This week (April 21-24), the domestic PVC market showed a range consolidation trend, with prices fluctuating narrowly at the 5000 yuan/ton mark. The cost side provides bottom support, while the spring inspection on the supply side has led to a decline in production. However, the weak real estate and weak exports on the demand side, coupled with high social inventory, have been suppressed by multiple factors; The supply-demand game is intensifying, and the market is showing a volatile pattern.
1、 Price trend: PVC spot “low-priced replenishment, high price wait-and-see” transactions are average
This week, the PVC futures market mainly fluctuated within a certain range, while the spot market followed the trend of futures. The price did not show a significant breakthrough. According to the commodity analysis system of Shengyi Society, the PVC carbide SG-5 method in East China fell slightly by 0.32% this week, with the mainstream price ranging from 4950-5050 yuan/ton. The regional price difference narrowed, and rigid demand dominated transactions, with small orders being the main focus. The market has a prominent mentality of “low price replenishment and high price wait-and-see”.
2、 Core driving factors: cost floor, supply contraction, weak demand, high inventory
Supply side: Spring inspection centralized landing industry operating rate drops
This week, the industry’s maintenance efforts have increased, and the operating rate has significantly decreased. Data shows that the industry’s operating rate has dropped to below 80%, and overall supply pressure has slightly eased.
In terms of raw materials, the price of calcium carbide is running at a low level, and the mainstream quotation in Northwest China has fallen by 2.6% this week. The downward trend in battery prices this round has caused a certain drag on the spot price of PVC. At the same time, due to the high price of ethylene, the operating rate of ethylene based PVC remains low, further reducing some supply.
Demand side: Continued weakness in downstream, dragged down by weak exports
The weak demand is still the core factor restricting the rebound of PVC prices, and the overall downstream operating rate is low. The operating rate of downstream product enterprises this week was only 50%, a decrease of nearly 10% compared to last week, and the industry maintained a low level of operation. Especially in industries related to real estate, the impact is significant. From January to March 2026, real estate investment and new construction area continued to decline year-on-year, with only slight recovery in completion data. The recovery of core product orders such as pipes and profiles was slow, and enterprises mainly focused on small orders for essential purchases;
In terms of exports: Starting from April 1st, PVC export tax rebates have been officially cancelled, resulting in increased export costs and weakened competitiveness. Export orders have weakened month on month, with a decline compared to the previous period. The dual suppression of internal and external demand makes it difficult for PVC to emerge from a positive market trend. Inventory side: Social inventory is slowly decreasing at a high level, and the turnover cycle is relatively long
In terms of inventory: Although PVC social inventory has slightly decreased compared to the previous week, it is still at a relatively high historical level, and the progress of inventory depletion is slow, which continues to suppress the price rebound. In the context of high inventory, traders have a strong willingness to ship, and price reductions and promotions are common, further limiting the room for spot price increases.
3、 Outlook for the future: Short term low volatility and mid-term improvement in supply and demand

In the short term, the PVC market will continue to fluctuate within a certain range, and it is difficult to form a unilateral trend under the interweaving of long and short factors. Supporting factors: continuous spring inspections and tightening of supply; Restrictive factors: high social inventory suppresses rebound, weak real estate demand is difficult to improve, and orders continue to weaken after the cancellation of export tax rebates. It is expected that the market will maintain a volatile range of 5000-5100 within the month. In the medium term, attention should be paid to the pace of supply and demand improvement: firstly, the implementation of spring inspections. If the scope of maintenance is expanded and the time is extended, supply contraction will support prices; The second is the process of downstream demand recovery.

According to Shengyishe Spot News, as of the 22nd, the price of ethyl acetate was 6800 yuan/ton, a decrease of 676.66 yuan/ton or 9.01% compared to the price of 7473.33 yuan/ton on April 11th. The price of ethyl acetate raw materials has fallen, and the cost side is bearish. Industry players are pessimistic about the market sentiment, and the price trend of ethyl acetate continues to decline.
The continuous decline in upstream acetic acid prices has had a negative impact on the ethyl acetate market, driving a downward trend in prices; The downstream of ethyl acetate is cautiously following up, with low enthusiasm for entering the market and insufficient support from the demand side for ethyl acetate; On the supply side, the operating rate of the equipment has increased, the supply of goods has increased, and the intention of enterprises to ship is obvious. The market is bearish, and the ethyl acetate market is weakly declining.
In the future, the cost support for ethyl acetate is average, and it may continue to decline due to negative factors; From a fundamental perspective, the operating rate of the ethyl acetate plant is relatively high, with companies mainly shipping before the holiday. However, downstream demand is poor, and the purchase of ethyl acetate is limited. The market supply and demand are weak, and it is expected that the ethyl acetate market will consolidate and operate weakly in the later stage. Specific attention will be paid to the raw material market and downstream follow-up situation in the future.

