monthlyssessments-march-india-pvc-prices

In the first week of March, the leading Indian PVC producer announced local offers with a rollover and the early-bird discount of INR500/ton ($7/ton). Offers for localized cargoes of Taiwan origin increased by INR1,000/ton ($13/ton) compared to a week earlier. In the second week, most traders did not have offers while some maintain stable levels for localized materials. The traders ceased giving out offers because of significant drops in crude oil prices at the beginning of the week caused uncertainty in the international market. Therefore, traders opted to wait. On March 12, the leading Indian PVC producer declared a price protection. The decision led to decreases between INR500-1,000/ton ($7-13/ton) on the localized PVC offers on a weekly comparison in the beginning of the third week. On March 18, the producer withdrew the price protection and slashed local offers by INR2,500/ton ($33/ton). In the week commencing March 23 and March 30, availability of offers were scarce as India is on a lockdown.

From the import market, the first half April shipment offers from a Japanese PVC producer were maintained stable compared to March shipment offers. On March 18, SSESSMENTS.COM was informed that the producer decreased the offers for the second half by $70/ton compared to the same period to compete with the foreign PVC supplier to India. A day earlier, the leading Taiwanese PVC producer adjusted down April shipment offers by $50/ton to all markets. Offers from a Thai producer also decreased by $85/ton. All are compared to March shipment offers.

Based on market players’ reports to SSESSMENTS.COM, demand for PVC in India was weak in March. Until the third week of the month, the market was still active but sales were unsatisfactory due to the Coronavirus outbreak, the plunge in crude oil prices and expectation for lower prices ahead. The depreciation of Indian Rupee against US Dollars also had spoiled buying sentiment. In the week commencing March 23, market players reported that the India PVC market came to a standstill as the country is under lockdown for 21 days starting March 24. It is impossible to sell or deliver materials, hence, sellers had to face order cancelations from buyers. On the supply side, no issues were reported throughout the month.

On the production sector, the lockdown has caused PVC producers in India to shut plants or reduce operating rates. On March 30, India’s Chemplast Sanmar announced force majeure on the company’s PVC plant. The producer had to shut the EDC, Chlorine, Caustic Soda plants, as well as the 300,000 tons/year PVC plant. According to the producer, other PVC producers such as Finolex, DCW and DCM, had also shut their plant. Market sources told SSESSMENTS.COM that the only PVC producer running up to the time of publication is Reliance Industries Ltd, but the producer cut the operating rate by 25% of the normal rate.

Indian market players expressed concern to SSESSMENTS.COM over the ability of the PVC market to recover. The players mentioned that lockdown is effective up to mid April, but it might be extended. Before the market is fully recovered from the Coronavirus impacts, demand for PVC will be affected by the upcoming monsoon in June. Import offers are predicted to reach $600/ton-level.

Range of local/localized ethylene-based PVC offers between March 2 to March 6 on cash, EXW basis (excluding 18% GST in all terms)

Origin	Transaction Type	Offers (INR/ton)	Equivalent in USD/ton	Delivery Location
Egypt	Offer Given	73,000-73,500	975-982	Delhi
India	Offer Given	76,500	1,022	Cuddalore
India	Purchased	71,500	955	Mumbai
India	Purchased	72,500	969	Chennai
Japan	Offer Given	74,000	989	Delhi
South Korea	Offer Given	75,000-76,000	1,002-1,015	Delhi
Taiwan	Offer Given	74,000-76,000	989-1,015	Delhi
Taiwan	Offer Given	73,500-74,000	982-989	Mumbai
Taiwan	Purchased	70,500-71,000	942-949	Mumbai
Thailand	Offer Given	75,000-76,000	1,002-1,015	Delhi
Ukraine	Offer Given	73,000-75,000	975-1,002	Delhi

Range of import PVC offers between March 2 to March 6 on LC at sight, CIF Nhava Sheva Port

Origin	Product	Transaction Type	Offers (USD/ton)
China	Acetylene-based	Offer Received	810-820
Japan	Ethylene-based	Offer Given	970-980
Japan	Ethylene-based	Offer Received	960-980
Japan	Ethylene-based	Purchased	970
Japan	Ethylene-based	Sold	960-970
Ukraine	Ethylene-based	Offer Received	890
Ukraine	Ethylene-based	Bid Given	870

Range of local/localized ethylene-based PVC offers between March 9 to March 13 on cash, EXW basis (excluding 18% GST in all terms)

