South Korea's PVC exports in May fell 35.9% from a month earlier to hit a multi-year low of 23,842 mt, dragged down by weak demand in India, the most recent data by Korea Customs showed.
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South Korea's PVC exports to India in May sank 66% from April to a one-year low of 6,636 mt, the data showed.
Market sources said South Korea's PVC exports would likely come down in the coming months, with demand still bearish.
PVC offers in Asia for July are expected to fall by at least $100/mt from June, reflecting bearish demand. For June, offers were announced at $1,520/mt CFR India, down $150/mt from May, industry sources said.
India's PVC demand weakened in the second quarter as several cities were locked down amid surging COVID-19 cases. In line with weak demand, CFR India PVC prices started to fall at the end of April, after hitting a record high of $1,670/mt in March, according to S&P Global Platts data.
On June 9, the CFR India PVC price fell $20/mt week on week to be assessed at a four-month low of $1,440/mt, Platts data showed.