For the Quarter Ending December 2025
North America
In the United States, the Vinyl Chloride Monomer Price Index fell quarter-over-quarter, reflecting soft downstream PVC demand.
• Vinyl Chloride Monomer Spot Price softened as inventories at Gulf Coast terminals remained ample, limiting seller leverage.
• Vinyl Chloride Monomer Price Forecast indicates limited upside near-term, with movement contingent on ethylene feedstock costs and PVC restocking patterns.
• Vinyl Chloride Monomer Production Cost Trend remained firm due to steady ethylene and EDC costs, though integrated producers absorbed some increases.
• Vinyl Chloride Monomer Demand Outlook remained subdued, with hand-to-mouth PVC purchasing and weak construction sector offtake.
• Price Index weakness reflected high domestic stock levels, steady plant operating rates, and constrained export opportunities.
• Smooth logistics and minimal plant outages supported supply continuity while moderating transactional activity.
Why did the price of Vinyl Chloride Monomer change in December 2025 in North America?
• Strong terminal and plant inventories kept supply abundant, suppressing upward pricing pressure.
• Weak PVC demand and conservative converter buying limited spot inquiries and overall VCM transactions.
• Integrated producers absorbed ethylene and EDC cost increases, restraining price pass-through to buyers.
APAC
• In Japan, the Vinyl Chloride Monomer Price Index fell by 9.18% quarter-over-quarter, driven by weak PVC demand.
• The average Vinyl Chloride Monomer price for the quarter was approximately USD 1289.00/MT, reported under subdued domestic demand.
• Vinyl Chloride Monomer Spot Price remained pressured by ample domestic stocks and reduced converter inquiries this quarter.
• Vinyl Chloride Monomer Price Forecast shows mild downside risk while Vinyl Chloride Monomer Production Cost Trend remains firmer.
• Vinyl Chloride Monomer Demand Outlook remains weak with hand-to-mouth buying and subdued construction-related PVC consumption across Japan.
• Vinyl Chloride Monomer Price Index weakness reflected high terminal inventories and limited export opportunities pressuring seller offers.
• Steady operating rates at Ichihara complexes-maintained supply, keeping Vinyl Chloride Monomer spot availability elevated through December.
• Firm EDC costs were absorbed by integrated producers, constraining pass-through and sustaining subdued Vinyl Chloride Monomer transaction levels.
Why did the price of Vinyl Chloride Monomer change in December 2025 in APAC?
• Ample domestic inventories and steady production kept supply abundant, undermining upward price pressure despite higher input costs.
• Weak downstream PVC demand and hand-to-mouth buying limited offtake, reducing spot inquiries and transaction volumes.
• Integrated producers absorbed EDC cost increases, lowering offers to clear stocks amid constrained export demand.
Europe
• In Germany, the Vinyl Chloride Monomer Price Index fell quarter-over-quarter, pressured by slow PVC offtake.
• Vinyl Chloride Monomer Spot Price eased as European PVC compounders drew down inventories cautiously.
• Vinyl Chloride Monomer Price Forecast suggests a sideways trend, dependent on ethylene feedstock movement and seasonal demand recovery.
• Vinyl Chloride Monomer Production Cost Trend remained steady, with EDC and ethylene prices broadly stable.
• Vinyl Chloride Monomer Demand Outlook stayed weak due to hand-to-mouth buying patterns in construction and infrastructure sectors.
• Price Index reflected sufficient regional supply and limited export demand, keeping seller offers in check.
• Plant operations ran near routine loads, while regional logistics maintained efficiency, ensuring consistent availability.
Why did the price of Vinyl Chloride Monomer change in December 2025 in Europe?
• Abundant domestic and imported VCM supply reduced market pressure, limiting the ability for sellers to increase prices.
• Muted PVC demand and cautious compounder purchases suppressed spot and contractual transactions.
• Stable feedstock costs and uninterrupted plant operations allowed producers to maintain steady offers despite weak downstream offtake.
MEA
• In Qatar, the Vinyl Chloride Monomer Price Index rose by 0.94% quarter-over-quarter, reflecting mixed fundamentals.
• The average Vinyl Chloride Monomer price for the quarter was approximately USD 538.33/MT, reported regionally.
• Regional Vinyl Chloride Monomer Spot Price softened as exporters trimmed offers to reduce terminal inventories.
• Vinyl Chloride Monomer Price Forecast sees downside risk amid ample supply and muted export enquiries.
• Vinyl Chloride Monomer Production Cost Trend showed limited upward pressure from EDC and ethylene benchmarks.
• Vinyl Chloride Monomer Demand Outlook remains subdued as PVC offtake slows across South Asia markets.
