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Supply greatly exceeds demand in Asian PVC market

June 23/2010

SINGAPORE (ICIS news) -- A likelihood of oversupply and softening demand growth in the key China market has unleashed anxiety among chlor-alkali players in Asia, ahead of the 14th Asian Chlor-alkali Conference, which starts on Thursday in Shanghai, China.


However, strong performance of the Indian PVC market has provided a cause for cheer, they said. Chinas consumption of PVC was expected to hit 10.6m tonnes/year in 2010.


Demand growth for PVC in China was expected to slow further to 7.5% in 2011, amid a slowing down of the construction sector due to the governments measures to cool the economy.


Another reason to cheer is a decline in feedstock ethylene costs, which would improve stand-alone PVC producers' margins. Ethylene spot prices in northeast Asia were hovering at an eight-month low of $900-950/tonne (?729-770/tonne) CFR (cost and freight) NE (north east) Asia last week, according to data from ICIS.



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