US PVC preserves bullish trend amid slow demand across globe
In China, a few US k67 offers were reported at the start of this week with around $10/ton hikes when compared to the latest pre-holiday levels while offers have posted a cumulative increase of $130/ton since the upward trend started in mid-November. A global trader offering slightly higher offers for US PVC noted, “The firming trend is still supported by globally tight supplies, VCM outages in Asia and the high season in India. However, Chinese buyers show very limited interest to US offers which are not competitive.”
Players across Asia, meanwhile, have mostly wrapped up their March business with hikes of $60/ton from February while their April expectations centered on smaller increases of $20-30/ton given disappointing demand and weak spot ethylene prices.
In Egypt’s import PVC market, which is mostly fed by US origins, the rising trend has lost speed recently owing to the tepid stance of demand, with prices tracking a stable to slightly firmer trend so far this week. According to the weekly average data from ChemOrbis Price Index, US PVC offers have registered cumulative increases of around $140/ton since mid-November. “Trading activity is quite thin in the midst of the bullish trend as buyers are sidelined due to firming costs,” a few sellers said.
Meanwhile, in Turkey, US k67 prices recorded further increases of $10-20/ton from last week. The data from ChemOrbis Price Index reveal that import prices from the US have been rising for more than three months, posting a cumulative increase of around $100/ton on average. A trader argued, “We don’t expect American PVC prices to soften before May whereas price increases might remain modest in case demand does not pick up next month.”
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