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PVC prices in China are unlikely to slide further

July 20/2011

(ICIS) -- Polyvinyl chloride (PVC) prices in China are unlikely to slide further in the near term in light of firming feedstock prices and a likely pick up in demand with the onset of the production season through September, market sources said on Wednesday.

Spot prices of PVC reached their peak at USD1.220-1.250/tonne (EUR 866-888/tonne) CFR (cost & freight) CMP (China Main Port) in May and were last assessed at USD 1.070-1.090/tonne CFR CMP on 15 July 2011, according to ICIS data. Prices in the spot market have plunged to the current level amid sluggish demand in China, market sources said.

Power restrictions in several regions in east China have dampened demand as a number of downstream factories have reduced their operation rates, with some smaller plants even shutting their operations, market sources said. As a result, some market participants do not expect to see a significant improvement in demand until September.

In addition, a deluge of competitively priced US cargoes into the country has placed further downwards pressure on prices, according to market sources.

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