For the Quarter Ending September 2025
North America
• In the USA, the Poly Vinyl Chloride Price Index fell by 7.5% quarter-over-quarter, reflecting oversupply.
• The average Poly Vinyl Chloride price for the quarter was approximately USD 575.67/MT, according to analysts.
• Poly Vinyl Chloride Spot Price showed intermittent firming mid-September as feedstock tightness tightened producer offers.
• Poly Vinyl Chloride Price Forecast suggests limited upside near-term unless construction demand recovers significantly soon.
• Poly Vinyl Chloride Production Cost Trend remained muted as feedstock EDC and energy costs were largely stable.
• Poly Vinyl Chloride Demand Outlook remains weak as housing affordability and slow construction reduce consumption.
• Rising inventory and weak exports pressured the Poly Vinyl Chloride Price Index, reducing spot liquidity.
• Major Gulf-Coast producers maintained high run-rates, limiting short-term tightening despite modest export demand recovery observed.
Why did the price of Poly Vinyl Chloride change in September 2025 in North America?
• Elevated domestic inventories from steady production and weak construction reduced upward pricing pressure during September.
• Feedstock cost stability muted cost-push effects, while logistics remained normal, reducing immediate supply disruptions significantly.
• Export headwinds and tariff uncertainty pressured demand, keeping domestic volumes available and spot prices subdued.
APAC
• In Japan, the Poly Vinyl Chloride Price Index fell by 12.2% quarter-over-quarter, driven by oversupply.
• The average Poly Vinyl Chloride price for the quarter was approximately USD 1622.33/MT, reflecting softness.
• Poly Vinyl Chloride Spot Price eased after exporters discounted FOB offers, pressuring the Price Index.
• Poly Vinyl Chloride Production Cost Trend rose due to higher ethylene feedstock prices and freight.
• Poly Vinyl Chloride Demand Outlook remained muted; construction lull and cautious converter restocking limited purchases.
• Poly Vinyl Chloride Price Forecast suggests modest near-term recovery potential, yet Price Index volatility persists.
• High inventories and weak export demand pressured offers, prompting sellers to prioritize market share retention.
• Planned maintenance tightened regional availability briefly, while logistics constraints and currency swings influenced production costs.
Why did the price of Poly Vinyl Chloride change in September 2025 in APAC?
• Oversupply from competitive Chinese exports reduced buying interest, driving down domestic prices and spot volumes.
• Subdued construction demand and cautious converter restocking limited spot purchasing, weakening near-term Price Index momentum.
• Feedstock cost pressures and higher freight elevated production costs, while seasonal disruptions temporarily supported offers.
Europe
• In Germany, the Poly Vinyl Chloride Price Index fell by 4.18% quarter-over-quarter, due to weak demand.
• The average Poly Vinyl Chloride price for the quarter was approximately USD 856.33/MT, as reported.
• Poly Vinyl Chloride Spot Price remained under pressure amid balanced inventories and muted buying interest.
• Poly Vinyl Chloride Price Forecast signals range-bound near-term values as feedstock costs stay relatively stable.
• Poly Vinyl Chloride Production Cost Trend muted, with EDC and energy inputs steady, limiting cost-push.
• Poly Vinyl Chloride Demand Outlook stays subdued for converters, recovering with post-holiday restocking and infrastructure.
• Poly Vinyl Chloride Price Index reflected import competition and port logistics, constraining sellers' pricing power.
• Producers maintained steady operations, inventories adequate, while export flows moderated, keeping spot negotiation activity subdued.
Why did the price of Poly Vinyl Chloride change in September 2025 in Europe?
• Weak construction and subdued industrial activity reduced domestic PVC offtake across Germany and European markets.
• Sustained import flows and steady feedstock costs limited sellers' pricing power despite isolated logistical disruptions.
• Cautious buyer sentiment, just-in-time inventories and seasonal holiday shutdowns depressed spot demand and near-term purchasing.
MEA
• In Saudi Arabia, the Poly Vinyl Chloride Price Index fell by 1.45% quarter-over-quarter, reflecting softness.
• The average Poly Vinyl Chloride price for the quarter was approximately USD 838.00/MT, observed FOB.
• Poly Vinyl Chloride Spot Price eased mid-September due to refreshed imports and subdued construction buying.
• Poly Vinyl Chloride Price Forecast anticipates modest recovery post-monsoon as construction restocking gradually resumes thereafter.
• Poly Vinyl Chloride Production Cost Trend stayed muted as EDC and energy costs remained subdued.