• Hamad export allocations and competitive Asian US offer weakened the Vinyl Chloride Monomer Price Index.
• Smooth logistics preserved vessel turnarounds while sellers trimmed offers to stimulate liftings and clear inventories.
Why did the price of Vinyl Chloride Monomer change in December 2025 in MEA?
• Easier regional supply from Saudi, Omani cargo redirections increased spot availability, pressuring December export pricing.
• Year-end slowdown reduced PVC compounder procurement and overseas offtake, prompting sellers to trim offers aggressively.
• Stable logistics, absence of maintenance eased shipment constraints, enabling higher terminal inventories and weaker pricing.
For the Quarter Ending September 2025
North America
• The VCM Price Index in North America showed a broadly stable trend during Q3 2025, supported by balanced supply-demand dynamics and consistent downstream activity, particularly in polyvinyl chloride (PVC) production.
• Spot Price for VCM witnessed a modest increase in September, reflecting proactive inventory management and sustained PVC output in southern U.S. states. Prices remained within a narrow band for most of the quarter.
• Prices increased slightly in September due to firmer feedstock costs—especially ethylene and ethylene dichloride (EDC), and steady demand from the construction and infrastructure sectors. Domestic sourcing flexibility and strong logistics also helped maintain supply stability.
• The Production Cost Trend rose marginally in Q3, driven by elevated feedstock prices and energy tariffs. However, producers-maintained price discipline through tight operating rates and efficient throughput.
• The Demand Outlook for VCM in North America remained positive, with strong consumption from PVC applications such as pipes, window profiles, flooring, and medical devices. Construction activity and infrastructure investments continued to support downstream demand.
Why did the price of VCM change in September 2025 in North America?
• Prices rose slightly due to higher feedstock costs and steady PVC demand.
• Efficient domestic production and logistics helped maintain supply stability.
• Proactive inventory management supported spot price firmness amid seasonal procurement.
APAC
• In Japan, the Vinyl Chloride Monomer Price Index fell by 17.91% quarter-over-quarter, reflecting maintenance and weak demand.
• The average Vinyl Chloride Monomer price for the quarter was approximately USD 1419.33/MT, reflecting softer spot levels.
• Vinyl Chloride Monomer Spot Price weakened amid elevated inventories, keeping the Price Index trajectory firmly bearish.
• Vinyl Chloride Monomer Price Forecast indicates modest recovery post-maintenance, tempered by persistent regional oversupply conditions.
• Vinyl Chloride Monomer Production Cost Trend remained subdued as ethylene and EDC costs stayed relatively stable.
• Vinyl Chloride Monomer Demand Outlook is muted with weak PVC consumption from construction and cautious converter buying.
• Vinyl Chloride Monomer Price Index pressured by high inventories and subdued export enquiries, limiting sellers' ability to raise offers.
Why did the price of Vinyl Chloride Monomer change in September 2025 in APAC?
• Planned and extended maintenance reduced domestic output, but ample inventories prevented significant supply short-term tightness.
• Weak downstream PVC demand from construction and cautious converter buying curtailed spot procurements, depressing pricing.
• Stable feedstock ethylene and EDC costs limited production cost pressure; logistics remained functional, reducing upward price pressure.
Europe
• The VCM Price Index in Europe showed a mild downward trend during Q3 2025, reflecting subdued demand from downstream sectors and cautious buying behavior across the region.
• Spot Price activity remained soft throughout the quarter, with limited volatility. Prices dipped slightly in September as converters reduced procurement volumes amid weak construction and infrastructure activity.
• Prices decreased in September due to sluggish PVC demand, particularly from the building and construction sector. While supply remained balanced, the lack of downstream momentum and high inventories contributed to softer pricing.
• The Production Cost Trend remained stable, supported by consistent feedstock availability—especially ethylene and EDC—and moderate energy costs. European producers maintained efficient throughput, limiting cost-push inflation.
• The Demand Outlook for VCM in Europe was mixed. While PVC applications in medical devices, automotive interiors, and electrical insulation offered some support, demand from construction, flooring, and window profiles remained weak due to macroeconomic uncertainty.
Why did the price of VCM change in September 2025 in Europe?
• Prices declined due to weak PVC demand from construction and infrastructure sectors.
• Stable production costs and balanced supply limited upward price movement.
• High inventories and cautious procurement suppressed spot price activity.
MEA
• In Qatar, the Vinyl Chloride Monomer Price Index fell by 2.26% quarter-over-quarter, supported by supply.
• The average Vinyl Chloride Monomer price for the quarter was approximately USD 533.33/MT, reflecting contractual demand patterns.
• Vinyl Chloride Monomer Spot Price remained rangebound as adequate inventories and export logistics limited volatility.