According to the Commodity Market Analysis System of Shengyi Society, as of April 22, the average market price of acetic acid was 3966.67 yuan/ton, a decrease of 783.33 yuan/ton or 16.49% compared to the price of 4750.00 yuan/ton on April 11.
Recently (4.11-4.22), domestic acetic acid prices have experienced a wide decline. Raw material methanol oscillates during operation, with average cost support; On the supply side, as the price of acetic acid rises to a high level, downstream resistance to high priced sources of goods gradually arises, and the market trading atmosphere weakens, leading to inventory accumulation among holders; The weak demand in the terminal market and the continuous decline in downstream prices in the industrial chain have suppressed the acetic acid market, and the market dominance has also reversed towards the demand side. Driven by negative factors, the center of gravity of acetic acid prices continues to shift downwards.
Recently, the raw material methanol market has been fluctuating. As of April 22, the average price in the domestic market was 3256 yuan/ton, a decrease of 1.33% compared to the price of 3300 yuan/ton on April 11. Affected by geopolitical conflicts, methanol import supply is tight, and futures market prices are high, supporting the strong performance of the spot market. However, downstream resistance to high prices has increased, and pre holiday stocking demand is weak. Some holders have shifted their focus of negotiations to promote shipments, resulting in a decrease in methanol prices and weakened cost support for acetic acid.
The downstream acetic anhydride market weakened and decreased, with the average ex factory price of acetic anhydride dropping from 7225 yuan/ton to 6100 yuan/ton from April 11th to 22nd, a decrease of 15.57%. There has been little change in the production of acetic anhydride on the supply side, with enterprises mainly following the market trend. Downstream enthusiasm for high priced purchases is average, and the price of acetic anhydride on the raw material side has fallen. Cost support has weakened, and market sentiment is bearish, resulting in a continuous decline in acetic anhydride prices.
Market forecast: Acetic acid analysts believe that currently, acetic acid companies have sufficient inventory, obvious pre holiday inventory intentions, weak downstream product market conditions, low market entry enthusiasm, insufficient support for acetic acid, and weak market fundamentals. It is expected that the acetic acid market will consolidate and operate weakly in the short term, and the market supply situation will be closely monitored in the future.

