CPVC Prices, Pricing, Demand & Supply
North America
The Chlorinated PVC market in North America exhibited overall favorable conditions, with prices initially experiencing a decline in October but subsequently increasing in November and December of the fourth quarter of 2024.
The initial decrease of 2.5% in October was attributed to reduced demand from the plumbing industry within the construction sector, influenced by a decline in house sales due to elevated mortgage rates. However, a positive rebound occurred in the remaining period of the fourth quarter. This resurgence was driven by a thriving construction sector in the United States, marked by increased hotel construction, rising prices of feedstocks VCM and EDC, and heightened demand from the importing Mexican market.
The construction sector in Mexico displayed robust performance, supported by the Mexican government's elevated investment in construction and a sustained increase in employment during the entire fourth quarter of 2023, driven by growing nearshoring activities. This contributed to an enhanced market scenario for Chlorinated PVC, particularly in the plumbing sector. Toward the end of 2023, price increases were notably influenced by challenges in the existing supply chain system, exacerbated by adverse weather conditions across the United States. This led to extended lead times and constraints in logistics and transportation.
APAC
The Chlorinated Polyvinyl Chloride (CPVC) Prices in the APAC region during the fourth quarter of 2023 experienced significant influences from various factors. Firstly, there was notable demand for CPVC in the Indian market, propelled by robust performance in the construction industry and heightened manufacturing activities, resulting in a corresponding 1.1% increase in prices. Conversely, in China, CPVC demand remained subdued due to sluggishness in the construction and industrial sectors, leading to a 2.5% price decrease. The prices of essential feedstocks, Ethylene Dichloride and Vinyl Chloride, played a pivotal role in shaping CPVC prices. A decline in PVC prices contributed to a reduction in CPVC prices. No specific plant shutdowns were reported during this quarter. Specifically in China, CPVC prices experienced a 3.8% decrease, reflecting a bearish market situation characterized by high supply and low demand. The underperformance of the construction industry and inventory accumulation were contributing factors to the declining prices. Anticipated increases in feedstock PVC and crude oil prices added further complexity to the CPVC market outlook. In summary, the CPVC market in the APAC region during the fourth quarter of 2023 was characterized by divergent demand dynamics in India and China, coupled with fluctuations in feedstock prices. CPVC prices in China saw a decrease of 3.8%. The latest price of CPVC Pipe Grade K-67.4 FOB Qingdao in China for this quarter is USD 1900/MT.
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Europe
The Chlorinated Polyvinyl Chloride (CPVC) market in Europe encountered notable influences during the fourth quarter of 2023, driven by significant factors. Firstly, demand from the downstream construction industry remained subdued, with the residential sector exhibiting particular weakness. This decline was attributed to factors such as diminishing housing permits, project cancellations, and delays in decision-making by clients. Secondly, CPVC supply levels were moderate, with restricted inflows into the Dutch market as manufacturing facilities operated at reduced capacities. Furthermore, an increase in inflation rates in the Netherlands during November contributed to the increment in CPVC prices. In the Netherlands, the quarter-ending price of CPVC Pipe Grade K-67.4 FD Amsterdam stood at USD 1890/MT. Overall, the Chlorinated PVC market situation in Europe remained highly unfavorable, despite witnessing moderate price increments. These increments are predominantly linked to the overarching decline in industrial chemical production, resulting in supply shortages. Additionally, elevated quotations provided by traders, aiming to enhance profit margins amidst the deteriorating construction industry, which persisted in retrenchment until December 2023, further influenced the pricing dynamics.
South America
The market dynamics of Chlorinated PVC within the South American region exhibited a predominantly mixed trend during the final quarter of 2024. Initially, the product prices faced adversity due to the underperforming construction industry and an oversupplied market originating from the United States. However, a gradual improvement in demand from the construction sector occurred as investments in construction activities persisted, though the overall outlook remained dull. Confidence in investments remained positive due to the establishment of electric automotive factories in Brazil, contributing to an increase in product prices during the initial two months of the last quarter of 2023. However, by December 2023, the Chlorinated PVC market became highly competitive, with imports from Asian and European markets entering Brazil. The average price of Chlorinated PVC in December turned out to be lower than that of November 2023, driven by increasing input costs in the exporting US markets, prompting traders to source from Asian and European markets. Additionally, fluctuations in the Brazilian Real also impacted Chlorinated PVC prices in Brazil, with the Brazilian Real appreciating by 0.58% against the USD in December 2023.
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