Morning Market Update for Vinyl Acetate

I. Key Focus Points

1. Raw material prices: Glacial acetic acid (Jiangsu) at 4,500 RMB/ton; Calcium carbide (Ningxia) at 2,700 RMB/ton; Ethylene (Northeast Asia) at 1,180 USD/ton.
2. Strong cost-side support.
3. Multiple units scheduled for maintenance on the supply side.

Core Logic: Fundamentals remain robust, with the market continuing to oscillate at high levels.

II. Price Table

Notes:

1. VAM and PVA are both premium-grade products.
2. Prices for VAM and PVA are in RMB per ton.
3. All RMB prices listed above are ex-works, cash-on-delivery, tax-inclusive.
4. The two price points represent snapshot prices from the previous two working days prior to this week, not weekly averages.
5. Change rate refers to the period-over-period percentage change.
6. Prices reflect market negotiated levels.

III. Market Outlook

Supply of vinyl acetate monomer (VAM) is expected to tighten due to reduced output, while strong cost support encourages producers to maintain firm pricing. Downstream demand remains limited to rigid requirements, with few new orders released. Intermediaries continue to adopt a cautious wait-and-see approach, prolonging the tug-of-war between bullish and bearish factors. With the holiday approaching, attention will shift to downstream procurement intensity after the break. Short-term, the market is expected to continue oscillating at high levels.

IV. Data Calendar

Notes:

1. ↓↑ indicates significant volatility, highlighting data dimensions with changes exceeding 3%.
2. ↗↘ indicates minor fluctuations, highlighting data dimensions with changes within 0–3%.