Polyvinyl chloride (PVC) prices quote stable in Asia

This week, PVC prices were left unchanged across the Asian region.

An industry source in Asia, on condition of anonymity, informed a Polymerupdate team member, “Major Taiwanese producers held offer prices steady from their previous price levels. Meanwhile, buying sentiment continues to be weak in the region.”

The source added, “The key drivers of global crude oil trading have recently experienced significant shifts. On the upside, U.S. sanctions on Iran and other oil producers, ongoing unrest in the Middle East, and a weakening U.S. dollar have the potential to exert a bullish pressure on oil prices. However, demand forecasts are being weighed down by US President Donald Trump’s tariff policies, while OPEC+ has only marginally increased production. Furthermore, the downgrading of economic growth projections by the International Monetary Fund (IMF) in its latest World Economic Outlook has added to an already uncertain global environment. As a result, oil prices are likely to face downward pressure.”

In China, PVC prices were assessed at the USD 660-700/mt CFR levels, constant from the previous week.

In China, a producer from Taiwan has offered its PVC resin suspension grade at the USD 700/mt levels for shipment in May 2025. Meanwhile, Chinese producers have offered PVC (ethylene-based) at the USD 630/mt levels and PVC (carbide based) is offered at the USD 610/mt levels on FOB basis.

In China, the PVC import market has remained subdued as participants awaited the May shipment offers from Taiwan, which have been reported as stable compared to the previous month. Regional spot trading has also weakened, as many market participants were busy attending the 37th International Exhibition on Plastics and Rubber Industries (Chinaplas) in Shenzhen, China, with the Songkran holidays in Thailand adding to the muted market sentiment.

Meanwhile, domestic PVC prices have largely remained stable this week, as tighter supply during the peak maintenance season has countered recent declines in PVC futures.

PVC futures have treaded a downward trajectory this week, with trading fluctuations narrowing compared to the previous week due to lacklustre trading activity. The majority of market participants were busy attending the Chinaplas conference last week, which restricted both export and domestic trading activities. Additionally, alleviating economic concerns regarding tariff issues have contributed to the decline in PVC futures.

In recent times, domestic macroeconomic sentiment has been poor, and the uncertainty surrounding foreign trade has dampened the short-term market outlook. However, in the long term, expectations of cuts to the domestic reserve requirement ratio and interest rates may provide ongoing support to the market. Currently, the fundamentals of PVC supply and demand remain weak. PVC production facilities are focusing on maintenance, leading to a decrease in production, while domestic demand remains stagnant, with foreign trade export deliveries being the primary source of goods. New orders have been cautiously reduced, and the pace of inventory reduction in the industry is anticipated to slow. Short-term cost support is weak, and the fundamentals do not sufficiently bolster spot PVC prices.

Additionally, the prices of upstream raw materials such as calcium carbide and ethylene have experienced a slight decline due to reduced supply pressure from downstream maintenance, resulting in weak bottom support for PVC production costs.

The United States implemented a 145% tariff on imports from China, to which China responded with a 125% tariff on imports from the United States. These significant measures have influenced the demand for PVC in China, leading to an increased supply from Chinese manufacturers in the spot market across Asia.

In Southeast Asia, PVC prices were assessed at the USD 660-730/mt CFR levels, up USD (NC/+30/mt) from the previous week.

In Southeast Asia, a Taiwanese producer has offered its PVC resin suspension grade at the USD 730/mt levels for shipment in May 2025.

In Southeast Asia, PVC prices remained stable although import activity has remained sluggish as buyers opted to hold off due to weak spot demand.

The United States has imposed relatively high tariffs on numerous Southeast Asian nations, with imports from Vietnam facing a 46% tariff, for instance. Although the US has suspended reciprocal tariffs on all trading partners for a period of 90 days since April 9, the demand for PVC continues to be impacted by the baseline import tariff of 10%, along with uncertainty regarding whether ongoing negotiations will postpone or mitigate the severity of the US's forthcoming reciprocal tariffs. Buyers are closely observing the situation during this 90-day pause in reciprocal tariffs.

Despite the decline in import activity throughout the week, Chinese ethylene-based s-PVC offers have remained consistently available in the market. Additionally, the commencement of AGC Vinythai's new 400,000 mt/year s-PVC unit in Thailand is anticipated to be finalized by the second quarter, following some delays. It is still too early to conclude that the initiation of new s-PVC production in Thailand will significantly lengthen the s-PVC balance, as the producer will also be managing production expansions of chlor-alkali and EDC facilities, to supply the new facility later in the year.