Origin	Transaction Type	Offers (INR/ton)	Equivalent in USD/ton	Delivery Location
Egypt	Offer Given	73,000-73,500	975-982	Delhi
India	Offer Given	76,000	1,015	Mumbai
Japan	Offer Received	75,500-76,500	1,009-1,022	Kolkata
Russia	Sell Idea	71,000	949	Bhiwandi
South Korea	Offer Given	72,500-73,000	969-975	Gujarat
South Korea	Offer Received	73,000	975	Mumbai
South Korea	Offer Given	76,000	1,015	Delhi
Taiwan	Offer Given	76,000	1,015	Delhi
Taiwan	Offer Received	71,000-73,000	949-975	Mumbai
Taiwan	Offer Received	75,500-76,500	1,009-1,022	Kolkata
Taiwan	Sell Idea	73,250-73,750	979-985	Bhiwandi
Thailand	Offer Given	75,000-75,500	1,002-1,009	Delhi
Ukraine	Offer Given	74,500-75,000	995-1,002	Delhi

Range of import PVC offers between March 9 to March 13 on LC at sight, CIF Nhava Sheva Port

Origin	Product	Transaction Type	Offers (USD/ton)
Russia	Ethylene-based	Offer Received	871

Range of local/localized ethylene-based PVC offers between March 16 to March 20 on cash, EXW basis (excluding 18% GST in all terms)

Origin	Transaction Type	Offers (INR/ton)	Equivalent in USD/ton	Delivery Location
Egypt	Offer Given	72,500-73,000	969-975	Delhi
India	Offer Received	76,000-77,000	1,015-1,029	Mumbai
India	Offer Given	73,500-76,000	982-1,015	Mumbai
Japan	Offer Received	75,000-76,500	1,002-1,022	Kolkata
Japan	Purchased	74,500	995	Kolkata
Mexico	Offer Received	70,000	935	Mumbai
Russia	Offer Given	70,000-70,500	935-942	Mumbai
Russia	Offer Received	70,000	935	Mumbai
Singapore	Offer Given	73,000-74,000	975-989	Delhi
South Korea	Offer Given	73,000-75,500	975-1,009	Delhi
South Korea	Offer Given	72,500-73,000	969-975	Gujarat
Taiwan	Offer Given	73,000-74,000	975-989	Delhi
Thailand	Offer Given	74,500-75,000	995-1,002	Delhi
Ukraine	Offer Given	74,000-74,500	989-995	Delhi

Range of import ethylene-based PVC offers between March 16 to March 20, CIF India Main Port basis

Origin	Transaction Type	Offers (USD/ton)	Payment Term
Japan	Offer Given	900-910	LC 90 days
Japan	Offer Received	900-930	LC at sight
Singapore	Offer Received	860	LC at sight
South Korea	Offer Received	845-850	LC 90 days
South Korea	Offer Received	840-850	LC at sight
Taiwan	Price List	835-860	LC at sight
Taiwan	Offer Given	850-860	LC at sight
Taiwan	Offer Received	850-860	LC at sight
Taiwan	Purchased	840	LC at sight
Taiwan	Sold	850	LC at sight
Taiwan	Offer Received	860	LC 90 days
Taiwan	Offer Received	835	TT
Thailand	Offer Received	865	LC 90 days
Ukraine	Offer Received	835	LC 90 days

Range of local/localized ethylene-based PVC offers between March 23 to March 27 on cash, EXW basis (excluding 18% GST in all terms)

Origin	Transaction Type	Offers (INR/ton)	Equivalent in USD/ton	Delivery Location
India	Offer Given	73,500	982	Mumbai

Range of import PVC offers between March 23 to March 27, CIF India Main Port basis

Origin	Product	Transaction Type	Offers (USD/ton)	Payment Term
China	Acetylene-based	Offer Received	780	LC at sight
Japan	Ethylene-based	Sold	900-910	LC 90 days
South Korea	Ethylene-based	Offer Received	845-850	LC 90 days
South Korea	Ethylene-based	Offer Received	835	LC at sight
Taiwan	Ethylene-based	Offer Given	850-860	LC at sight
Taiwan	Ethylene-based	Offer Received	850	LC at sight
Taiwan	Ethylene-based	Purchased	840	LC at sight

Range of local/localized ethylene-based PVC offers between March 30 to March 31 on cash, EXW basis (excluding 18% GST in all terms)

Origin	Transaction Type	Offers (INR/ton)	Equivalent in USD/ton	Delivery Location
India	Offer Given	73,500	982	Mumbai

MonthlySSESSMENTS: March India PVC Prices

Author: SSESSMENTS

MonthlySSESSMENTS: March India PVC Prices

Author: SSESSMENTS

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