Group 1: Report Industry Investment Rating - Not provided Group 2: Core Viewpoints - The macro - policy has high uncertainty, so it is recommended to stay on the sidelines. The fundamentals have little change, and there is still an expectation of weakening in the medium term [1] Group 3: Summary by Relevant Catalogs Raw Materials - The price of Q5500 coal ash decreased from 701 on 2025/12/23 to 694 on 2025/12/24. The price of Shaanxi medium - grade coal decreased by 30 from 850 to 820. The price of Inner Mongolia calcium carbide remained at 2400, and the price of Shandong calcium carbide remained at 2780 [1] Futures and Spot - PVC futures prices rose. The price of Fengli Xushao increased by 43 from 4738 to 4781. The price of East China SG - 5 increased by 60 from 4420 to 4480, and the price of South China SG - 5 increased by 50 to 4500. The spot price of PVC powder rose slightly, with participants having a strong wait - and - see sentiment. East China mainstream spot cash self - pick is 4380 - 4480 yuan/ton, South China mainstream spot cash self - pick is 4380 - 4440 yuan/ton, Hebei spot cash delivery is 4200 - 4320 yuan/ton, and Shandong spot cash delivery is 4350 - 4450 yuan/ton [1] Basis - The basis in East China increased by 17 from - 318 to - 301, in South China increased by 7 from - 288 to - 281, and in North - Central decreased by 13 from - 338 to - 351 [1] Profit - The profit of Shandong calcium carbide method increased by 30 from - 1329 to - 1299, and the profit of Inner Mongolia calcium carbide method increased by 40 from - 968 to - 928 [1] External Market - CFR China remained at 639, CFR Southeast Asia remained at 599, and FAS Houston increased by 5 from 570 to 575 [1] Operating Rate - The total operating rate decreased by 2.05% from 79.43% to 77.38%. The operating rate of calcium carbide method decreased by 1.92%, and the operating rate of ethylene method decreased by 2.36% to 76.54% [1] Inventory - The East China inventory decreased by 0.42 to 46.83, and the social inventory decreased from 51.74 to 51.06 [1]
PVC数据日报-20251225
Guo Mao Qi Huo·2025-12-25 03:12