India’s SPVC Imports Slow Further After April Peak, H1 Growth Remains Flat

India’s suspension PVC (SPVC) imports continued to decline in June, falling 22% month on month and 15% year on year, according to ChemOrbis Stats Wizard data. This marked the second consecutive monthly decrease after imports reached their highest level since March 2023 in April, indicating that India’s import demand has lost momentum after a strong start to the second quarter.

Despite lower import volumes, the value of imports remained relatively high. India’s June SPVC import bill stood at around $185 million, down 17% from May but still 5% above June 2025. The difference reflects the higher PVC price levels seen this year amid supply disruptions linked to the war and elevated global costs.

Imports Retreat From April High

SPVC imports reached a multi-year peak in April before declining in both May and June. The consecutive drops suggest that the strong buying momentum seen earlier in the year has weakened. June imports fell on both monthly and annual comparisons, with the monthly decline being more pronounced.

India remains the world’s largest PVC import market, although earlier buying had been supported by supply concerns and firm global prices.

Higher PVC Prices Keep Import Value Elevated

While import volumes declined, spending remained significantly higher than a year earlier. June’s import value of approximately $185 million was 17% lower than May but 5% higher than June 2025.

Higher PVC prices, driven by supply disruptions and increased feedstock costs, have allowed import expenditure to remain elevated even as the volume of material purchased has decreased.

H1 Imports Show Little Change

India imported slightly more than 1.6 million tons of SPVC during the first half of 2026, only 0.8% above H1 2025. This effectively leaves first-half imports almost unchanged year on year, as stronger buying earlier in the year was largely offset by the declines recorded in May and June.

Import value, however, increased to $1.15 billion, compared with $1.12 billion during the same period last year.

The second half of the year will show whether Indian PVC demand can regain momentum or whether buyers will continue taking a cautious approach amid elevated prices.

China Remains the Leading Supplier

China remained India’s largest SPVC supplier during H1 2026, accounting for 55% of total imports. Japan followed with 12%, while Taiwan contributed 7%. South Korea and Thailand each held a 6% share.

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