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China fines major PVC manufacturers
China fined 18 companies, which manufacture poly vinyl chloride, a total of 457 million yuan ($68.9 million) for manipulating market prices, the National Development and Reform Commission said in a statement on Wednesday. The companies, accounting for three-quarters of China's annual PVC production, worked together to raise PVC prices through a group on the messaging application WeChat in 2016, harming the margins for downstream PVC users such as appliance makers. Two of China's leading manufacturers, Hubei Yihua Group and China National Salt Industry Co, arranged six meetings to discuss setting prices and there were 13 instances of prices being set on the WeChat group, the commission said.