• Poly Vinyl Chloride Demand Outlook stays cautious, with domestic infrastructure projects offsetting weaker residential demand.
• Poly Vinyl Chloride Price Index traded in narrow range, producers held offers amid balanced inventories.
• Logistics and freight fluctuations influenced margins, distributors monitored Poly Vinyl Chloride Price Forecast and procurement.
Why did the price of Poly Vinyl Chloride change in September 2025 in MEA?
• High inventory inflows and redirected Asian cargoes increased local supply, pressuring spot quotations and demand.
• Subdued construction and packaging activity reduced downstream buying, weakening average quarterly purchasing volumes across regions.
• Stable feedstock costs and functioning logistics limited cost-push, enabling sellers to maintain offers without hikes.
South America
• In Brazil, the Poly Vinyl Chloride Price Index fell by 6.0% quarter-over-quarter, amid weak demand.
• The average Poly Vinyl Chloride price for the quarter was approximately USD 730.67/MT CFR-Santos basis.
• Poly Vinyl Chloride Spot Price eased with ample inventories; Asian cargoes pressured Price Index lower
• Poly Vinyl Chloride Price Forecast indicates modest upside potential as seasonal construction temporarily supports demand
• Poly Vinyl Chloride Production Cost Trend reflected flat utilities, punctuated by higher freight, ethylene variability
• Poly Vinyl Chloride Demand Outlook remains weak amid high interest, subdued construction, and cautious buying
• High inventories and import competition kept the Price Index subdued, restraining producers from raising offers
• Buyer resistance to GRIs and tariff uncertainty, with logistics stability, limited upward Price Index pressure
Why did the price of Poly Vinyl Chloride change in September 2025 in South America?
• Surplus supply from steady domestic production and competitive Asian cargoes created oversupply, pressuring CFR Brazil pricing levels
• Weak construction demand and conservative restocking reduced offtake, reinforcing bearish short-term Poly Vinyl Chloride pricing
• Easing crude and flat utilities eased cost-push, while intermittent river and port delays affected availability
• The average Polycarbonate price for the quarter was approximately USD 1891.33/MT, per CFR Santos assessments.
• Polycarbonate Spot Price remained pressured by abundant imports, stable feedstock costs, and cautious converter purchasing.
• Polycarbonate Price Forecast shows modest upside risk later in Q4 as inventories gradually normalize seasonally.
• Polycarbonate Production Cost Trend remained muted as BPA and phenol prices held steady, limiting cost-push.
• Polycarbonate Demand Outlook stays soft from automotive weakness; electronics and medical applications provide steady offtake.
• Polycarbonate Price Index remained steady as freight and currency pressures were offset by imported offers.
• High inventories and steady import volumes constrained domestic Polycarbonate Spot Price and limited short-term upside.
Why did the price of Polycarbonate change in September 2025 in South America?
• Ample import arrivals and steady domestic output increased supply, pressuring spot availability and sellers' flexibility.
• Subdued automotive demand and cautious procurement reduced offtake, counterbalancing upstream freight and energy cost pressures.
• Logistics remained functional with minor route risks; currency moves, and tariff stability contained landed costs.
For the Quarter Ending June 2025
North America
• PVC Price Index in North America declined gradually through Q2 2025, reflecting subdued global demand and elevated inventory levels.
• In May 2025, PVC export prices fell by 2.4% as overseas demand weakened and supply pressures rose due to strong U.S. production and ample inventory.
• Stable domestic production and efficient logistics allowed U.S. producers to focus on exports, especially to Latin America, despite intensified price competition.
• June 2025 witnessed stable FOB USA prices, driven by balanced supply-demand dynamics and consistent exports to Brazil despite broader economic uncertainties.
• The housing sector remained fragile in Q2, as high mortgage rates and reduced affordability led to slower construction activity and cautious PVC procurement.
Why did the price of PVC change in July 2025 in the USA?
• The PVC Price Index registered a 0.8% decline. The decrease was driven by subdued demand, oversupply, weaker EDC costs, and rising inventories (up 29% YoY), pushing sellers to accept lower deals.
Asia
• PVC Price Index across Asia remained volatile in Q2 2025, reflecting aggressive pricing competition, especially from Chinese exporters.
• In early May, FOB Indonesia PVC prices dropped by 1.3% due to oversupply and weak demand from India and Vietnam amid regulatory uncertainty and economic headwinds.
• June 2025 brought a 1.3% rebound in PVC prices in Indonesia, supported by higher freight costs, stronger Taiwanese offers, and firm Indian and Vietnamese import demand.
