For the Quarter Ending June 2025
North America
• The Chlorinated PVC (CPVC) spot price in North America declined by 5.96% quarter-over-quarter in Q2 2025, reflected in a softer Price Index.
• Low demand conditions from the primary construction sector continued to remain the prime factor for the downward pull on the prices.
• Suppliers were reported to have been moving backlogged inventories at lower prices leading to a softer price Index
• Structural demand remained weak with procurements activities being largely as per need basis post global tariff fallout
• Export demand to the primary importing Mexican and Canadian markets remained largely low during the reviewed quarter.
• Production costs eased as evidenced by a fall of 43.2% in the prices of feedstock EDC (Ethylene Dichloride) quarter-over-quarter in Q2 2025
Why did the price of Chlorinated PVC change in July 2025 in the US?
• In July 2025, the Price Index of Polyurethane Resin was reported to increased have as logistical disruptions due to the official start of the North Atlantic Hurricane season led to higher transportation cost.
• While structural demand from the primary construction was reported to have been sluggish, many suppliers were reported to have been acquiring stocks in order to avoid further potential disruptions
• Producers were reported to have kept run rates curtailed to lengthen the market situation which led to slight shortfall in supply during early July
• Suppliers reported lower inventory stocks in warehouses and were mostly offering higher prices on a non-negotiable basis.
Europe
• The Chlorinated PVC spot price in Europe declined by 5.94% quarter-over-quarter in Q2 2025, reflected in a softer Price Index.
• Low demand conditions from the primary construction sector continued to remain the prime factor for the downward pull on the prices
• Production costs eased as evidenced by a fall of 23% in the prices of feedstock EDC quarter- over-quarter in Q2 2025
• Competitively priced inventories originating from the Asian market continued to undercut domestic prices thus leading to overall price decline
• Suppliers were reported to have been offering backlogged inventories at lower prices despite curtailed production amidst lower run rates being reported
• Export demand and conditions remained sluggish amidst the Euro appreciation, congestions witnessed across the Northwest European ports which continued to impart a bearish pressure on the prices
Why did the price of CPVC change in July 2025 across Europe?
• In July 2025, the Price Index of CPVC was reported to have been stable due to subdued activity in the construction sector leading to cautious sentiment.
• European producers were reported to have kept existing quotations unchanged during July 2025 in effort to remain competitive against the Asian origin inventories
• Producers were reported to production rates curtailed amidst the seasonal summer holidays witnessed during mid-July 2025
• Weaker offtakes reported from the primary downstream furniture and bedding sector
APAC
• Chlorinated PVC spot prices in the APAC region declined by 10% quarter-over-quarter in Q2 2025, as reflected in a softer Price Index.
• Production costs eased, supported by a 21% drop in feedstock MDI prices over the same period.
• Subdued demand from the construction sector—the primary downstream consumer—remained the key factor exerting downward pressure on prices.
• In an effort to remain competitive, several producers and suppliers were reported to have reduced prices and offloaded inventories via exports, despite maintaining curtailed production rates.
• Delayed Outbound inventories amidst port congestion across major Asian ports kept bearish pressure on the export prices
• Following the global tariff fallout, multiple producers were noted to have redirected cargoes from North America to the Southeast Asian markets, leading to ample regional supply conditions.
• Weaker offtakes from overseas buyers remained the dominant driver behind lower export prices.
Why did the price of CPVC change in July 2025 across APAC?
• In July 2025, the Price Index of CPVC was reported to have declined due to low seasonal demand from the construction sector during the monsoon season
• Suppliers were reported to have been holding inventories across the warehouses
• Weaker offtakes reported to have been noted from the primary buyers based across the Southeast Asian market
• Asian producers were reported to have been actively lowering their quotations in July 2025 in order to stimulate buying activity across the region.
South America
• Chlorinated PVC spot prices in the South American region declined by 6% quarter-over-quarter in Q2 2025, as reflected in a softer Price Index.
• Lower priced imports from Asia and North America continued to remain the dominant factor in the softening of the price Index.
• Subdued demand from the construction sector—the primary downstream consumer—remained the key factor exerting downward pressure on prices.
• While freight charges to South America rose midway though the quarter, sellers were unable to pass on higher prices as market acceptance of the increments in the prices was low
• The appreciation of Brazilian Real against the USD during the quarter further resulted in lower priced imports entering the market.
• Depreciation in the prices of feedstock EDC which fell by approximately 33% during this quarter which eased production costs
Why did the price of CPVC change in July 2025 across South America?
• In July 2025, the Price Index of CPVC was reported to have increased as higher freight charges from Asia to South America resulted in Asian origin cargoes losing competitiveness against the primary US originated inventories
• A few customers were reported to have been actively building inventories amidst the potential supply disruptions amidst the North Atlantic Hurricane season
• Primary US exporters were reported to have kept run rates curtailed which had created low influx of supplies to South Korea.
