PVC low rebounded to maintain a range-bound pattern

News: PVC social inventory last week decreased by 12.
79% month-on-month, increased by 4.
17% year-on-year, in East China, it decreased by 9.
52% month-on-month and increased by 31.
68% year-on-year, and South China decreased by 32% month-on-month and 60.
47%
year-on-year.
East China stocks are 133,000 tons, South China 17,000 tons
.

The operating rate of PVC production enterprises last week was 76.
27%, an increase of 1.
94% from last week, a year-on-year decrease of 0.
97%, the calcium carbide operating rate was 77.
72, an increase of 2.
60% from last week, an increase of 2.
54% year-on-year, and the ethylene operating rate was 75.
50%, a decrease of 1.
03% from last week, and a decrease of 10.
84
year-on-year.
Plant operating rates rebounded slightly and spot supplies increased
.

Spot market: Guangzhou PVC market 5 type supply is scarce, forward quotation concentrated in 6750-6870 yuan / ton spot pickup
.
Ethylene Dagu 1000 size 7100 yuan / ton, Shantou area 5 spot general increase 50-100 yuan / ton, Junzheng old / Yili 6860 yuan / ton
.

Warehouse receipt inventory: Exchange warehouse receipts reported 702 lots, intraday -591 lots, in the historical median area
.

Main position: The top 20 long positions in the main contract are 119313 lots, +1385 lots, short positions are 102097 lots, +3340 lots, and the net position is 17216 lots, which is a net long decrease
.

Summary: The PVC spot market is well supplied, the social inventory is still higher than the same period of previous years, and the pressure of calcium carbide transportation has eased, the market supply is sufficient, and the price has weakened
.
The cost support for PVC weakened, Taiwan lowered its November shipping schedule quotation, and on October 30, China canceled anti-dumping to the United States, Japan, South Korea and Taiwan, all of which are negative for PVC
.
However, China and the United States are expected to cancel tariffs in phases, and the recent accident in Inner Mongolia Sanlian Chemical is expected to lead to production suspension to PVC, PVC downstream products imports decreased, and increased exports also supported
prices.
It is expected that PVC will maintain a range-bound pattern in the short term, and operationally, it is recommended that investors wait and see for the time being
.