国贸期货：PVC数据日报-20251017

Group 1: Report Industry Investment Rating - No investment rating information provided in the report Group 2: Report's Core View - Due to high macro - policy uncertainty, it is recommended to stay on the sidelines [1] Group 3: Summary by Relevant Catalogs 1. Spot Market - Domestic PVC powder market prices had a narrow - range adjustment today, with mainstream markets seeing small increases and decreases, and price fluctuations mostly within 0 - 10 yuan/ton. Downstream purchasing enthusiasm was average, and overall spot trading was light. The prices of 5 - type calcium carbide materials were as follows: in East China, the mainstream spot cash self - pick - up price was 4560 - 4670 yuan/ton; in South China, it was 4620 - 4690 yuan/ton; in Hebei, the spot cash delivered price was 4440 - 4550 yuan/ton; in Shandong, it was 4570 - 4610 yuan/ton [1] 2. Futures Market - The futures market was weak in last night's session and showed a slightly stronger oscillation today. Traders' early fixed - price quotes changed little, and some basis quotes strengthened slightly, but high - price transactions were difficult [1] 3. Price Changes - Coal ash (Q5500) increased from 728 to 736, with a change of 18; Fengli Jixue futures increased from 4677 to 4694, with a change of 17; FAS Houston increased from 551 to 571, with a change of 20 [1] 4. Basis - The basis in East China decreased from - 97 to - 114, a change of - 17; in South China, it decreased from - 17 to - 34, a change of - 17; in another area, it decreased from - 117 to - 134, a change of - 17 [1] 5. Profit - The profit of Shandong calcium carbide method remained at - 1240, and that of Inner Mongolia calcium carbide method remained at - 969 [1] 6. External Market - CFR China remained at 706, and CFR Southeast Asia remained at 649 [1] 7. Operating Rates - The operating rate of calcium carbide method increased from 82.13% to 82.94%, a change of 0.81%; the operating rate of ethylene method increased from 79.75% to 81.9%, a change of 2.15%; the total operating rate increased from 81.42% to 82.63%, a change of 1.21% [1] 8. Inventory - East China's inventory increased from 48.84 to 50.27, a change of 1.43; South China's inventory increased from 4.93 to 5.43, a change of 0.5; social inventory increased from 53.77 to 55.7, a change of 1.93 [1]