Market News | PetroChina, Zhenjiang Chimei, LG Yongxing Raise Offers! ABS Jumps RMB 340/MT & PC RMB 300/MT Today! Overseas Prices Keep Rising While Domestic Players Suffer Losses! PVC Shows Divergent Domestic‑Overseas Performance

The Asian PVC market has shown divergent performances recently. Leading players including Reliance Industries (India) and Formosa Plastics (Chinese Taiwan) have successively lifted export offers, fuelling bullish sentiment in overseas markets. In contrast, domestic PVC prices remain range‑bound at low levels, with the industry mired in losses.

Indian chemical giant Reliance Industries kicked off the price‑adjustment cycle. Since late July, RIL has raised its PVC prices by a cumulative 7,000‑9,000 Indian rupees per metric ton, equivalent to USD 74‑93/MT (CNY 499‑627/MT). As India ranks as China’s top export destination for PVC, Reliance’s price hikes may deliver certain support to China’s PVC exports. Beyond PVC price adjustments, Reliance Industries announced the official cancellation of the PET price‑protection mechanism effective August 14. Under the new rule, all orders will be executed against the listed price on the date of goods pickup, with downstream buyers bearing all upside and downside price risks.

Formosa Plastics followed suit. Its August PVC cargo offers were lifted once again by USD 20/MT (around CNY 135/MT), with the CIF India offer hitting USD 880/MT. This level stands well above India’s prior import duty‑exemption threshold of USD 766/MT. Coupled with India’s import control policies, Formosa Plastics’ supply has gained further competitiveness in the Indian market. Pre‑sale offers for Formosa’s September cargoes have been postponed for release until next week.

While overseas markets keep climbing, domestic PVC stays weak. Industry profitability is under heavy pressure, with calcium‑carbide‑based PVC currently posting losses of roughly CNY 670 per metric ton, pushing the whole sector into deep losses. Insufficient recovery of domestic end‑user demand constitutes the core factor weighing on spot price gains.

International crude oil prices climbed today, delivering solid raw‑material cost support. ABS producers including PetroChina, Lihuayi, LG Chem (Huizhou), Ningbo LG Yongxing and Zhenjiang Chimei broadly raised offers by CNY 100‑300/MT, triggering market follow‑up hikes. Spot prices of PE and PP also trended upward amid fluctuations.