Crude oil prices rose sharply PVC took advantage of the rebound

In terms of demand, with the gradual implementation of the domestic stable growth policy, the favorable real estate policy is frequent, although the infrastructure has not improved significantly, but in the long run, there is a lot of room
for improvement in terminal demand.
As a back-end variety of real estate, PVC has not yet significantly boosted downstream demand, but the follow-up improvement has greater certainty, and the only uncertain point is the time when
demand improves.

Since the beginning of the year, affected by the Winter Olympics, the actual recovery speed of downstream factories has been slower than in previous years, and the weak demand does not meet market expectations, forming a strong suppression effect
on prices.
The latest data shows that the downstream sample enterprises are about 40%
of the starts.
In terms of subdivision, the performance of soft products is better than that of hard products, with soft products starting at about 45% and hard products starting about 38%.

Overall demand is still recovering, and the bearish is expected to gradually weaken
marginally.

In terms of inventory, as of February 25, the upstream inventory has been slightly dematerialized, the peak period of accumulation has passed, and the follow-up destocking operation is the mainstay
.
The sample volume of social inventory was 362,300 tons, an increase of 10,100 tons from the previous month, and the accumulation rate in East China and South China slowed down, and it is expected that the inventory inflection point will appear
.
The inventory of downstream raw materials and finished products is about 150,000 tons and 87,300 tons, which is slightly lower than the level of the same period last year, and the number of downstream orders is average, so the enthusiasm for procurement is weak
.

Overall, PVC costs are supported, and demand is recovering
.
PVC prices fluctuate
widely between the "real bottom" and the "expected peak".