Chemical producers fined for price fixing

In China, 18 chemicals producers have been fined for US$69 million for monopolistic pricing. The companies have been found guilty of collaborated to raise prices of polyvinyl chloride (PVC), used widely in buildings, health care and household appliances.

Shanghai Daily reports that the National Development and Reform Commission (China’s top economic planner) found that the PVC price fixing concerned 12 million tons of PVC; this is three quarters of China’s total output of this product.

To reach their agreements on higher prices, the chemical companies held six meetings to exchange information on prices and sales. They then produced 13 agreements on price fixing after discussions through messaging app WeChat.

Further reading on Shanghai Daily

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