Fundamentals remain weak PVC is still dominated by range-adjusted trends

Before downstream demand does not improve significantly, PVC social inventory will remain at a high level, digestion speed is slow, coupled with supply expectations to rise, fundamentals remain weak, futures prices continue to range volatility, center of gravity fluctuation range of 6000-6600
.

In September, the market has expectations for downstream enterprises to enter the "Golden Nine", and medium and long-term market procurement may pick up
under the peak demand season and related policies.
However, at present, downstream demand has not seen a significant increase, and it remains to be seen
whether it can improve and digest sufficient social inventory in the future.

On the macro front, the overseas interest rate hike cycle continues, and the downward pressure on the economy makes export trade still weak in the short term, and exports have limited
support for the domestic plastic market.
On the supply side, with the improvement of power curtailment and the end of the maintenance of some devices, the operating rate of PVC manufacturers may gradually increase, and the loose situation on the supply side will continue
in the short term.

Overall, the subsequent trend depends more on the degree of market destocking, and it is expected that short-term PVC prices will still be mainly
range-adjusted.