New Delhi, Jul 29, 2020-
Giving rise to an anomalous situation, China imported record high PVC from India in June at a time when the two countries are locked in a tussle at the border amid calls for reducing trade flows.
China imported a record high PVC from India in June – more than five times compared to the volume recorded in May as India accelerated PVC exports during the Covid 19 lockdown, Global Rubber Markets reported.
It is a rare move as the Indian PVC market is net short. During the lockdown, India’s PVC demand plunged, prompting cancellation of PVC deliveries to India. Suppliers had to move their cargoes to China to clear excess supplies, it added.
Looking forward, market sources said China’s PVC imports from India would likely slow as the lockdown ended early-June. For June delivery, market participants negotiated in May.
Polyvinyl Chloride (or PVC for short) is the third most widely produced plastic in the world following polyethylene and polypropylene, and it is used in a wide variety of applications in industry, construction, agriculture, consumables, packaging, power production and public utilities. PVC is highly durable, resistant and flexible, making it useful for use in clothing, pipes, insulation and many other areas.
Indian companies have started submitting proposals to the government on ways to reduce import dependence on China, recommending measures such as levy of Covid-19 import duties on non-essential products and reduction of customs duty on plant and machinery from other countries.
The record exports of PVC from India come at a time when the government is looking at ways to curb imports from China and has banned several Chinese apps and companies. (Agency)
YesPunjab now has two separate Facebook Pages for English & Punjabi content – Please Like & Share both Pages
English FB Page – https://www.facebook.com/yespunjab/
Punjabi FB Page – https://www.facebook.com/yespunjabpunjabi/