• By July 2025, the regional market turned bearish again; the PVC Price Index in Indonesia fell by 1.2%. Why did the price change in July 2025? Persistent regional demand weakness, seasonal construction slowdowns, and aggressive Chinese price undercutting caused the decline.
Europe
• The PVC Price Index in Europe showed limited movement during Q2 2025, supported by stable supply and seasonal demand slowdowns.
• In May, German PVC prices remained steady, with producers managing constrained supply amid force majeure declarations and muted demand.
• June 2025 saw PVC FOB Germany prices hold firm, with balanced domestic supply and cautious procurement limiting volatility.
Why did the price of PVC change in July 2025 in Europe?
• July 2025 recorded a slight 0.5% decline in German PVC prices.
• Summer holiday shutdowns, deferred downstream procurement, and rising East Asian cargo inflows led to weaker short-term demand.
South America
• PVC Price Index in Brazil followed a softening trend through Q2 2025, influenced by consistent U.S. export flows and tepid domestic demand.
• In May 2025, CFR Brazil PVC prices dropped by 1.8%, pressured by strong foreign supply from the U.S., Mexico, and Colombia.
• June 2025 brought price stability as Brazilian imports continued uninterrupted despite logistics disruptions and geopolitical concerns.
Why did the price of PVC change in July 2025 in South America?
• July 2025 experienced a 0.6% decrease in the PVC Price Index.
• U.S. suppliers issued stable-to-lower offers amid weak global demand, while Brazil's inflation and tariff concerns curbed construction activity and downstream consumption.
Saudi Arabia
• April 2025 saw PVC prices in Saudi Arabia hold steady amid stable local fundamentals. Despite global uncertainty, producers maintained consistent output supported by firm infrastructure demand and stable logistics. Downstream demand from construction and water infrastructure remained active.
• In May 2025, prices remained flat, with no major cost drivers or demand surges. Market stability was reinforced by long-term contracts, adequate inventories, and limited speculative buying.
• June 2025 showed some volatility. During early June, prices rose by 1.2% and 2.4% in the first two weeks, backed by firm demand, steady logistics, and freight-driven competitiveness. However, price growth plateaued mid-June, with prices stabilizing at USD 845/MT, FOB Al Jubail, from June 20 onward.
• Overall, a combination of secure logistics, Vision 2030-driven infrastructure demand, and deliberate, contract-backed procurement kept Saudi PVC pricing stable during Q2 2025 despite global uncertainties.
• PVC prices in Saudi Arabia held steady in July 2025.
Why did the price of PVC change in July 2025 in Saudi Arabia?
• Prices remained unchanged due to balanced supply and resilient domestic demand.
• Chlor-alkali operations in Yanbu and Jubail ran smoothly, backed by secure feedstock from the East-West pipeline.
• Competitive ethylene and EDC pricing and softening freight rates offset marginal energy cost increases.
For the Quarter Ending March 2025
North America
During Q1 2025, Polyvinyl Chloride (PVC) Suspension Flexible Grade K60 prices in the North American market followed a moderate downward trend, driven primarily by persistent weakness in domestic construction demand and limited export opportunities. Prices opened the quarter at USD 662/MT (DEL Texas, USA) in January and gradually declined to USD 637/MT by the end of March.
The early part of the quarter saw temporary supply-side disruptions due to planned maintenance and a brief surge in upstream ethylene costs, which initially stabilized prices. However, these gains were short-lived as demand from the housing and infrastructure sectors remained subdued. Elevated mortgage rates, economic uncertainty, and sluggish turnover in the real estate market curbed construction activity, weakening PVC consumption.
Compounding the issue, international demand faltered amid China’s 34% retaliatory tariffs on US chemical imports, dampening export volumes. By mid-March, rising inventory levels and intensified competition prompted producers to reduce offers to maintain market share. Although some feedstock cost relief was observed, particularly in EDC, it failed to offset the impact of oversupply and weak demand. Overall, bearish fundamentals and cautious buying activity led to a softening of PVC prices across Q1 2025, reflecting a well-supplied but demand-constrained market environment.
