International energy strengthens PVC costs are supported

On the macro front, the government work report sets an economic growth target of about 5.
5% for 2022, requiring stable growth to be placed in a more prominent position
.
It is expected that after the two sessions, it will be a period
of concentrated efforts for stable growth policies such as infrastructure.

In terms of raw materials, the cost side formed a good support for PVC: blue carbon stopped falling and stabilized; calcium carbide shipments were better, the price center of gravity moved upward, and Wuhai calcium carbide rebounded to 4150 yuan / ton; Affected by rising international energy prices, the cost of ethylene has moved upward; Liquid chlorine prices strengthened
.

In terms of demand, terminal starts have increased, PVC enterprise orders have turned good, and enterprises are still optimistic about infrastructure demand this year; Exports continue to strengthen and overseas demand is strong
.

In terms of operating rate, the overall operating rate of PVC this week fell slightly to 80.
13%, down 0.
37% month-on-month, of which the calcium carbide PVC operating rate decreased by 0.
33% month-on-month to 82.
15%; The ethylene PVC operating rate was 72.
65%, down 0.
51%
from the previous month.
Overall construction starts were lower
.

In terms of stocks, the East China South China sample bank continued to rise, with East China sample stocks of 300,900 tons this week, an increase of 01,400 tons from last week, and South China sample stocks of 68,100 tons, an increase of 05,300 tons
from last week.
The inflection point of the total inventory of the sample library is approaching
.
This week's was 369,000 tons, up 06,700 tons from last week and up
for 11 consecutive weeks.
However, the month-on-month growth rate has fallen to 1.
85%, and as downstream demand recovers, it maintains the judgment
of ushering in the inflection point of inventory in mid-to-late March.