For the Quarter Ending March 2025
North America
During Q1 2025, the North American Chlorinated PVC (CPVC) market saw an 18% price decline, driven by low production rates, reduced input costs, and moderate demand from the construction sector. In January, limited production and mild inventory depletion led to variable pricing. Winter storm disruptions and rising transportation costs pushed prices slightly higher early in the month, although stable demand from residential and chemical construction offered some support.
By February, CPVC prices came under pressure as feedstock Ethylene Dichloride (EDC) prices dropped 28%, significantly reducing production costs. Despite lower EDC output, ample inventories and sluggish export demand—especially to Canada and Mexico—kept market sentiment bearish. Construction and chemical sector demand declined, with builder sentiment hitting a five-month low due to high borrowing costs.
In March, CPVC production in North America remained subdued, but ample supply from backlogged inventories and stable EDC prices continued to apply downward pressure on prices. Suppliers lowered prices to boost exports, while seasonal construction and automotive activity provided modest demand support. However, new U.S. tariffs and cautious procurement dampened trading activity, shaping a bearish Q1 2025 market.
Europe
The European Chlorinated PVC (CPVC) market experienced predominantly bearish conditions during Q1 2025 due to ample supply, weak demand, and unfavourable export conditions. In January, prices rose marginally by USD 3/MT as suppliers resisted trading at historically low levels, despite low operating rates and abundant inventories. Demand remained weak, particularly in the Dutch construction sector, which continued to struggle with declining orders and employment. In February, prices declined further due to a 44.4% drop in feedstock EDC costs and persistent inventory overhang. Production remained subdued, while high berth occupancy at major ports like Amsterdam caused logistical delays. Arbitrage closures and Red Sea security issues exacerbated the supply glut. Demand continued to fall, with the Dutch construction sector experiencing broad-based declines across housing, commercial, and civil engineering activities, driven by high interest rates and weak customer sentiment. In March, EDC prices rebounded by 2%, prompting suppliers to attempt price hikes, though most buyers resisted. Despite reduced production, backlogged inventories kept supply ample. Construction activity remained sluggish, with marginal easing in the rate of decline but continued procurement cutbacks, keeping overall market sentiment bearish.
APAC
The APAC Chlorinated PVC (CPVC) market declined by approximately 3.8% in Q1 2025, driven by sluggish export demand and bearish pricing trends, particularly across China. In January, ample inventories from December and subdued export activity—due to the Lunar New Year and Ramadan—kept market sentiment weak. Despite curbed production ahead of holidays and a 5% drop in EDC prices, demand remained soft amid a construction sector slowdown, as reflected by falling housing prices and a 17% YoY drop in property sales. In February, production resumed, boosting supply amidst weak export demand and a 2% decline in EDC prices. Some signs of domestic market stabilization emerged, with China’s Construction PMI improving to 52.7. However, exports to India remained limited due to anti-dumping duties, and Southeast Asian demand was low. March saw continued abundant supply, stable logistics, and softer prices fueled by a 3.8% drop in EDC costs. While domestic construction activity modestly improved (PMI at 53.4), home prices declined, and exports remained muted. Buyers continued cautious, need-based procurement, reflecting an uncertain recovery path despite policy support.
South America
The South American Chlorinated PVC (CPVC) market witnessed a 3.5% depreciation during Q1 2025, driven by ample supply and mixed demand. In January, limited U.S. production and logistical disruptions, including Winter Storm Enzo and rising transport costs, led to variable pricing in Brazil. Despite slightly higher prices, Chinese-origin CPVC gained traction due to a 34% drop-in Trans-Pacific freight rates. Demand was moderate, with subdued construction activity and overall industry indices signaling contraction. In February, U.S. production fell further by 6.2%, while a 24% drop in EDC prices offered cost relief. Chinese cargoes resumed, and Asian freight rates declined 22%, pressuring prices further. Demand remained mixed—residential launches and business confidence grew, but rising construction costs and labor shortages kept buyers cautious. March saw continued declines in U.S. resin output and steady EDC prices, prompting U.S. suppliers to offer lower-priced cargoes to Brazil. Chinese CPVC imports intensified, bolstered by a 23% freight rate drop. Despite favorable supply conditions, demand stayed moderate. Infrastructure investments under Brazil’s PAC program buoyed market sentiment, but high interest rates, inflation, and labor shortages continued to constrain broader CPVC consumption.
For the Quarter Ending December 2024
North America
In Q4 2024, the US Chlorinated PVC (CPVC) market experienced a generally bearish trend, with prices showing a slight decline due to weak demand and ongoing destocking efforts. The US market saw a decrease in December. This decline was largely driven by a seasonal slowdown in the construction sector, which led to reduced demand from both residential and industrial construction. Despite stable production costs, due to unchanged feedstock prices (Ethylene Dichloride - EDC), suppliers focused on clearing inventories, anticipating tax consequences, and inventory devaluation at year-end.
