Oil prices, which rebounded last week, flattened in the low $70s/bbl as US-Iran talks about termination of the war showed signs of reviving, prompting naphtha, ethylene, and propylene markets to enter a wait-and-see mode.
Reflecting this, Far East PVC prices halted their recovery, with near-term gains heavily capped by a monsoon-driven demand slump across Asia. In China, East China carbide-based PVC traded at CNY 4,400–4,600/MT (USD 650–680/MT), while ethylene-based PVC stood at CNY 4,650–4,750/MT (USD 685–700/MT). Improved power supply in Inner Mongolia boosted carbide-based plant operating rates, checking the upward pressure on feedstock costs.
Meanwhile, Taiwanese and South Korean export offers hovered around USD 680/MT FOB last week amid sluggish trading. Despite potential cost-driven upside, traders are expected to hold off on restocking until late July or early August.