Dragged down by high inventory and low demand, PVC prices fluctuated weakly

Futures market: as of 9.
21, the main PVC closed at 6087 yuan / ton, down 0.
75% from the previous month; Top 20 main long positions: 412020 (+28671), short positions: 502240 (+45074), net short positions: 90220 (+15732).

Spot and enterprise dynamics: as of 9.
21, East China (calcium carbide method) quotation: 6280 yuan / ton (-80); South China (calcium carbide method) quotation: 6375 yuan / ton (-90); The first phase of Shandong Xinfa PVC started normally, and the second phase was overhauled from September 15, the shipment was general, the price was reduced, and the 5 type factory reported 6200 yuan / ton in cash; Yibin Tianyuan PVC started basically full load, the price is stable, 5 type 6550 yuan / ton, 8 type high 100 yuan / ton, 3 type high 150 yuan / ton, the delivery price is slightly higher, the actual transaction price can be negotiated
.

Basis: As of 9.
21, South China basis +288; East China basis +193; basis slightly weakened
.
Upstream raw materials: as of 9.
21, the quotation of North China calcium carbide was 4060 yuan / ton, which was unchanged from the previous day's price; Shaanxi Lanchar quoted 1480 yuan / ton, up 44 yuan / ton
from the previous day.

The current PVC fundamentals are relatively calm
.
Judging from the PVC import and export data in August, it reflects the pattern
of "weak inside and strong outside".
This is further evidence of the temporary
sluggish domestic demand.
Although it is in the traditional peak demand season, PVC is still dragged down by "high inventory, low demand", and the performance of the plate is weak
.
There is a short-term Fed interest rate meeting, external uncertainties have increased, combined with the current low valuation of PVC, maintain a cautious wait-and-see attitude
towards market prices.