PVC prices declined across Asia this week, weighed down by muted downstream demand, plentiful regional supply, and aggressive export offers from China. An industry source in Asia, speaking to a team member on condition of anonymity, said that OPEC+ has signaled a planned production hike in November, while the restart of crude exports from Iraq’s Kurdish region has further boosted supply, driving international oil prices lower. This weakness in upstream energy markets has compounded bearish sentiment in PVC.
In China, PVC prices were assessed at USD 680-710/mt CFR, slipping by USD (-10/NC/mt) from last week. An overseas producer offered suspension-grade resin at USD 680/mt for October shipment. Prices fell as domestic demand weakened ahead of the Golden Week holidays, while spot availability remained abundant. Both ethylene- and carbide-based producers cut offers to stay competitive, with fresh October deals emerging at reduced levels. Continuous spot exports from China added pressure on sentiment across Asia, despite a major regional supplier rolling over October offers.
In Southeast Asia, PVC prices dropped to USD 620-660/mt CFR, down USD (-20/-30/mt) week on week. A major overseas producer offered suspension-grade resin within the same range for October shipments. The decline was driven by competitively priced inflows from China and the US, which weighed on regional markets. Vietnam saw several spot deals at the lower end of the range, while higher freight rates to Malaysia pushed trades closer to the upper end. Despite some restocking interest ahead of year-end, demand stayed cautious amid strong competition and uncertain recovery.
India’s PVC prices were assessed at USD 690-730/mt CFR, down by USD (-20/-40/mt) from last week. Southeast Asian producers offered at USD 690-700/mt CFR, a Japanese supplier at USD 740/mt CFR, and Chinese exporters at USD 660/mt CFR for October shipments. Prices weakened further due to sluggish downstream consumption, excess inventories, and prolonged monsoon rains that disrupted construction activity. Although some producers maintained October levels, their offers were viewed as uncompetitive against cheaper imports. Market participants also noted uncertainty around anti-dumping duties (ADDs), with affordable Chinese and Southeast Asian supplies continuing to dominate. Reliance Industries Limited (RIL) reduced domestic PVC prices by Rs.3/kg basic, effective October 1, 2025.
In Pakistan, PVC was assessed at USD 690-710/mt CFR, down USD (-5/-15/mt). Overseas producers offered within the same range for October shipments. Flooding, electricity shortages, and slow downstream operations dampened spot activity. Traders expect new import offers next week, though any demand recovery remains unlikely in the short term due to persistent weather-related disruptions.
Sri Lanka’s PVC market also softened, with assessments at USD 680-710/mt CFR, down USD (-10/mt). Weak construction activity, economic challenges, and steady supply kept sentiment low, while aggressive offers from China and Southeast Asia pressured prices further. Buyers showed preference for smaller volumes to avoid stock build-up amid uncertain demand recovery.
In Bangladesh, PVC prices fell to USD 670-710/mt CFR, down USD (-10/mt). Import offers from China and Southeast Asia were more competitive, though downstream demand stayed weak due to monsoon-related construction delays and fragile economic sentiment. Market activity is expected to remain muted until post-monsoon recovery, with traders closely monitoring Chinese export flows.
On the feedstock front, EDC was steady at USD 185-195/mt CFR China and USD 195-205/mt CFR Southeast Asia. VCM prices held flat at USD 540-550/mt CFR Southeast Asia and USD 505-515/mt CFR China. Ethylene, however, dropped sharply by USD (-30/mt) to USD 805-815/mt CFR in both Northeast and Southeast Asia.
In plant news, Shandong Xinfa is expected to shut its 750,000 mt/year PVC unit in Liaocheng, Shandong province, for maintenance toward the end of October, with operations likely resuming in November. Separately, Hangjin plans to take its 40,000 mt/year PVC plant in Liaoning province offline from October 20 to 30, 2025, for maintenance.
With regional demand still subdued, competitive Chinese exports continuing, and the impact of prolonged monsoon weather, Asian PVC markets look set to remain under pressure in the near term.
