India’s SPVC Imports Slow Further After April High, While H1 Volumes Stay Nearly Flat

India’s suspension PVC (SPVC) imports continued to decline in June, falling 22% from May and 15% compared with June 2025, according to ChemOrbis Stats Wizard data. This was the second consecutive monthly decrease after imports reached their highest level since March 2023 in April, indicating that India’s strong import momentum at the beginning of the second quarter has weakened considerably.

Despite lower import volumes, India’s expenditure on SPVC imports remained relatively high. The June import bill was around $185 million, down 17% from May but still 5% higher than in June 2025. The difference between declining volumes and the higher value of imports reflects the considerably stronger PVC price levels seen this year, supported by war-related supply disruptions and elevated global prices.

Imports Lose Momentum After April Peak

India’s SPVC imports reached their highest level since March 2023 in April before declining in May and falling further in June.

The consecutive monthly decreases indicate that the strong buying momentum seen earlier in the year has started to fade. June imports registered declines on both a monthly and yearly basis, with the 22% month-on-month fall being more significant than the 15% year-on-year decrease.

This slowdown occurred despite India continuing to be the world's largest PVC import market. Earlier demand had been supported by supply concerns and firm global PVC prices.

Higher Prices Keep Import Spending Elevated

Although import volumes declined, the value of India's SPVC imports remained high. The country spent approximately $185 million on SPVC imports in June, representing a 17% decrease from May but a 5% increase compared with June last year.

This shows that the average cost of imported PVC remained significantly above last year's levels. War-related supply disruptions and higher feedstock costs have supported PVC prices in 2026, resulting in Indian buyers spending more per unit even as import volumes declined.

H1 Import Volumes Remain Almost Unchanged

Despite considerable monthly fluctuations during the second quarter, India's SPVC imports during the first half of 2026 totaled slightly above 1.6 million tons.

This was only 0.8% higher than the same period in 2025, leaving H1 import volumes virtually unchanged year on year. The strong import activity recorded earlier in the year was largely offset by the declines seen in May and June.

However, the total value of SPVC imports increased to $1.15 billion during the first half of 2026, compared with $1.12 billion in the corresponding period of 2025.

Following the loss of momentum after April's multi-year peak, the market will closely watch the second half of the year to determine whether India's PVC import demand regains strength or buyers remain cautious amid elevated prices.

China Retains Its Position as India's Largest Supplier

China remained India's leading SPVC supplier during the first half of 2026, accounting for 55% of total imports.

Japan followed with a 12% share, while Taiwan accounted for 7%. South Korea and Thailand each supplied 6% of India's total SPVC imports during H1 2026.

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