PVC：盘面止跌 现货基差报价走强

PVC Market Overview - The domestic PVC powder market prices are stabilizing with slight fluctuations, with price changes mostly within 0-10 yuan/ton [1] - The futures market showed weakness, but overall trading remained slightly strong, with traders' prices remaining stable [1] - Downstream purchasing activity is generally moderate, leading to a subdued overall spot transaction volume [1] PVC Production and Inventory - The overall PVC powder operating rate is at 80.8%, an increase of 1.63 percentage points from the previous week [2] - The operating rate for calcium carbide-based PVC is 81.76%, up 1.75 percentage points, while the ethylene-based PVC rate is 78.54%, up 1.33 percentage points [2] - As of October 9, PVC social inventory increased by 5.58% to 1.0363 million tons, a year-on-year increase of 23.53% [2] - Inventory in East China is 973,100 tons, up 4.74% week-on-week, and 22.73% year-on-year; South China inventory is 63,200 tons, up 20.52% week-on-week, and 37.34% year-on-year [2] PVC Market Outlook - The PVC operating rate has declined significantly, with increased maintenance among production companies, slightly easing market supply pressure [3] - Despite a gradual recovery in domestic and foreign trade exports post-holiday, the industry still faces inventory accumulation pressure, although the rate of accumulation is slowing [3] - The external macroeconomic environment is expected to remain unfavorable in the short term, potentially impacting market trends [3] - Demand during the peak season has not shown significant improvement, with a noticeable contraction in profile demand [3] - Overall, upstream inventory willingness is decreasing, but export benefits are alleviating some excess pressure [3]