• Vinyl Chloride Monomer Price Forecast indicates downside from seasonal demand and competitive Asian export offers.
• Vinyl Chloride Monomer Production Cost Trend showed energy-driven increases, offset by consistent EDC feedstock availability.
• Vinyl Chloride Monomer Demand Outlook remains contract-driven; domestic construction supports steady PVC offtake, limiting buying.
• Vinyl Chloride Monomer Price Index benefited from resilient logistics and sufficient inventories, constraining price volatility.
• Producers maintained steady rates and FOB offers, limiting upside in Vinyl Chloride Monomer Price Index.
Why did the price of Vinyl Chloride Monomer change in September 2025 in MEA?
• Consistent domestic production and smooth export logistics maintained supply, preventing significant September price increases regionally.
• Steady construction-linked PVC demand supported offtake, offsetting softer export procurement from cautious Asian buyers recently.
• Marginal energy and feedstock cost rises were absorbed by producers, muting pass-through onto FOB offers.
For the Quarter Ending June 2025
North America
• The VCM Price Index in North America remained broadly stable in April 2025, reflecting balanced supply-demand dynamics and consistent downstream activity.
• Despite global VCM plant outages (notably in Asia and Europe), North American imports remained unaffected due to domestic sourcing flexibility and strong logistical support.
• In May 2025, the VCM Spot Price witnessed a modest 2% increase, backed by proactive inventory management and sustained PVC production in southern U.S. states.
• VCM Production Cost Trends rose slightly in May due to firmer feedstock ethylene and EDC prices, though producers maintained price discipline through tight operational controls.
• June 2025 saw prices flatten, as downstream PVC procurement normalized after a brief uptick in May, with infrastructure activity experiencing no significant acceleration.
• Domestic output and logistics remained stable, and despite some inventory accumulation, producers did not engage in aggressive price cuts.
Why did the VCM price change in July 2025 in North America?
The VCM Price Index in North America declined by 0.8% in July 2025 due to oversupply conditions, softening demand from PVC processors, weaker VCM Production Cost Trends (mainly due to falling EDC prices), and a 29% YoY increase in inventories, which forced sellers to negotiate lower VCM Spot Prices. This reflects a near-term bearish VCM Demand Outlook.
Asia
• The VCM Price Index in Asia remained unchanged in April 2025, supported by steady import flows from China and Southeast Asia and stable downstream PVC operations.
• Despite scheduled maintenance at major VCM facilities in Japan and South Korea, Indian imports continued smoothly due to proactive procurement and consistent port activity.
• In May 2025, the VCM Spot Price rose by 2%, driven by firm demand from the PVC construction segment in India and Southeast Asia, amid supply restraint from regional producers.
• The VCM Production Cost Trend remained manageable, with subdued EDC prices and controlled output allowing producers to maintain favourable margins.
• June 2025 recorded a 2.2% decline in the VCM Price Index, primarily in India, due to a steep 20% YoY drop in housing sales, weak demand from paints and adhesives industries, and cautious forward buying.
• Traders offered competitive discounts amid oversupply and high inventories, leading to reduced procurement interest and a softer VCM Demand Outlook.
Why did the VCM price change in July 2025 in Asia?
The VCM Price Index in Asia declined by 1.0% in July 2025, influenced by seasonal monsoon-related construction slowdowns, sustained high availability of ethylene and EDC, and subdued offtake from downstream PVC processors. This decline aligned with a muted VCM Price Forecast and intensified competition from Northeast Asian exporters.
Europe
• The VCM Price Index in Europe remained stable in April 2025, despite force majeure situations and maintenance shutdowns in Central Europe, as downstream demand remained low.
• European VCM prices were supported by cautious procurement patterns and muted construction activity, which kept both output and buying interest limited.
• In May 2025, VCM prices increased marginally by 1.5% due to Dow’s capacity cuts in Germany, which signalled structural tightening in the regional market.
• However, price gains were capped by a lack of strong downstream pull, with limited new project starts and slow post-winter construction recovery across key EU countries.
• VCM Production Cost Trends rose modestly due to tight ethylene supply from ongoing cracker maintenance.
• In June 2025, prices fell by 1.3%, reflecting reduced offtake from PVC converters, summer holiday procurement lags, and increasing inflows of competitively priced Asian cargoes.
• The overall VCM Demand Outlook weakened across Germany, Italy, and France as converters operated lean inventories and refrained from aggressive purchasing.
• Why did the VCM price change in July 2025 in Europe?
