PVC fundamentals are weak, and the market may be difficult to destock in the short term

Futures market: as of 10.
20, the main PVC closed at 5922 yuan / ton, down 0.
15% from the previous month; Top 20 main long positions: 494356 (-3977), short positions: 550529 (-4787), net short positions: 56173 (-522).

Spot and enterprise dynamics: as of 10.
12, East China (calcium carbide method) quotation: 6100 yuan / ton (-30); South China (calcium carbide method) quotation: 6195 yuan / ton (-20); Ningxia Jinyuyuan PVC started about 90%, there is a certain inventory, wait and see the market within the day, closed and not reported; Formosa Plastics Ningbo 400,000 tons of PVC plant started about 90%, wait-and-see market-oriented, no quotation
within the day.

Basis: As of 10.
10, South China basis -11; East China basis -21; basis slightly weakened
.

Upstream raw materials: as of 10.
12, the quotation of North China calcium carbide was 4265 yuan / ton, which was unchanged from the previous day's price; Shaanxi Lanchar quoted 1576 yuan / ton, no change
from the previous day's price.

The macro atmosphere is weak during the day, PVC prices fluctuate, although the PVC industry starts slightly decreased, but there are not many planned maintenance enterprises in the later stage, and PVC starts are expected to be basically stable; Although there is temporary support for calcium carbide at the raw material end, the performance of PVC is sluggish, which inhibits the price of calcium carbide to a certain extent; Downstream product enterprises started sluggishly, and procurement was cautious; On the whole, PVC fundamentals are weak, and it may be difficult to start destocking
in a short time.