Core Viewpoint - PVC futures are experiencing a downward trend, with the main contract slightly declining by 1.52% to 4714.00 CNY/ton as of October 31 [1] Inventory and Production - As of October 30, PVC social inventory decreased by 0.5% to 1.03 million tons, but increased by 25.09% year-on-year; East China inventory stands at 97160 tons, down 0.57% week-on-week, and up 25.95% year-on-year; South China inventory is at 5840 tons, up 0.54% week-on-week, and up 12.30% year-on-year [2] - The overall operating load rate for PVC powder this week is 77.09%, an increase of 3.35% week-on-week; the calcium carbide method's operating load rate is 76.47%, up 4.82% week-on-week; the ethylene method's operating load rate is 78.50%, down 0.06% week-on-week [2] Market Analysis - According to Hengtai Futures, domestic PVC supply is expected to increase while downstream demand remains weak, leading to export pressures and limited market support for prices, indicating potential downward space [4] - Hualian Futures notes that the supply side's operating rates are generally stable, with new capacity of 200,000 tons from Qingdao Bay added this month; however, the market remains under pressure due to continuous capacity release and weak real estate demand [4] - The inventory situation shows a slight accumulation in social inventory while factory inventory decreases, with warehouse receipts continuing to increase; cost-wise, calcium carbide and ethylene prices are weak, leading to insufficient valuation support [4] - Overall, the PVC supply-demand situation remains weak, with the market trending downward influenced by macroeconomic factors, and the focus is on the pressure points around the 4800-4900 CNY/ton resistance level for the 2601 contract [4]