India PVC Prices Rise Further as High Costs Meet Buyer Resistance

India’s PVC market recorded another round of price increases this week, despite continued weakness in downstream demand. Domestic K67-68 prices have reached their highest levels since early April, while import prices have remained near levels last seen during the same period. The latest gains reflect rising production costs and firmer regional offers, although Indian buyers remain reluctant to replenish inventories at higher prices.

Market participants are also awaiting the November pricing announcement from a major Taiwanese PVC producer, following its unusual decision to increase October offers twice. Expectations range from unchanged prices to a moderate increase of $20/ton. The announcement will provide an important indication of whether rising regional costs can support further price increases in India, where converters continue to resist expensive imports.

Import PVC prices continue climbing

India’s PVC import market extended its upward movement this week, although the latest increases were smaller than those recorded in the previous assessment period. Overall K67-68 import prices rose by another $10–20/ton, following gains of $25–35/ton last week.

Chinese ethylene-based K67 offers had increased sharply in the previous week amid higher upstream costs and stronger export prices. At the start of this week, quotations to India remained broadly stable before rising by another $10/ton later in the period. Chinese acetylene-based PVC offers also increased by $10–30/ton.

Meanwhile, some offers from South Korean and Japanese suppliers were reported above $1,000/ton CIF India, highlighting the firmer pricing stance among Northeast Asian sellers.

Despite the higher offers, purchasing activity remained limited. Indian converters continued to resist expensive imports and focused mainly on immediate requirements, with uncertainty persisting over whether the latest price increases can be sustained.

Domestic PVC prices accelerate after last week’s recovery

The domestic market recorded a stronger increase than imports, with local K67-68 prices rising by INR5,000–6,000/ton ($53–63/ton) from the previous week.

The latest gains followed an increase of INR2,000–3,000/ton ($21–32/ton) last week, which ended three consecutive weeks of price declines. As a result, the weekly average domestic PVC assessment reached its highest level since early April.

The increase reflects mounting replacement costs as imported material becomes more expensive, while higher upstream costs are also putting pressure on domestic producers’ margins.

However, the rise in prices has not been accompanied by a comparable improvement in downstream demand. Pipe manufacturers and other converters remain cautious about building inventories, relying instead on existing stocks and purchases made as needed. Although some buyers are gradually adjusting to higher replacement costs, overall purchasing activity remains subdued.

The end of the monsoon season could provide some support to demand from construction and agricultural applications. However, market participants have yet to report a broad-based recovery in consumption.

Taiwanese producer’s November offer announcement awaited

Market attention is now focused on a major Taiwanese PVC producer that has not yet announced its November prices after raising its October offers twice.

The producer initially increased its October offer to India in late September before announcing a further $25/ton hike in mid-October, bringing the quotation to the significant $1,000/ton CIF India level.

The second increase came despite weak buying interest. The producer reportedly faced difficulties selling its October allocation of around 15,000–16,000 tons, with some volumes said to have remained unsold even before the latest price revision.

Expectations for November range from a rollover to a moderate increase of approximately $20/ton, although the producer’s final decision remains uncertain.

Higher energy and feedstock costs, along with the recent recovery in regional PVC markets, could encourage the producer to maintain firm offers. Brent crude futures traded above $110/bbl this week, while spot ethylene prices in China moved higher, adding to production cost pressures.

Proposed duties on Chinese PVC imports create further uncertainty

India’s preliminary recommendation to impose countervailing duties on Chinese suspension PVC imports is another development influencing market sentiment.

On October 26, India’s Directorate General of Trade Remedies (DGTR) recommended provisional duties ranging from $83.72/ton to $143.82/ton on the affected Chinese products.

The proposed duties have not yet been implemented. Their eventual impact will depend on the final decision and the rates ultimately applied.

If introduced, the additional duties could reduce the price advantage of Chinese PVC and potentially strengthen the competitive position of suppliers from other regions. However, Indian buyers remain cautious about making significant import commitments based on measures that have not yet taken effect.

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