Summary: In February 2026 (Feb 1-25), the domestic PVC paste resin market remained largely stable with minor fluctuations, maintaining flexible room for negotiation in actual transactions. Analysis by Wuxi High Mountain indicates that while demand was subdued due to the holiday, the market maintained acceptable profit levels supported by strong pre-holiday sales and resilient costs.

1. February Market Review and Analysis

Price Trends and Averages

Market performance for the two core varieties showed slight divergence this month:

• Glove Grade: The monthly average price was 6,574 RMB/ton, a minor decrease of 0.05% month-on-month.

• Leather Grade: The monthly average price was 6,533 RMB/ton, up 0.37% month-on-month.

• Regional Quotes (as of Feb 25): Glove grade prices averaged around 6,650 RMB/ton in East China and 6,700 RMB/ton in South China. Leather grade averaged 6,625 RMB/ton in East China and 6,700 RMB/ton in South China (including tax and freight).

Fundamental Analysis

• Supply Side: No maintenance was scheduled in February, and production loads remained normal during the holiday. Total monthly production is estimated at 105,000 tons, with an operating rate of approximately 71%. Inventory pressure increased due to slow post-holiday demand recovery.

• Demand Side: Downstream activity was limited to essential procurement early in the month, followed by a stagnant period during the holiday. Glove grade manufacturers had sufficient stock, leading to weak buying interest, while most leather grade plants suspended production, resulting in very few inquiries.

• Costs & Profit: VCM prices rose by 50 RMB/ton this month, and upward trends in calcium carbide prices increased production costs, providing firm support for market prices despite profits hovering near the break-even point.

2. March Market Outlook

Supply and Cost Forecast

Operating rates and supply are expected to increase as Tianjin capacity is gradually released and no maintenance is planned for next month. Feedstock costs may see an initial rebound with recovered logistics, followed by a decline as downstream maintenance begins and regional furnaces restart.

Demand and General Projection

March marks the start of the seasonal peak, with rising downstream operating rates and stable export orders providing positive signals. However, high inventory levels may force enterprises to lower quotes to facilitate sales.

General Prediction: PVC paste resin prices in March are expected to remain stable initially before declining, with an anticipated drop of 50-100 RMB/ton.