The VCM Price Index in Europe declined by 0.9% in July 2025 due to deferred procurement during holiday-related plant shutdowns, continued oversupply, and intensifying competition from Asia. Despite relatively stable production costs, weaker downstream PVC demand and cautious financial planning ahead of Q3 budgets resulted in softer VCM Spot Prices.
For the Quarter Ending March 2025
North America
During Q1 2025, Vinyl Chloride Monomer (VCM) prices in the North American market followed a moderate downward trajectory, influenced by subdued demand from the downstream PVC sector and mixed cost dynamics. The quarter began with temporary support from upstream ethylene cost spikes and planned maintenance at key production sites, which briefly tightened supply. However, this momentum faded as macroeconomic challenges suppressed construction activity, PVC’s primary end-use leading to softer downstream consumption.
The VCM producers faced growing inventory pressure amid reduced offtake in the PVC sector. Export demand remained limited, particularly after China imposed 34% tariffs on U.S. chemical imports, curbing overseas shipments and intensifying domestic competition.
By mid-quarter, easing feedstock prices, ethylene, and EDC further diminished cost support, while ample VCM availability prompted sellers to lower offers to protect market share. Although logistical stability and steady plant operations maintained supply continuity, the overall sentiment remained bearish due to lackluster downstream recovery. As a result, North American VCM prices recorded a moderate decline over Q1 2025, reflecting oversupply conditions and demand-side caution.
Asia
During Q1 2025, the Vinyl Chloride Monomer (VCM) market in the Asia-Pacific region exhibited a mixed but overall, moderately stable to slightly bearish price trend, shaped by divergent market dynamics between Japan and India. In Japan, VCM prices registered a notable uptrend, surging by 6% in March due to tight supply stemming from maintenance shutdowns at key plants, such as Keiyo Monomer Co. and Tosoh Corporation. Steady downstream demand from the PVC sector, especially in packaging and resilient rental housing construction, supported price increases despite broader construction headwinds. Well-managed inventories and smooth logistics further stabilized the market, prompting buyers to accept elevated offers. Conversely, the Indian market experienced a persistent price decline across the quarter, with VCM prices falling 5% in January, 2% in February, and 1% in March. The downward pressure stemmed from abundant supply, weaker feedstock costs notably falling EDC prices, and subdued demand from the construction and packaging sectors. Seasonal factors, high inventories, and cautious buying behavior further weighed on the Indian market. Overall, Japan’s supply constraints and steady demand lent support to VCM prices. India’s oversupplied and demand-constrained environment kept the broader APAC market in check, resulting in a moderately bearish price trend for Q1 2025.
Europe
During Q1 2025, the Vinyl Chloride Monomer (VCM) market in Europe experienced a moderate upward trend, largely influenced by stable-to-rising feedstock costs and improving downstream demand fundamentals. Although the quarter opened with subdued momentum due to weak construction activity and macroeconomic uncertainty, a recovery in demand from the PVC sector particularly in packaging and infrastructure-related applications helped support price stability and gradual gains. In February, rising trading activity and seasonal optimism lifted market sentiment, prompting producers to raise VCM offers. Feedstock costs, particularly for ethylene dichloride (EDC), also saw upward movement, placing additional pressure on VCM production costs. By March, tight supply from plant restarts in Eastern Europe, alongside firm PVC consumption in non-housing segments, helped offset weakening construction demand and increased import competition, limiting any significant price corrections. Overall, the European VCM market reflected a cautiously optimistic tone in Q1 2025. Balanced supply-demand conditions, coupled with cost-driven support and improved downstream sentiment, contributed to the moderate rise in VCM prices, setting the stage for potential firming in Q2 if housing and infrastructure activity continue to recover.
Middle East Asia
Vinyl Chloride Monomer (VCM) prices in the Middle East, particularly Qatar, registered a consistent downward trend throughout Q1 2025, pressured by weakening upstream costs and subdued export demand, especially from key markets like India. Over the quarter, prices declined by approximately 5% cumulatively, driven by softer ethylene and ethylene dichloride (EDC) prices, which eroded production cost support. Despite steady domestic production and efficient port operations ensuring reliable export flows, oversupply conditions built up due to limited offtake from overseas buyers. Indian demand, a major driver for Qatari VCM exports, remained weak amid high PVC inventories, muted construction activity, and cautious procurement behavior. January saw a 1.6% decline as inventory levels increased due to weaker global trade activity. In February, a further 2% drop occurred amid continued feedstock softness and competitive export markets. March followed with a 1.5% decline as high stock levels and poor downstream PVC consumption weighed on market sentiment. Overall, the VCM market in the Middle East faced cost-driven and demand-related headwinds throughout Q1 2025, with suppliers adjusting prices downward to maintain competitiveness amid fragile external demand and inventory pressure.
