I. Focus Points

3/20: The US continues to strengthen sanctions against Iran, and the instability in the Middle East brings potential supply risks, leading to an increase in international oil prices. NYMEX crude oil futures 04 contract rose by $1.10 per barrel to $68.26, up 1.64% month-over-month; ICE Brent crude oil futures 05 contract increased by $1.22 per barrel to $72.00, up 1.72% month-over-month. China's INE crude oil futures main contract 2505 rose by 0.6 to 522 yuan per barrel, and the night session increased by 12.1 to 534.1 yuan per barrel.

2, Carbide: Currently, the downstream unloading vehicles are still at a low level, and the insufficient regional arrivals affect the PVC production load. However, as corporate profitability improves, it drives the enthusiasm of producers for production. Previously shut-down facilities are gradually resuming operations, and the supply of commercial carbide is showing an increasing trend. Next week, the maintenance of PVC in the Sichuan region will lead to a decrease in demand, which may gradually stabilize market prices. It is expected that with the increase in Ningxia region, the overall market trading price will rise by 50 yuan/ton, but next week the market will enter a stable inventory replenishment phase, with stronger regional performance.

3, PVC: Yesterday, the domestic PVC market prices remained firm, with a slight decline in transactions; within the week, the load of PVC production enterprises changed little, and supply slightly decreased due to the temporary impact on individual facilities. Export transactions at low prices were acceptable, and spot prices in the market remained firm. As of March 20th, the cash warehouse price for calcium carbide process type five in the East China region was 4800-4950 yuan/ton, and for ethylene process, it was 4950-5200 yuan/ton.

II. Price List

III. Market Outlook

PVC current supply remains at a high level, but domestic downstream demand is still mainly based on rigid demand, with poor performance of forward orders, and the supply and demand fundamentals have not yet shown signs of improvement. At present, the supply of raw material calcium carbide is tight, and there are still signs of price increases, with a firm cost bottom support. At the same time, driven by foreign trade delivery and terminal restocking demand, industry inventory continues to decrease. Overall, the supply and demand of PVC continue to be in a tug-of-war, and it is expected that the PVC market will maintain a weak and stable operation in the short term.

Four, Data Calendar