Asia
During Q1 2025, Polyvinyl Chloride (PVC) prices across Asia exhibited a moderate downward trend, primarily influenced by oversupply conditions and soft regional demand. In Japan, despite moments of price stability supported by steady construction activity and strategic inventory planning, prices generally declined. Notably, by the end of March, pipe-grade PVC prices dropped by over 3% due to subdued demand from Southeast Asia and reduced shipping costs, which intensified regional competition. Supply remained ample amid scheduled plant shutdowns, with sufficient inventories mitigating any disruption. In China, the quarter began with weak demand and elevated inventories, resulting in a price dip of over 2% in early January. Although a temporary rebound occurred in mid-January amid stronger futures and pre-Lunar New Year procurement, the broader market remained cautious. February and March saw stable yet bearish sentiment, with persistently high supply levels, muted construction activity, and limited export demand keeping price movements constrained. Overall, Q1 was characterized by sluggish demand recovery, particularly in the construction sector, and ample supply levels across both Japan and China. These factors collectively pressured PVC prices downward across the Asian region during the quarter.
Europe
During Q1 2025, Polyvinyl Chloride (PVC) prices in the European market experienced a moderate upward trend, recovering from early-quarter softness amid gradually improving fundamentals. Prices for PVC Suspension Semi Rigid Grade K67 rose from USD 943/MT in January to USD 948/MT by the end of March, supported by slight gains in feedstock costs and intermittent demand improvement. In February, prices saw a notable 2.1% uptick as improved trading activity and seasonal optimism supported market sentiment, even as supply remained ample. March brought mixed signals, early-month gains driven by rising EDC costs and infrastructure-related demand were later offset by weak housing construction and increased imports, resulting in a slight month-end dip of 1.6%. Despite macroeconomic headwinds and fragile construction activity, the restart of key plants in Eastern Europe helped stabilize supply, while steady demand from the packaging sector and gradual improvements in business sentiment prevented a deeper market correction. Looking ahead, with inventory levels tightening and energy costs trending upward, prices are expected to remain firm, especially if downstream demand from housing shows further signs of recovery in the second quarter.
Middle East Asia
Polyvinyl Chloride (PVC) prices in Middle East Asia registered an overall upward trend in Q1 2025, supported by firm demand and elevated production costs. February saw the strongest gains, with prices rising cumulatively by over 6% due to robust downstream demand from the construction sector and a surge in upstream ethylene and crude oil prices. Government-backed infrastructure projects under Vision 2030, combined with resilient investor sentiment, bolstered procurement activity. In March, PVC prices remained largely stable, reflecting balanced supply-demand fundamentals. Steady production and logistics, along with sustained downstream consumption, kept the market firm. Limited price movement was observed as traders adopted a wait-and-watch approach amid fluctuating freight rates. By late March, signs of a rebound in regional export demand and a moderate rise in crude oil prices pushed PVC prices up again by 1.1%. Although the first week of April showed a marginal dip due to falling feedstock costs and cautious procurement, this occurred after the close of Q1 and did not weigh on the quarter’s net trajectory. Overall, the Q1 2025 trend for PVC in Saudi Arabia was upward, driven by cost-led supply pressures and resilient demand in key sectors.
South America
PVC prices in South America exhibited a moderate decline over Q1 2025, primarily driven by subdued demand from the construction sector and steady import flows, particularly from the USA. The quarter began with stable pricing in January, supported by balanced supply-demand fundamentals and consistent domestic production. However, by early March, prices began to soften, registering a 1.2% drop amid ample inventories, weak downstream demand, and easing freight rates. This downward trend persisted through the remainder of March and into April, with a 0.6% decline in the third week of March and further reductions of 0.6% and 1.2% in the first two weeks of April. While U.S. supply remained robust and import volumes steady, local demand recovery lagged, weighed down by high interest rates and macroeconomic challenges. Although brief signs of improvement emerged in construction confidence by late March, they were insufficient to offset broader economic headwinds. Competitive international pricing and minimal fluctuations in feedstock costs further pressured the market. Overall, PVC Suspension Flexible Grade K67 declined from USD 863/MT in January to USD 838/MT by mid-April, reflecting a steady yet moderate downtrend across Q1 2025.
For the Quarter Ending December 2024
North America
In Q4 2024, PVC prices in North America followed a declining trend, impacted by weak demand and economic uncertainties. Early in the quarter, prices were affected by low demand from the automotive and construction sectors, coupled with ample inventories and stagnant upstream ethylene and crude oil costs. Seasonal factors and holiday-related disruptions further dampened production rates and delayed imports, contributing to price declines throughout the quarter.
The construction sector, which accounts for 60% of PVC consumption, experienced mixed dynamics. While home sales showed resilience in October, benefiting from favorable mortgage rates, activity slowed in November and December as rates rose again. Seasonal slowdowns and cautious inventory management by buyers exacerbated demand pressures, leaving the market bearish as the year ended.
