Morning Market Update for Polyvinyl Alcohol (PVA)

I. Key Points

1. Cost-side support remains adequate
2. Export orders continue
3. Downstream demand follow-up is limited

Core Logic: Bull-bear tug-of-war; PVA market consolidates within a range

II. Price Table

Notes:

1. Both VAM and PVA refer to premium-grade products.
2. Prices for VAM and PVA are in RMB, unit: yuan/ton.
3. All RMB prices listed above are ex-works, cash-with-invoice, tax-inclusive prices.
4. The two price periods represent point-in-time prices from the previous two working weeks before this week, not weekly averages.
5. The change rate reflects the period-over-period percentage change.
6. Prices indicate market negotiated levels.

III. Market Outlook

Supply-side spot resources for polyvinyl alcohol remain generally abundant, while upstream raw material prices stay at relatively high levels, providing some cost-side support. Downstream demand continues to be sluggish, with end-users primarily purchasing on an as-needed basis, and holders selling according to market conditions. Overall supply-demand fundamentals are weak, and short-term market trends are expected to continue consolidating at lower levels.

IV. Data Calendar