Social inventory remains high, PVC main force low open low and go low

News: PVC social inventory increased by 3.
43% month-on-month last week, 10.
78% year-on-year, in East China, it decreased by 2.
51% month-on-month and increased by 1.
97% year-on-year, and South China increased by 16.
22% month-on-month and 31.
3%
year-on-year.
Stocks in East China were 311,000 tons and South China 172,000 tons
.

The operating rate of PVC production enterprises rebounded this week, and the operating rate this week was 73.
26%, an increase of 1.
61% from last week and 8.
62%
lower than last year.
The calcium carbide method was 75.
18%, an increase of 1.
61% month-on-month and 10.
30% lower than last year, and the ethylene operating rate was 64.
26%, an increase of 1.
59% from last week and 0.
75%
lower than last year.

Spot market: PVC market in Qilu Chemical City is sideways, and the quotation is stable
.
The price of calcium carbide type 5 is 6180 yuan / ton, the price of ethylene Qilu S1000 is 6250 yuan / ton, and the price of S700 is 6350 yuan / ton.

Warehouse receipt inventory: exchange warehouse receipts reported 4540 lots, intraday - 20 lots
.
Main position: the top 20 long positions in the main contract are 146490 lots, +6015 lots, short positions are 125419 lots, -2490 lots, and the net position is 21071 lots, a net long increase
.

Summary: The accelerated spread of the epidemic abroad has caused concern, OPEC and OPEC+ failed to reach an agreement to cut production, and crude oil has plummeted, which has added to the market panic
.
The operating rate of PVC production enterprises has rebounded, and the market supply is still increasing, although PVC downstream product enterprises have begun to resume work
one after another.
However, local government approval is still strict, the resumption of work in many places is slow, and the social inventory of PVC remains high, which has formed a certain suppression
of the price of PVC.
Operationally, short orders in the hands of investors can be held
cautiously.