Release Date: April 28, 2026

Summary: With the May Day holiday approaching, the domestic chlor-alkali market exhibited a weak performance today. Impacted by the conclusion of pre-holiday restocking and persistent sluggishness in terminal demand, price centers for liquid caustic soda, flake caustic soda, and PVC have all experienced various degrees of downward adjustment. Wuxi High Mountain provides this analysis of today's core industrial dynamics.

1. Caustic Soda: Supply-Demand Conflict Intensifies, Prices Trend Lower

Liquid Caustic Soda: Persistent Downward Pressure The domestic liquid caustic soda market followed a bearish trend today.

• Shandong: Alumina refineries lowered their purchase prices by another 20 RMB/ton. As shipment rhythms slowed at alkali plants, the market atmosphere weakened, leading to price cuts by several producers in the Western and Southern Shandong regions.

• East & South China: While some facilities in Jiangsu increased their operating loads after maintenance, downstream sentiment remained cautious. In Guangdong and Guangxi, bearish sentiment grew following the price cuts by alumina refineries.

Flake Caustic Soda: Active Shipments with Weakened Support The flake caustic soda market appeared stable but with a weak bias today.

• Supply Side: Despite ongoing maintenance at some units, overall market supply remains ample, though factory inventories are currently low.

• Demand Side: Downstream procurement is entering the final stages before the holiday. Restocking enthusiasm is low due to sufficient social inventories, leaving the market in a "wait-and-see" mode regarding new quotes.

• Price Reference: The current reference price for solid caustic soda in China has been adjusted to approximately 3,107 RMB/ton (Ex-warehouse, tax inclusive).

2. Liquid Chlorine & Hydrochloric Acid: Localized Pullbacks

Liquid Chlorine: Regional Corrections The liquid chlorine market showed divergent performance today, with localized pullbacks.

• Shandong & Jiangsu: Due to limited downstream acceptance of high liquid chlorine prices, some enterprises lowered quotes to stimulate shipments. In Northern Jiangsu, prices dropped by approximately 250 RMB/ton, influenced by the trend in neighboring regions.

• Other Regions: Supply and shipment conditions remained steady in the Hubei and Zhejiang regions.

Hydrochloric Acid: Narrow Volatility The hydrochloric acid market saw limited volatility today. Localized supply remains tight in Shandong and North China due to environmental policies and maintenance, but downstream buyers are only following essential needs. Prices in Guangdong face a slight downward expectation due to a lack of procurement enthusiasm.

• Price Reference: Prices for 31% synthetic hydrochloric acid are mostly concentrated between 50–250 RMB/ton.

3. Calcium Carbide & PVC: Cost Gains Capped, Spot Prices Vibrate Weakly

Calcium Carbide: Minor Hikes Amid Divergent Confidence The calcium carbide market saw localized upward adjustments today. Ex-factory prices in Ningxia and Wuhai rose by 50 RMB/ton to around 2,250–2,300 RMB/ton. While producers show a strong intent to hold prices firm, buyer enthusiasm has weakened, leading to a split in market confidence.

PVC Market: Bearish Consolidation, Weak Restocking

• Carbide-based PVC: The V2609 futures contract vibrated lower, dampening confidence in the spot market. Many downstream factories have already entered holiday mode, leading to a decline in operating rates and procurement intent. East/South China prices are expected to fluctuate around 4,850–5,100 RMB/ton (Ex-warehouse, tax inclusive).

• Ethylene-based PVC: Market trends remain in a state of consolidation with flexible producer quotes, but transaction volumes are struggling to expand. High raw material costs continue to exert pressure. Price references are between 5,600–6,150 RMB/ton (Tax and freight inclusive).

4. HM Perspective: Risk Mitigation and Planning Before the Long Holiday

Based on the dynamics of the final trading days before the holiday, Wuxi High Mountain suggests the following:

1. Logistics Schedule Alert: As the holiday nears, restrictions on hazardous chemical transport and fluctuations in freight costs will become more pronounced. Please confirm arrival times for all orders currently in transit.

2. Downstream Demand Assessment: Post-holiday restocking will depend on the actual consumption levels of terminal manufacturers during the break. Given the current ample supply, we recommend maintaining a rational inventory level and avoiding aggressive buying.

3. Core Product Reliability: As your trusted supply chain partner, High Mountain will continue to ensure the stable supply of PVC Paste Resin, MCAA, and Rongalite throughout the holiday period. For any urgent requirements, please contact our sales team immediately.