China September PVC import offers rise $10/t
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Benchmark offers for PVC cargoes for September arrival into China were around $10/tonne (€7/tonne) higher compared to the settlement price reached for August cargoes.
Offers were heard at $930/tonne CFR (cost and freight) CMP (China Main Port) compared to the $920/tonne CFR CMP achieved for some of the August-delivery cargoes negotiated in early July.
Producers who concluded negotiations in end July were heard to have sold their cargoes at $870-910/tonne CFR CMP amid declining demand.
Buying interest, however, appeared to regain strength in recent weeks after futures prices at the Dalian Commodity Exchange (DCE) rose by 7.4% since August 1, traders and producers said.
Prices for September delivery contracts at the DCE reached a record high of yuan (CNY) 7,700/tonne ($1,127/tonne) on Wednesday, lifting confidence among Asian PVC producers.