PVC resin report for the first half of 2023

In the first half of 2023, PVC prices showed a fluctuating downward trend. In January 2023, after the release of epidemic prevention policies, the market's expectation of a rapid economic recovery in 2023 briefly pushed up PVC futures prices. After the Spring Festival, the expected strong recovery did not materialize, and PVC fell from overestimation. The Federal Reserve and other central banks continued to raise interest rates. In March, the Silicon Valley Bank thunderstorm event led to financial risk spillover and increased market risk aversion, which also poured cold water on the bulk commodity market, led by crude oil. From the end of March to early April, there was an increase in PVC maintenance and an increase in calcium carbide prices, resulting in a certain rebound in PVC prices. In mid to late April and May, the good news of the market has been exhausted, the economic recovery has slowed down, and the growth rate of economic indicators such as CPI, social zero and fixed assets investment has fallen short of expectations, all pointing to a weak recovery of the economy. PP terminal demand has weakened, and the price center has shifted downwards. Entering June, positive macroeconomic policy expectations boosted market sentiment, and the "interest rate reduction" boots were implemented, increasing market expectations for fiscal incremental policies. PVC has stopped falling and stabilized, and under the stimulation of low prices, buying has increased, showing a weak rebound trend.

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