A major Taiwanese PVC producer has raised its November export offers across Asia for a seventh consecutive round, but buyers remain reluctant to accept higher prices, according to CommoPlast's Nov. 4 morning briefing. Buying interest has stayed subdued across the region.
Indian market activity slowed ahead of Diwali, while some Southeast Asian buyers stayed on the sidelines after securing cargoes the previous week at more competitive levels. Supply constraints in Northeast Asia continued to lend support, with feedstock shortages curbing regional operating rates and limiting Chinese export availability.
The combination of seasonal weakness, poor end-product demand and competitive offers undermined the producer's ability to pass through further increases. Brent crude was quoted at $103.60 per barrel and WTI at $96.09 in the briefing's market snapshot.
In China, PVC prices climbed to multi-month highs up to Oct. 30 as prolonged production curtailments and firmer futures outweighed concerns over India's preliminary countervailing duty findings. Warehouse inventories fell for a third consecutive week to a fresh 13-month low.
Chinese export offers extended their rally for a fourth straight week, with some suppliers suspending offers amid rapidly rising futures. However, overseas buyers began retreating as prices surged, and the rally faces growing resistance ahead of winter in northern China.
