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On February 12, the main PVC V2005 contract rebounded on Wednesday, closing at 6285 yuan / ton, -5 yuan from the previous trading day; Volume 86006 lots, -10881 lots; Position 181919 lots, +5274 lots, basis 165 yuan, +5 yuan; 5-9 spreads - 75 yuan, +5 yuan
.
News: On February 11, the operating rate of PVC production enterprises was 66.
93%, down 3.
77% from February 7, 10.
57% lower than before the Spring Festival, and 17.
81%
lower than the same period last year.
Under the influence of the current market logistics and transportation, high product inventory, raw material supply and sales, the operating rate of some PVC production enterprises maintained a downward trend
.
Spot market: Qilu Chemical City PVC market weak operation, the current quotation is less, calcium carbide 5 type price is 6580 yuan / ton, ethylene Qilu S1000 price is 6680 yuan / ton, S700 price is 6780 yuan / ton, inquiries are rare, the market is relatively light
.
Warehouse receipt inventory: exchange warehouse receipts reported 4755 lots, intraday -0 lots
.
Main position: The top 20 long positions in the main contract are 135104 lots, +5025 lots, short positions are 129050 lots, +5358 lots, and the net position is 6054 lots, net long reduction
.
Summary: After the holiday, the operating rate of PVC manufacturers fell to 66.
93%, down 3.
77% from February 7, down 10.
57% from the start before the Spring Festival, and 17.
81%
lower than the same period last year.
It shows that the burden of production enterprises has decreased significantly
.
However, due to the impact of transportation restrictions and sluggish downstream demand, PVC social inventory increased by 68.
42% month-on-month and decreased by 8.
83%
year-on-year.
On the demand side, after the Lantern Festival, the resumption rate of downstream enterprises is still not high, and many regions have issued notices that all new and under construction sites need to be postponed
.
Therefore, most downstream enterprises have not yet set the start time, and the willingness to stock is weak
.
At present, it is in the off-season of PVC demand, downstream demand is insufficient, coupled with the need to delay the start of downstream construction, it is expected that the sluggish downstream demand will inhibit the price of
PVC.
Investors are advised not to chase long
for the time being.
