The domestic EVA market saw a slight upward trend in March. According to the Commodity Market Analysis System of SunSirs, as of March 28th, the benchmark price of EVA in China was 11,466 RMB/ton, an increase of 1.47% compared to 11,300 RMB/ton on March 1st.
EVA production in March increased compared to February, with overall production around 83-87%. Currently, manufacturers have limited inventory and a strong willingness to raise prices. In March, the prices of raw materials ethylene and vinyl acetate fell weakly, and the cost faced weakened support from EVA. As of the end of March, the domestic price of ethylene in Sinopec East China was 7,100 RMB/ton, a significant decrease of 7.79% from 7,700 RMB/ton at the end of February. The price of vinyl acetate in the East China market is 5,925 RMB/ton, a decrease of 2.87% from 6,100 RMB/ton at the end of February.
From the perspective of demand side, in March, the downstream photovoltaic industry mainly demanded essential goods, while the demand for foam terminals was relatively weak. The foam industry mostly purchased according to demand and was resistant to high priced goods, resulting in a gradually stagnant market transaction atmosphere.
Overall, raw material prices are expected to fall from high levels, EVA production is relatively high, and downstream demand is mainly driven by rigid demand but resistant to high priced sources. It is predicted that the EVA spot market may fall from high levels in the later period.
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