Social inventory remains high PVC main force narrow finishing

News: In February 2020, the output of domestic PVC production enterprises was 1.
4889 million tons, down 16.
83% from 1.
7902 million tons in January; Compared with 1.
5621 million tons in February last year, it was a sharp decrease of 4.
69%.

From January to February 2020, domestic PVC production totaled 3.
2791 million tons, a slight increase of 0.
23%
compared with 3.
2716 million tons in the same period from January to February last year.

Spot market: the mainstream price of calcium carbide type 5 in Guangzhou PVC market was lowered to 6140-6180 yuan / ton
.
Dagu 800 type 6550 yuan / ton, 700 type 6550 yuan / ton
.
Shantou area, salt lake / sky lake 6160 yuan / ton, real negotiation
.

Warehouse receipt inventory: exchange warehouse receipts reported 4560 lots, intraday -120 lots
.
Main position: The top 20 long positions in the main contract are 139923 lots, -64 lots, short positions are 129726 lots, -895 lots, and the net position is 10197 lots, which is a net long increase
.

Summary: Although the introduction of domestic stimulus policies has weakened market panic, the initial control of the epidemic has also eased market worries
.
However, the operating rate of PVC manufacturers 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 PVC social inventory remains high
.
Sluggish downstream demand is expected to dampen the rebound height
of PVC.
The future market focuses on the pressure
of the 6300 line.