Import PVC prices in India, China, and SE Asia witnessed relentless hikes from mid-May to late December last year amid a global supply crunch. This longest-ever price rally lost speed in January and prices corrected from record highs. The uptrend was soon renewed in early February while it has recently turned back into a roaring rally in the aftermath of weather-driven shutdowns in the US.
Wintry weather in the US Gulf forced petrochemical producers to shut their plants last week. Formosa Plastic USA declared force on PVC supplies from its Baton Rouge and Point Comfort plants on February 18 after shutting them down earlier in the week. The plants have a total production capacity of around 1.3 million tons/year. Another major producer – Westlake Chemicals – also declared force majeure on PVC supplies from its three plants located in the affected area.
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