment in March 2025.
Prices in Pakistan are assessed lower on the back of limited discussions in the market amid minimal offers and trade this week.
In Sri Lanka, PVC prices were assessed at the USD 700-750/mt CFR levels, a week on week decline of USD (-20/NC/mt).
In Sri Lanka, overseas producers have offered their PVC resin suspension grade at the USD 700-750/mt levels, for shipment in March 2025.
In Bangladesh, PVC prices were assessed at the USD 720-750/mt CFR levels, a week on week decrease of USD (-30/mt).
In Bangladesh, a producer from Taiwan has offered its PVC resin suspension grade at the USD 750/mt levels, for shipment in March 2025. Meanwhile, PVC (ethylene- bases) is offered at the USD 720/mt levels, for shipment in March 2025.
In Bangladesh, PVC prices fell this week due to slightly more competitive freight rates from China to Bangladesh as opposed to freight rates from China to India. Prices were driven down by lower-priced Taiwanese PVC offers available in the market. The majority of the supply, which converters did not generally accept, came primarily from China. Most converters are eager to wait for fresh price offers from regular exporters before committing to additional purchases, so subsequent price reductions for Chinese ethylene-based s-PVC also failed to draw participants’ attention in Bangladesh.
Feedstock EDC prices were assessed at the USD 230-240/mt CFR China levels while CFR South East Asia EDC prices were assessed at the USD 230-240/mt levels, both plunged by USD (-45/mt) from the previous week.
Feedstock CFR South East Asia VCM prices were assessed at the USD 540-550/mt level, a drop of USD (-25/mt) week on week. Meanwhile, CFR China VCM prices were assessed at the USD 515-525/mt levels, a week on week rise of USD (+10/mt).
Feedstock ethylene prices on Tuesday were assessed at the USD 885-895/mt CFR North East Asia levels, up USD (+10/mt) from the previous week. Meanwhile, CFR South East Asia ethylene prices were assessed flat at the USD 915-925/mt levels.
In plant news, Yibin Tianyuan is likely to take off stream its Polyvinyl chloride (PVC) plant in end March 2025 for maintenance. The plant is expected to remain offline for about one week. Located in Sichuan province, China, the PVC plant has a production capacity of 380,000 mt/year.
In other plant news, Ningbo Oceanking has shut down its Polyvinyl chloride (PVC) plant on February 13, 2025 for maintenance. The plant is slated to remain offline until early March 2025. Located in Ningbo, Zhejiang province in China, the plant has a production capacity of 300,000 mt/year.
In another plant news, Formosa Plastics Corporation (FPC) is likely to take off stream its Polyvinyl chloride (PVC) plant in March 2025 for maintenance. The exact date and duration of the shutdown could not be ascertained. Located in Jen-Wu, Taiwan, the PVC plant has a production capacity of 581,000 mt/year.