In India, PVC prices were assessed at the USD 690-700/mt CFR levels, stable from last week.

In India, a major Taiwanese producer has offered its PVC suspension grades (S65D/S65/S60/S70) at the USD 700/mt levels and (B57) grade at the USD 720/mt levels on CIF Nhava Sheva/Mundra/ Chennai ports basis for May shipment. These offers are stable from the previous month’s offers. Add USD 40/mt for CIF Kolkata/Cochin/Pipavav ports. For LC 90 days (Add USD 10/mt).

PVC Offer Prices from Taiwan (USD/MT - LC at Sight)
	May	April	March	February	January
CIF India	700	700	740	760	785
CFR China Main Port	700	700	725	725	740
CIF Southeast Asia	730	730	755	755	770

In India, the polyvinyl chloride (PVC) market has been hindered by weak purchasing interest, as buyers are strategically delaying their acquisitions. Limited interest was observed in sporadic offers for Chinese-origin cargoes, despite their competitive pricing, primarily due to concerns regarding possible shipping delays.

Import demand has also remained tepid, as importers anticipate an upcoming government announcement regarding the implementation of anti-dumping duties on PVC imports from seven origins, six of which are located in Asia. Additionally, the sentiment has been influenced by an abundance of domestic supply.

The demand for May-lifting shipments in India is projected to increase due to plant outages and low inventories in local markets. Furthermore, the impending deadline for the Bureau of Indian Standards (BIS) certification may encourage stock replenishment in the upcoming month. However, the prevailing bearish sentiment in China and the broader Asian markets is likely to affect import negotiations for May.

In the domestic market, local PVC manufacturers have lowered their list prices by Rs.2/kg. Despite the shutdown of plants within the domestic market, sellers have decreased their offers, indicating a lack of buying enthusiasm. The overall market sentiment remains pessimistic, with participants hesitant to restock until there is greater clarity on import prices in the forthcoming weeks.

In Pakistan, PVC prices were assessed steady at the USD 730-770/mt CFR levels.

In Pakistan, overseas producers have offered their PVC resin suspension grades in the range of USD 730-770/mt levels for shipment in May 2025.

In Pakistan, PVC prices were evaluated as stable throughout the week due to limited spot market activity. The market remained quiet as buyers held back from making new purchases, citing sufficient stock levels and a lack of new offers.

Additionally, market participants noted that adequate inventories of both raw materials and finished goods restricted buying interest. Overall, a weak sentiment, coupled with broader pessimism in the larger Asian markets, is anticipated to dampen import demand in the short term.

In Sri Lanka, PVC prices were assessed at the USD 690-740/mt CFR levels, rolled over week on week. The region experienced subdued activity amid weak demand from downstream sectors and a lack of fresh import offers.

In Sri Lanka, overseas producers have offered their PVC resin suspension grades in the range of USD 690-740/mt levels for shipment in May 2025.

In Bangladesh, PVC prices were assessed at the USD 690-720/mt CFR levels, remaining constant from the previous week.

In Bangladesh, overseas producers have offered their PVC resin suspension grades in the range of USD 690-720/mt levels for shipment in May 2025.

In Bangladesh, the import prices of PVC remained steady this week due to minimal trading activity in the market.

Feedstock EDC prices were assessed at the USD 200-210/mt CFR China level, a week on week decline of USD (-20/mt). CFR South East Asia EDC prices were at the USD 205-215/mt levels, down adjusted by USD (-10/mt) from the previous week.

Feedstock CFR South East Asia VCM prices were assessed at the USD 535-545/mt level, while CFR China VCM prices were assessed at the USD 520-530/mt levels, both steady from the previous week.

Feedstock ethylene prices on Tuesday were assessed at the USD 865-875/mt CFR South East Asia levels, lower by USD (-20/mt) from the previous week. Meanwhile, CFR North East Asia ethylene prices were assessed flat at the USD 885-895/mt levels.

In plant news, Tianjin Bohai Chemical Group has shut down its Polyvinyl chloride (PVC) plant on April 6, 2025 for maintenance. The plant is expected to remain offline until April 25, 2025. Located in Dagang, China, the plant has a production capacity of 800,000 mt/year.