Weekly PVC Market: Steep Decline Report

This week (2025.5.22-2025.5.29), the spot market price showed a sharp downward trend in the comprehensive comparison.

The spot price fell to a historical low. Some low-end prices in the northwest have even fallen to 4350-4400 yuan/ton, and the futures price also refreshed the location. Influencing factors during the week:

1. The operation of the 2509 contract futures price showed five consecutive declines during the week, and the futures price continued to weaken. The low end of 4700 on Thursday successfully refreshed the annual low, and the low range showed a downward trend of increasing positions, and the short trend was obvious.

2. The operating load of the PVC unit decreased during the week. Some units were still under maintenance. The operating rate of calcium carbide enterprises even fell to 74%. Although the reduction in supply eased the social inventory pressure, it could not drive the price reversal.

3. There was no good change in demand. The downstream small orders were just needed to purchase. After the futures price fell, the low-level replenishment was made. However, after the prices of the futures and spot markets ran to a low level, the transaction was not good.

4. Formosa Plastics' pre-sale quotation for June shipments in Taiwan was raised by 10-20 USD/ton as expected.

5. Calcium carbide prices fell sharply by 50-175 RMB/ton during the week.

6. The overall commodity trend also showed a clear trend during the week. The cultural commodity index fell, and there was no support or guidance, and there was no traction from the news and policy. Overall, the futures and spot markets showed a clear downward trend during the week.

From the comparison of valuations, the North China region fell by 95 RMB/ton, the East China region fell by 165 RMB/ton, the South China region fell by 145 RMB/ton, the Northeast region fell by 145 RMB/ton, the Central China region fell by 120 RMB/ton, and the Southwest region fell by 145 RMB/ton.

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