瑞达期货PVC产业日报-20260113

Report Industry Investment Rating - Not provided in the content Core Viewpoints - Short - term V2605 is expected to show a volatile trend, with the daily K - line focusing on support around 4780 and resistance around 5000. The terminal real estate and infrastructure are in the low - temperature off - season, and the demand side is weak. The impact of the "rush to export" after the export tax - refund cancellation policy from April needs further observation. PVC capacity utilization is expected to change little. The start - up rate of the chlor - alkali plant in January is generally at a relatively high level. The start - up rate of downstream hard products such as pipes and profiles will decline seasonally before the Spring Festival [3] Summary by Relevant Catalogs Futures Market - The closing price of PVC futures is 4888 yuan/ton, down 52 yuan; the trading volume is 1,615,530 lots, down 726,208 lots; the open interest is 1,034,623 lots, down 24,293 lots. The long positions of the top 20 futures holders are 1,063,153 lots, down 17,147 lots; the short positions are 1,150,751 lots, down 2,432 lots; the net long positions are - 87,598 lots, down 14,715 lots [3] Spot Market - In the East China region, the price of ethylene - based PVC is 4,710 yuan/ton, up 10 yuan; the price of calcium carbide - based PVC is 4,627.69 yuan/ton, down 11.54 yuan. In the South China region, the price of ethylene - based PVC is 4,795 yuan/ton, unchanged; the price of calcium carbide - based PVC is 4,641.25 yuan/ton, down 0.62 yuan. The CIF price in China is 650 US dollars/ton, unchanged; the CIF price in Southeast Asia is 610 US dollars/ton, unchanged; the FOB price in Northwest Europe is 660 US dollars/ton, unchanged. The basis of PVC is - 340 yuan/ton, down 63 yuan [3] Upstream Situation - The mainstream average price of calcium carbide in Central China is 2,700 yuan/ton, unchanged; in North China, it is 2,665 yuan/ton, up 41.67 yuan; in the Northwest, it is 2,491 yuan/ton, up 41 yuan. The mainstream price of liquid chlorine in Inner Mongolia is - 150 yuan/ton, unchanged. The mid - price of VCM CFR Far East is 397 US dollars/ton, down 10 US dollars; the mid - price of VCM CFR Southeast Asia is 428 US dollars/ton, down 20 US dollars. The mid - price of EDC CFR Far East is 189 US dollars/ton, unchanged; the mid - price of EDC CFR Southeast Asia is 194 US dollars/ton, unchanged [3] Industry Situation - The weekly operating rate of PVC is 79.67%, up 1.04 percentage points; the operating rate of calcium carbide - based PVC is 79.71%, up 1.35 percentage points; the operating rate of ethylene - based PVC is 79.56%, up 0.27 percentage points. The total social inventory of PVC is 546,300 tons, up 21,100 tons; the inventory in the East China region is 501,800 tons, up 21,200 tons; the inventory in the South China region is 44,500 tons, down 100 tons [3] Downstream Situation - The national real estate climate index is 91.9, down 0.53. The cumulative value of new housing construction area is 534.567 million square meters, up 43.9531 million square meters; the cumulative value of real estate construction area is 6.560662 billion square meters, up 31.2717 million square meters; the cumulative value of real estate development investment is 420.2457 billion yuan, up 304.16 billion yuan [3] Option Market - The 20 - day historical volatility of PVC is 24.07%, down 0.49 percentage points; the 40 - day historical volatility is 19.64%, up 0.12 percentage points. The implied volatility of at - the - money put options is 21.78%, up 2.32 percentage points; the implied volatility of at - the - money call options is 21.8%, up 2.3 percentage points [3] Industry News - From January 2nd to 8th, the capacity utilization rate of PVC in China was 79.67%, up 1.03% month - on - month. From January 3rd to 9th, the downstream operating rate of PVC increased by 0.08% to 44.02% month - on - month, among which the operating rate of pipes decreased by 0.2% to 35.4% month - on - month, and the operating rate of profiles increased by 0.44% to 30.22% month - on - month. As of January 8th, the social inventory of PVC was 1,114,100 tons, up 3.48% from the previous period. From January 2nd to 8th, the average cost of calcium carbide - based PVC nationwide increased to 5,061 yuan/ton month - on - month, and the average cost of ethylene - based PVC nationwide decreased to 5,004 yuan/ton month - on - month; the profit of calcium carbide - based PVC recovered to - 634 yuan/ton, and the profit of ethylene - based PVC recovered to - 192 yuan/ton [3]