This week, the mixed xylene market fluctuated downward, with a benchmark price of 6938.25 yuan/ton on April 13, 2026, falling to 6400.75 yuan/ton on April 20, a 7.75% decline during the cycle. The weakening of crude oil on the cost side has suppressed support, domestic refineries on the supply side are actively shipping, and downstream demand is weak. The market trading is light, and industry sentiment is bearish. The mixed xylene market is showing a unilateral weak operation.
Cost aspect: After significant fluctuations in international crude oil prices this week, the center of gravity has shifted downwards, and the cost support for mixed xylene continues to weaken. Crude oil fell sharply in the early stage of the week due to the easing of geopolitical situation and the increase in inventory. Although it rebounded briefly during the trading session, it failed to reverse the weak pattern and directly weakened the cost support of mixed xylene production. At the same time, the Asian mixed xylene market first rose and then fell. On April 15th, FOB South Korea closed up by $23/ton to $1094-1096/ton, CFR China closed at $1110/ton, and on April 16th FOB South Korea fell back to $1088-1090/ton and CFR China fell back to $1103/ton. The foreign market prices weakened from strong to weak, further dragging down domestic cost support. The price difference between pure benzene and mixed xylene remains loose, and the arbitrage window between PX and mixed xylene has opened, forming a certain diversion support for mixed xylene. However, the strength is limited, making it difficult to offset the negative transmission caused by the weakening of crude oil, and the overall performance on the cost side is bearish. As of March 13th and April 17th, the settlement price of the June contract for WTI crude oil futures in the United States was $82.59 per barrel. The settlement price of Brent crude oil futures for the June contract is $90.38 per barrel.
Supply side:
The supply of mixed xylene in the domestic market remains loose, with active shipments from main refineries and Shandong refineries, and sufficient market supply. Although the second quarter is the traditional maintenance season in the industry, and some companies have maintenance plans, there is currently no large-scale maintenance landing this week, and the overall production capacity of mixed xylene in China is fully released. Combined with the reasonable level of inventory maintained in East China ports, the market has abundant circulation of goods, and the supply side has significantly suppressed prices.
Demand side:
According to the Commodity Market Analysis System of Shengyi Society, the overall demand for mixed xylene downstream is weak, and the release of essential demand in various sectors is limited.
PX industry chain: The domestic PX market operates steadily, with stable core equipment and smooth shipments; The Asian PX external market fluctuated and fell. On April 10th, the FOB South Korean average price for Asian PX external market was about 1144 US dollars/ton, and the CFR China average price was about 1169 US dollars/ton. By April 16th, the FOB South Korean average price had fallen to 1213 US dollars/ton, and the CFR China average price had fallen to 1238 US dollars/ton. The overall external market price had slightly declined, and the profit and purchasing mentality of the PX industry chain were limited, dragging down the demand for mixed xylene chemical industry.
Coatings and solvent industry: During the week, the domestic coatings and solvent industry maintained a medium low level of production, with weak consumption in the end market and a continuous decline in the price of mixed xylene. Industry players showed a strong wait-and-see attitude, with procurement mainly focused on small orders for essential needs. The demand for mixed blending remained weak, making it difficult to effectively support the mixed xylene market.
Overall, downstream industries have a clear resistance to high priced mixed xylene. Even if prices are significantly reduced, the pace of replenishment remains slow, and the demand side continues to be weak.

Market forecast:
In the short term, the domestic mixed xylene market will still face multiple pressures and is likely to maintain a weak and volatile trend. The trend of crude oil on the cost side remains uncertain, and if it continues to weaken, it will further drag down the mixed xylene market; The loose supply pattern of domestic refineries and local refineries on the supply side is difficult to change in the short term, coupled with the slow pace of subsequent maintenance and landing, and market supply pressure still exists; The recovery of downstream industries on the demand side is slow, and the release of essential demand is limited. The follow-up situation of procurement will become a key variable in the market. It is expected that there will be no significant reversal in the mixed xylene market in the short term. In the future, special attention should be paid to fluctuations in crude oil prices, updates on equipment maintenance by domestic enterprises, and the pace of downstream inventory replenishment, in order to be alert to the risk of continued price decline.

According to the Commodity Market Analysis System of Shengyi Society, the PTA spot market in East China showed a slight upward trend this week (April 13-17), with an average market price of 6597 yuan/ton at the beginning of the week, an increase of 4.12% compared to the beginning of the week.
The supply side has become the core supporting factor in the market. In April, the industry ushered in a centralized maintenance season, with tens of millions of tons of production capacity from companies such as Yisheng, Hengli, and INEOS undergoing centralized maintenance. Large scale facilities of leading enterprises have been shut down for maintenance, and the industry load has decreased from 85% to around 70% currently. Combined with the fact that there will be no new PTA production capacity in China by 2026, the industry’s supply will continue to shrink, and social inventory will shift from accumulated to depleted, providing bottom support for prices.
The progress of the US Iran negotiations will gradually weaken the geopolitical premium, and the cost of crude oil and PX may fluctuate and fall at high levels. As of April 16th, the settlement price of the May WTI crude oil futures contract in the United States was $94.69 per barrel, and the settlement price of the June Brent crude oil futures contract was $99.39 per barrel.
The demand side is in the traditional off-season for textiles, with insufficient terminal foreign trade orders. The operating rate of weaving machines in Jiangsu and Zhejiang provinces is only 60-70%. Although the polyester sector maintains an 80% operating rate, the inventory of finished products has accumulated. Enterprises mainly purchase PTA for essential needs, and the transmission of high priced raw materials downstream is hindered, dragging down the market on the demand side.
Business analysts believe that in the short term, the domestic PTA supply is expected to maintain a contraction, and there will be little change in the downstream polyester end. Most of the purchases are for essential needs, and the degree of destocking of social inventory will expand. In addition, there are many uncertain factors in the Middle East situation, and the supply of raw materials is still tight, with cost support still present.