Chemicals Price : Asian PVC: Stable amid volatile crude oil futures


Chemicals Price

 Local China PVC hits multi-year lows
FOB China export prices stable

Asian PVC market was a stable week on week Saturday as market participants decided to take a wait-and-see stance amid volatile western crude oil markers (Chemicals Price). May ICE Brent futures plunged $14.94/b week on week to be assessed at $36.76/b at 4:30 pm Singapore time (0830 GMT) Saturday. Amid plunging crude oil futures, the domestic Chinese market tumbled with carbide-based PVC sinking Yuan 150/mt week on week to be assessed at Yuan 6,150/mt Saturday, the lowest since November 2017, while ethylene-based PVC fell Yuan 100/mt to Yuan 6,700/mt, the lowest level since April 2018 (Chemicals Price). Despite falling domestic PVC, offers basis FOB China remained stable. Carbide-based PVC offers were reported at $760/mt FOB China, while ethylene-based PVC offers were heard at $800-$810/mt FOB China. Previously, market sources had said that April offers would be slashed $20-$40/mt from a month ago. The coronavirus outbreak in China prompted weak domestic demand, which brought Chinese PVC makers to export. Asian PVC makers — notably Taiwan, Korea and Japan — would likely slash their offers amid rising competition from Chinese PVC makers. Fresh offers for April are due to be announced next week. In India, domestic Indian prices were reported at Rupee 74/kg. Based on the 10% customs duty, local shipping cost, and exchange rates, the current India price was calculated at around $870-$880/mt on an import parity basis. The recent depreciation of the Rupee against the dollar would likely pressure dollar-denominated import PVC price, according to market sources (Chemicals Price). Meanwhile, offers basis CFR Pakistan were reported at $890-$900/ mt for April arrival. In new plant news, Pakistan’s Engro Polymer and Chemicals plan to add a 100,000 mt/year PVC capacity at its Port Qasim in the second quarter of this year, sources close to the company said Saturday. The company’s total PVC capacity will increase to 300,000 mt/year, the sources said.

 Asian PVC Weekly Rationale
Spot PVC prices were a stable week on week Saturday ahead of an official announcement of April offers. CFR China PVC was flat from the previous week to be assessed at $850/mt, while CFR India was unchanged at $890/mt during the same period (Chemicals Price). Meanwhile, CFR Southeast Asia PVC was assessed at $860/mt Saturday, unchanged from the previous week.
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