According to the monitoring of the commodity market analysis system of SunSirs, the domestic PVC spot market continued its downward trend from the previous month in March. As of March 31st, the average price of PVC in China was 4,930 RMB/ton, a decrease of 0.44% for the whole month.
Last month, the PVC spot market continued its downward trend, with a slight narrowing of the decline. Prices slightly turned red in the latter half of the month, but the rebound was limited and the overall decline has not changed.
Specifically, on the one hand, due to the weak performance of upstream crude oil and ethylene, coupled with the suppression of the futures market, the spot PVC market generally experienced a bearish trend. On the other hand, there is a certain pressure on supply and demand, and the spot market has not yet escaped the downward channel. There is basically no rebound trend after a decline in the market during the month, and the operating rate continues to be high. Production continues to increase, and there is a slight surplus of supply. At present, there is no signal of bottoming out and stabilizing in the market. Downstream procurement is mainly based on spot prices, with low enthusiasm for inquiry based procurement and a sluggish market atmosphere. The hanging order price is relatively low. Overall, it is still mainly driven by basic needs, and the trading atmosphere is average. As of March 31st, the mainstream price range of PVC SG5 electrical aggregate in China is mostly around 4,880-5,000 RMB/ton.
In terms of upstream calcium carbide, since March, the price of calcium carbide has stopped falling, and the price range has been adjusted this month. According to data monitored by SunSirs, the price increase of calcium carbide since March has been zero. Overall, calcium carbide lacks positive guidance and has limited support. With the weak performance of downstream PVC market, the price of calcium carbide may not stabilize and improve in the near future.
The PVC analyst from SunSirs believes that the supply and demand of PVC will continue to remain weak in the short term, mainly due to the sustained high operating rates of manufacturers and the high inventory levels of both enterprises and the market. On the cost side, the upstream price of calcium carbide is unlikely to rebound, and the cost support is average. From the perspective of the futures market, the PVC futures market has shown weak performance in the later stage, which has affected the confidence of the spot market, and the spot market is generally bearish. It is expected that the PVC spot market will remain weak and volatile in April 2025, and we will closely monitor changes in the news.
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