PVC rushed back down and the futures price maintained range fluctuations

News: 1.
In December 2017, China's PVC pure powder export volume was 68972.
23 tons, and the cumulative export volume was 956687.
28 tons; in December 2017, China's PVC pure powder import volume was 56288.
11 tons, and the cumulative import volume was 771586.
94 tons
.

Price: 1, Japan naphtha CF Japan reported 598.
5 tons, down 8.
5; naphtha FOB Singapore reported 65.
42 US dollars / barrel, down 0.
92
.
ethylene CFR Northeast Asia 1330, down 30; CFR Southeast Asia was trading at $1240/mt, down 30
%.

Spot market: The price of some domestic PVC spot market has risen.

North China calcium carbide law reported 6550 yuan / ton, flat; ethylene law reported 6750 yuan / ton, flat; East China calcium carbide method reported 6780 yuan / ton, up 80, ethylene method 6980 yuan / ton, flat; South China calcium carbide method 6800, up 80, ethylene method 7000, up 50
.
Raw material prices were flat, East China reported 3150 yuan, flat, Northwest reported 3420 yuan, flat
.

On the demand side, near the Spring Festival, the downstream operating rate fell, but considering the recovery of the downstream operating rate after the holiday, some merchants had pre-holiday bargain replenishment behavior, and the operating rate in South China was relatively stable; On the supply side, affected by replenishment in the short term, PVC upstream inventory decreased month-on-month, short-term supply pressure was not large, and the accumulation of
upstream before and after the Spring Festival was paid attention to in the later stage.
After the rapid rise of the futures price, the basis discount is large, which limits its upside
.

Technically, the PVC1805 contract rushed back down intraday, focusing on the pressure around 7000 in the short term, testing the support around 6800 below, and maintaining the volatility of the 6800-7000 range in the futures
.