Group 1 - The domestic PVC powder market has seen a slight decline in spot prices, with traders reporting some downward adjustments, and overall market transactions are sluggish due to low purchasing enthusiasm from downstream buyers [1] - As of May 1, the overall operating rate of PVC powder is estimated at 76.50%, an increase of 0.83 percentage points month-on-month, with the calcium carbide method at 77.27% and the ethylene method at 74.52% [2] - As of April 30, social inventory of PVC has decreased by 4.94% month-on-month to 653,700 tons, a year-on-year decrease of 25.02%, with East China at 601,600 tons and South China at 52,100 tons [2] Group 2 - The supply-demand imbalance for PVC is becoming more pronounced, with weak demand in the real estate sector and insufficient domestic demand, while exports in the first quarter were supported mainly by price adjustments [3] - The oversupply issue in the PVC market is unlikely to see effective alleviation, and prices are expected to remain weak, with recommendations to adopt a bearish stance on high prices [3] - Potential risks include concentrated maintenance periods and limited year-on-year inventory pressure, which could lead to a rebound in prices if policy stimuli occur [3]
PVC：长线供需矛盾仍突出 关注短期宏观扰动
Jin Tou Wang·2025-05-07 02:10