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China imports all-time high PVC from India in June
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Top Stories |
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SME Times News Bureau | 29 Jul, 2020
Giving rise to an anomalous situation, China imported record high PVC
from India in June at a time when the two countries are locked in a
tussle at the border amid calls for reducing trade flows.
China
imported a record high PVC 27,207 mt of PVC from India in June — more
than five times compared to 5,174 mt recorded in May as India
accelerated PVC exports during the Covid 19 lockdown, Global Rubber
Markets reported.
It is a rare move as the Indian PVC market is
net short by close to 2 million mt/year. During the lockdown, India's
PVC demand plunged, prompting cancellation of PVC deliveries to India.
Suppliers had to move their cargoes to China to clear excess supplies,
it added.
Looking forward, market sources said China's PVC
imports from India would likely slow as the lockdown ended early-June.
For June delivery, market participants negotiated in May.
Polyvinyl
Chloride (or PVC for short) is the third most widely produced plastic
in the world following polyethylene and polypropylene, and it is used in
a wide variety of applications in industry, construction, agriculture,
consumables, packaging, power production and public utilities. PVC is
highly durable, resistant and flexible, making it useful for use in
clothing, pipes, insulation and many other areas.
To curb imports, Indian companies are submitting proposals to the government on ways to reduce import dependence on China.
The
record exports of PVC from India come at a time when the government is
looking at ways to curb imports from China and has banned several
Chinese apps and companies.
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