1. Focus Points

On March 26, U.S. crude oil and product inventories fell, coupled with geopolitical instability, leading to an increase in international oil prices. NYMEX crude oil futures for May rose by $0.65 to $69.65 per barrel, a week-on-week increase of 0.94%; ICE Brent crude futures for May rose by $0.77 to $73.79 per barrel, a week-on-week increase of 1.05%. China's INE crude oil futures main contract for May rose by 2.1 to 539.4 yuan per barrel, and in the night session rose by 3.5 to 542.9 yuan per barrel.

2. Ethylene: Production enterprises still have surplus for external sales, and there are abundant channels for downstream selection. The offered prices are relatively low, and the market's weak trend is difficult to change. There is a possibility of slight fluctuations in ethylene prices. The expected transaction range is forecasted to be between 7000-7200 yuan/ton; the USD market is expected to remain between 840-860 USD/ton.

Vinyl acetate: Production enterprises still have surplus for external sales, and downstream channels are abundant. The quoted prices are relatively low, and the market's weak trend is difficult to change. There is a possibility of slight fluctuations in ethylene prices. The expected transaction range is anticipated to remain between 7000-7200 RMB/ton; the USD market is expected to stay between 840-860 USD/ton.

Core logic:The cost of ethylene and vinyl acetate is running weakly, with diminished support from the cost side. The supply side of EVA is stable without pressure to push prices up, and the downstream foam demand is driven by basic needs. Both supply and demand are weak, indicating a potential for stable and consolidating operations.

II. Price List

3. Market Outlook

In the short term, the domestic EVA supply-demand game continues. Supported by strong demand in the photovoltaic sector, EVA producers are firmly holding the market without pressure. However, downstream orders in the foaming sector are generally average, and demand remains weak, making it difficult to change the situation. Industry participants are cautiously observing and primarily focusing on settling their operations. It is expected that the domestic EVA market will likely maintain a weak and stable consolidation. Mainstream market prices are expected to fluctuate between 11,200-11,700 RMB/ton for hard materials, 11,400-11,800 RMB/ton for soft materials, and 11,500-11,900 RMB/ton for photovoltaic materials.