Manufacturing dynamics were impacted by bottlenecks at US warehouses, especially in Houston, which led to inventory buildup and delayed shipments. Some US suppliers curtailed production, resulting in limited market supply, but this did little to reverse the bearish momentum. Demand was subdued, with residential housing starts and permits declining, exacerbated by higher mortgage rates and a sluggish real estate market. Despite this, a slight uptick in industrial chemical spending provided some support for CPVC consumption.
The US CPVC market remains under pressure as export conditions also face uncertainty due to port delays and the looming expiration of labor contracts, dampening overall market optimism. The overall Q4 price trend reflects a combination of weak demand, inventory buildup, and slow production adjustments.
APAC
In Q4 2024, the Chlorinated Polyvinyl Chloride (CPVC) market in the Asia-Pacific (APAC) region, particularly in China, faced a challenging yet complex landscape. Early in the quarter, prices for CPVC saw a noticeable decline, primarily due to lower production costs from the depreciation in feedstock prices, including EDC (Ethylene Dichloride) and Calcium Carbide. By October, the Chinese CPVC market experienced a significant drop, with prices falling to historically low levels of USD 1030/MT FOB Shanghai, driven largely by ongoing destocking efforts and weak export conditions. Supply dynamics were impacted by ample inventories and short lead times, as Chinese suppliers aimed to liquidate stocks amid weak domestic demand. As the quarter progressed, demand remained subdued, especially from key export markets such as Southeast Asia, Europe, and North America. While the domestic construction sector showed slight signs of recovery, particularly due to government stimulus packages, overall demand conditions remained soft. The bearish market sentiment continued as exports dropped significantly, with a 24% decrease in CPVC exports in October, exacerbated by unfavorable weather conditions and political factors like anti-dumping duties. Despite some improvements in construction activity, inventory overhang and export challenges kept prices under pressure, with little room for significant upward movement in the short term. Overall, Q4 2024 closed with a largely bearish market trend for CPVC in APAC, driven by weak demand and excess supplies.
Europe
In Q4 2024, the European Chlorinated PVC (CPVC) market, particularly in Germany, experienced a stable yet slightly bearish price trend. Prices remained relatively stable throughout the quarter, with a marginal 1% decline in December, settling at USD 1,610/MT FD Hamburg. The main drivers behind this subdued price action were weak demand conditions, particularly from the construction sector, compounded by ongoing destocking activities and extended holidays, which reduced market activity. Supply conditions remained ample throughout Q4, aided by moderate production levels and reduced run rates by producers to adjust to the weak demand. The depreciation of feedstock EDC prices exerted downward pressure on production costs, supporting the stable price trend despite some minor fluctuations. Logistical bottlenecks, particularly in the Port of Hamburg, created delays in shipments, which contributed to supply chain disruptions but did not result in significant price volatility. Demand for CPVC in the construction sector remained under pressure due to continued downturns in residential building permits and overall industry activity. Political uncertainties, especially in Germany, further dampened expectations for future market recovery. With little improvement expected until the new year, the overall market sentiment for CPVC in Europe remained weak through the end of 2024.
South America
The South American CPVC market exhibited a generally stable price trend in the fourth quarter of 2024, with minor fluctuations during this timeframe. While robust demand from the construction sector, driven by the summer season and government initiatives (like the PAC), provided support, abundant supply, particularly from Chinese suppliers, exerted downward pressure. Supply dynamics were complex. Despite initial supply bottlenecks in the US export market, increased Chinese exports to the region, driven by competitive pricing and market diversions, significantly impacted the market. Domestic supply in Brazil remained relatively stable, with some fluctuations due to production and logistical challenges. Demand from the construction sector remained robust, fueled by the summer season and improving construction confidence. However, labor shortages and economic challenges partially offset growth. Industrial demand remained relatively healthy, contributing to overall market stability. Overall, the South American CPVC market demonstrated a relatively stable price trend during Q4 2024, with minor fluctuations driven by a dynamic interplay of supply and demand factors.
For the Quarter Ending September 2024
North America
In the third quarter of 2024, the Chlorinated Polyvinyl Chloride (CPVC) market in North America experienced a notable decline in prices, influenced by several key factors. Production costs, moderate to high supply levels, and low to moderate demand conditions shaped the pricing landscape. Caution dominated operations in the US Gulf Coast and Louisiana due to the ongoing hurricane season, which resulted in moderate supplies of CPVC.
