能源化工周报：PVC-20251012

1. Report Industry Investment Rating No information provided. 2. Core View of the Report The weekly supply of PVC increased while the demand decreased, and both factory and enterprise inventories significantly accumulated. The price of upstream calcium carbide dropped sharply after the holiday, weakening the cost support for PVC. With production at a high level compared to the same period last year, the price of PVC was generally weak [8]. 3. Summary According to the Catalog 3.1 Supply - The overall PVC production enterprise operating rate was 82.63%, with a week - on - week increase of 1.49% and a year - on - year increase of 4.56%. Among them, the operating rate of the calcium carbide method was 82.94%, up 0.99% week - on - week and 4.67% year - on - year; the operating rate of the ethylene method was 81.9%, up 2.70% week - on - week and 4.41% year - on - year [8]. - PVC production was 1.68 million tons, with a week - on - week increase of 0.09% and a year - on - year increase of 50.36% [8]. 3.2 Demand - The operating rate of PVC sample downstream enterprises was 39.21%, with a week - on - week decrease of 17.90% and a year - on - year decrease of 0.16% [8]. 3.3 Inventory, Spread - PVC factory inventory was 38.36 million tons, with a week - on - week increase of 28.04% and a year - on - year increase of 0.02%. Social inventory was 55.7 million tons, with a week - on - week increase of 3.59% and a year - on - year increase of 15.06% [8]. - The basis was - 95, and the monthly spread was - 318 [8]. 3.4 Price, Cost, Profit - The weekly average price of PVC: the calcium carbide method was 4,640 yuan/ton, a week - on - week decrease of 2.11%; the ethylene method was 4,900 yuan/ton, a week - on - week decrease of 2% [8]. - The cost of the calcium carbide method was 5,493 yuan/ton, with a profit of - 538 yuan/ton; the cost of the ethylene method was 5,127 yuan/ton, with a profit of - 487 yuan/ton; the comprehensive profit of chlor - alkali was - 176.00 yuan/ton [8].