Against the backdrop of divergent supply and demand, a sharp decline occurred in India, while the Chinese CPVC prices surge throughout October 2025. A firm price uptrend was supported in China by the decrease in inventories, the reduced output pace, and the strong industrial procurement. Meanwhile, cautious buying by traders contributed to further cuts in India as they were wary of potentially low prices ahead. Such a trend is likely to be faced by an upsurge in prices in both the countries during November, backed by strengthening supplies, improved post-monsoon demand in India, and year-end industrial procurement in China. Thus, the region is set toward a more unified upward trend.
In the Asian Chlorinated Polyvinyl Chloride (CPVC) market, there were mixed performances shown in October 2025, with the price firm in China but recording notable declines in India. Such a wide range of contrary movements reflects clear differences in regional supply conditions, procurement behavior, and industrial activity. Notwithstanding this divergence, both markets are likely to face an upward correction in November due to supply tightness and seasonal CPVC demand that is starting to get aligned across Asia.
CPVC prices firmed throughout October in China due to tighter domestic supply and increased procurement from industrial users. CPVC producers operated at slightly reduced rates due to consideration of costs, while inventories at major ports and warehouses went down to low-to-medium levels. These developments led to a more consolidated supply environment that allowed suppliers to lift offers. Congestion in Ningbo and Shanghai delayed regional logistics further, restricting prompt availability. Strong offtake from industrial liquid-handling, potable water delivery, and chemical piping applications further supported momentum and kept CPVC demand firm during the month. Constrained supply, steady industrial activity, and interest in forward buying supported a clear upward trend in CPVC prices.
In contrast, India faced strong price pressure as CPVC values sharply declined during the month. Supply was comfortable as domestic producers have maintained stable operating rates, making minor adjustments to output amid weaker demand. Overall inventory at warehouses and ports remained high, while regular import arrivals from China further added to the comfortable availability of CPVC. On the demand front, extended monsoon conditions, lackluster infrastructure activity, and an uneven order inflow have kept procurement low. The industrial buyers avoided bulk restocking and opted for need-based, cautious purchases. There was no pick-up in the pre-festive restocking, and regional disparities contributed to low offtake. Amid the demand-supply disparity, Indian CPVC prices continued to drift lower throughout October.
Heading into November, both China and India are expected to record price increases, for different fundamental reasons. For China, the main driver will be tighter inventories, supported by steady industrial demand and improved logistical flow. Projected procurement from downstream users ahead of year-end schedules should add upward pressure. For India, CPVC demand is seen recovering moderately as post-monsoon activity stabilizes and infrastructure-related consumption improves. Inventories are likely to draw down gradually and, with procurement cycles normalizing, suppliers are likely to revise offers upward in the coming month.
As per ChemAnalyst, in October, the Asian CPVC market did show divergence in regional fundamentals. However, entering November, the region may show a more unified uptrend buoyed by recovery in demand and tightening supply conditions both in China and India.
