China's PVC exports rose 7.8% month on month to a record high of 247,073 mt in April, China Customs data released May 27 showed, as Chinese suppliers accelerated exports in a bullish market.
From a year earlier, the exports surged 438.9%, the data showed.China continued to export PVC actively in April amid bullish demand for PVC, notably from India, as supply from the US was limited by unplanned PVC plant shutdowns.
As a result, Taiwan's Formosa, a key PVC supplier in Asia, increased its monthly PVC offers by $290-$300/mt from March to $1,500/mt CFR China and $1,640/mt CFR India for April, and buyers accepted the price increase.
That April offer level was much higher than China's domestic market. China's domestic PVC price was around Yuan 8,900-9,500/mt in April, equating to $1,200-$1,310/mt on an import parity basis, according to S&P Global Platts data.
As exports rose, China's PVC imports fell 37.3% month on month to 22,428 mt in April, and were down 44% year on year, the customs data showed.
Market sources said China's PVC exports would likely fall in coming months, tracking a recent fall in PVC prices in line with a recovery in supply.
For June, Taiwan's Formosa has announced a $150-$190/mt month-on-month decline in PVC offers to $1,350/mt CFR China and $1,520/mt CFR India.