Low demand from the plumbing sector significantly impacted prices, driven by underperformance in the construction sector and a downturn in the industrial sector linked to declining manufacturing activities. In response to falling sales, firms reduced production levels, and clients became hesitant to commit to new projects, further exacerbating the overall demand decline.
The US market saw considerable price fluctuations during the quarter, affected by challenges in manufacturing, high inflation rates, and currency depreciation. Prices fell by 4% compared to the previous quarter, with no significant difference noted between the first and second halves. By the quarter's end, Chlorinated PVC (Pipe Grade K-67.4) was priced at USD 2157 per metric ton delivered in Texas, highlighting the prevailing market conditions.
Europe
In the third quarter of 2024, the Chlorinated Polyvinyl Chloride (CPVC) market in Europe faced bearish conditions, characterized by declining prices. This downward trend was primarily driven by sluggish demand from the industrial and construction sectors, resulting in oversupply and low consumption levels. Additionally, heightened production costs, particularly the rise in feedstock prices such as Ethylene Dichloride (EDC), contributed to the price depreciation. The Dutch market experienced the most significant price fluctuations, mirroring the overall trend observed across Europe. Seasonal factors, including the rainy season, further subdued construction activities, negatively impacting demand for CPVC products. The correlation in price changes reinforced a negative outlook, with a notable 15% decrease from the previous quarter, and no substantial difference observed between the first and second halves of the quarter. By the end of the quarter, the price for CPVC Pipe Grade K-67.4 FD Amsterdam in the Netherlands reached USD 1626/MT, underscoring the ongoing negative pricing environment that has defined the market during this period.
APAC
The third quarter of 2024 has posed significant challenges for the Chlorinated Polyvinyl Chloride (CPVC) market in the APAC region, characterized by notable price declines. A variety of factors have influenced market prices, including oversupply issues, low demand from both the construction and industrial sectors. Additionally, seasonal factors, particularly monsoon conditions, have further dampened demand, exacerbating the overall market situation. In China, the market experienced the most pronounced price changes, with prices decreasing by 22% compared to the previous quarter. This reflects a broader bearish trend in the region, where prices have consistently fallen due to the interplay between low demand and high supply. The correlation between price changes and market conditions has been evident, emphasizing the impact of these dynamics on the pricing landscape. By the end of the quarter, the price for CPVC Pipe Grade K-67.4 FOB Qingdao in China stood at USD 1130/MT. This figure underscores the prevailing negative pricing environment throughout the quarter, despite some stability in overall market conditions.
South America
Throughout the third quarter of 2024, the Chlorinated Polyvinyl Chloride (CPVC) market in South America faced a notable decline. Various factors impacted market prices during this period, with the Brazilian CPVC market remaining in a bearish state. While demand from the construction sector showed some positivity, the industrial sector continued to exhibit weakness, leading to a slowdown in overall consumption. Producers reduced output volumes in response to subdued sales and ongoing cost pressures. Additionally, high shipping fees prompted some clients to shift from imported to domestic goods, further weakening import prices of CPVC within the Brazilian market. Brazil experienced the most significant price fluctuations, with a 4% decline from the previous quarter. The market also recorded stable prices between the first and second halves of the quarter. Overall trends in Brazil were influenced by factors such as improved supply conditions, low demand from the downstream sector, and a depreciating Brazilian Real. By the end of the quarter, the price for CPVC Pipe Grade K-67.4 CFR Santos reached USD 2274/MT, reflecting the ongoing challenges in the market.
FAQ’s
1. What are the key factors affecting CPVC prices?
CPVC prices are primarily influenced by feedstock costs (especially PVC and chlorine), production costs, demand from end-use sectors (notably plumbing, housing, and industrial piping), currency fluctuations, and trade dynamics such as tariffs or anti-dumping duties.
2. Why did CPVC prices soften in the European market in Q2 2025?
The average CPVC price in Europe declined from USD 1589/MT in Q1 to USD 1523/MT in Q2 2025, largely due to muted construction activity, moderate inventory levels, and stable to slightly lower feedstock PVC costs. Weaker demand conditions outweighed cost-side support.
3. How does demand from the construction sector impact CPVC pricing?
Construction is a key end-use sector for CPVC in both residential and commercial plumbing systems. Slowdowns in new housing projects or infrastructure development typically lead to lower procurement volumes, thereby exerting downward pressure on CPVC prices.
4. How do global supply chain changes influence CPVC pricing?
Disruptions in the supply of key feedstocks or logistics constraints (e.g., container shortages or port congestion) can elevate production and transportation costs, pushing CPVC prices higher. Conversely, oversupply situations or increased imports can cap or reduce prices.
5. Are CPVC prices expected to recover in the short term?
Recovery in CPVC prices will depend on a pickup in construction activity, feedstock price trends, and inventory adjustments by producers. If infrastructure investments or housing demand improve in H2 2025, prices may stabilize or rise modestly.