On the supply side, production cuts and logistical challenges, including port congestion and potential tariff hikes, strained market stability. Despite these headwinds, domestic manufacturers managed to stabilize supply through inventory adjustments and consistent ethylene costs. However, subdued demand and rising imports, alongside global economic challenges, limited price recovery. Overall, Q4 2024 marked a bearish phase for North American PVC prices, driven by weak fundamentals, seasonal slowdowns, and a challenging macroeconomic environment.
Asia
In Q4 2024, PVC prices in Asia exhibited a steadily increasing trend, influenced by evolving demand dynamics and regulatory measures. Early in the quarter, prices rose due to higher demand from the construction sector, supported by government stimulus measures in China to revitalize the real estate market. Improved buyer sentiment in major cities, such as Nanjing, drove higher transaction volumes, with new home sales increasing by 40% month-over-month in October. However, demand recovery remained moderate overall, as cautious buyer behavior persisted. The announcement of anti-dumping duties on PVC imports by India further shaped the regional market. Duties imposed on imports from China and other regions boosted domestic PVC margins and supported price stability. Despite initial gains, China’s market faced challenges from high inventory levels and elevated production rates, which contributed to mid-quarter price corrections. By December, PVC prices stabilized as manufacturers maintained high output, creating a slight oversupply. Weak procurement enthusiasm from downstream sectors, especially construction, limited market activity. While government policies in China and India provided support, overall demand and supply remained imbalanced. Q4 2024 highlighted a regionally varied but generally positive trend for PVC prices in Asia, with growth driven by demand recovery, regulatory impacts, and strategic manufacturing adjustments.
Europe
In Q4 2024, PVC prices in Europe demonstrated a steadily increasing trend, supported by balanced supply conditions and inflationary pressures. Early in the quarter, German PVC prices rose, driven by steady construction demand and tighter regional supplies due to production cuts and logistical challenges. Technical issues at Vynova's PVC facility in Belgium and congestion at Hamburg’s container terminal further constrained supply, stabilizing prices despite subdued demand. In November, balanced supply dynamics and consistent domestic production aligned with market needs, while rising freight rates from Asia slightly impacted logistics costs. Demand from Germany's construction sector remained under pressure, with new project orders and construction activity declining amid high costs and weak economic sentiment. The construction PMI showed continued contraction, reflecting significant headwinds for PVC consumption. By December, the PVC market remained stable, supported by steady ethylene costs and controlled production rates. However, thin margins and subdued downstream demand, particularly in housing and commercial construction, limited market growth.
Middle East Asia
PVC prices in the Middle East demonstrated a steady trend throughout Q4 2024, influenced by stable supply dynamics, improving logistics, and sustained demand in key sectors like construction. In early November, Saudi PVC prices stabilized due to limited availability and eased production costs amid declining crude oil and ethylene prices. However, logistical challenges, including disruptions in the Red Sea caused by geopolitical tensions, resulted in increased shipping costs and port delays, further tightening supply. In November, improved port operations in Saudi Arabia, reflected by a surge in containerized exports, helped maintain a stable PVC supply to Asian markets. Declining crude oil prices and steady feedstock costs supported supply continuity despite inefficiencies in transshipment and overall container throughput. Demand remained robust, driven by Saudi Arabia's Vision 2030 construction projects, including the Jeddah Tower. Despite labor shortages and broader economic uncertainties, infrastructure and real estate activities continued to support PVC consumption. By late December, reduced vessel stay durations at major ports like Yanbu and Al Jubail bolstered logistics, while consecutive mild winters and rising ethylene prices exerted upward pressure on PVC prices.
South America
PVC prices in South America, particularly in Brazil, experienced a downward trend during Q4 2024. Early in the quarter, prices saw a significant drop in early November, driven by weak demand, ample stock availability, and declining upstream crude oil and ethylene prices. The Brazilian PVC market faced supply chain disruptions due to persistent logistical challenges, including delays in US-origin shipments and a customs strike at Santos Port. These disruptions, combined with rising logistics costs, affected supply stability and added pressure on prices. Despite these challenges, PVC demand in Brazil remained steady, particularly in the construction sector, supported by government housing programs. However, the market’s overall sentiment was bearish as year-end approached, with subdued demand and reduced activity in the construction sector due to higher interest rates and seasonal factors. The real estate sector, while stable, was impacted by high borrowing costs, limiting PVC consumption growth. By December, the PVC market in Brazil experienced a continued decline, influenced by a combination of global supply chain disruptions, tariff uncertainties, and weak market conditions. The overall outlook for PVC prices in South America remained cautious, with logistical challenges and soft demand constraining price recovery through the end of the year.
