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Recently, IHS Markit analysts said that global PVC prices continued to rebound from May lows, supported by planned and unplanned suspension of ethylene industry chain and rising trend of ethylene price. They expect the global PVC market prices to remain firm in August due to the tightening regional supply and demand balance.
According to IHS Markit’s monthly global vinyl market report, the strong PVC market in China is driving up Asian prices. From May to September, the relatively tight market environment and the recovery of demand in some major Asian countries supported the price rise to a higher level. “Although PVC resin supply is gradually recovering in July, there will be another wave of planned maintenance in the next two months,” the report said The average spot price of S-PVC resin in the Asia Pacific region was US $790 / T (CFR, Asia Pacific), higher than the average price of US $700 / T in June and US $620 / T in May. The construction industry is still recovering slowly, and demand from industries such as agriculture and packaging is still strong. IHS Markit expects the improvement in sentiment to continue into August, but September is uncertain given the arrival of the Indian monsoon season.
In June, the European market maintained a balance between supply and demand, but in July, supply was tightened due to three unplanned shutdowns. The average spot price of S-PVC in July was $704.55/t (del, Western Europe), higher than that of $652.42/t in June and $632.50/t in May. “Since this year, the market contraction is still very serious, and the contraction rate in the first half of this year is expected to reach 11% – 12%,” the report said
The novel coronavirus pneumonia is a temporary demand for the recovery of demand, IHS Markit believes. In June, the demand for PVC in North America increased by 20% over the previous month, and the average operating rate of PVC industry in North America in June was 86%.
“June was also the third consecutive month to withdraw inventory from manufacturers’ warehouses as demand recovered better than expected, and spot export prices in July also showed an upward trend,” the report said