Summary: During the week of April 10 to April 16, 2026, the domestic PVC Paste Resin market experienced a downward trajectory, with transaction price centers drifting lower. Impacted by increased supply and persistent sluggishness in downstream demand, industry inventories remain elevated, putting pressure on manufacturers to accelerate shipments. Wuxi High Mountain provides this in-depth analysis of the current market landscape.

1. Market Overview: Price Centers Adjust Downward

The PVC Paste Resin market exhibited a weak performance this week. As of the reporting date, the average market prices for core grades are as follows:

• Leather Grade: The average market price stands at 7,896 RMB/ton, down by 249 RMB/ton (3.07%) from last week.

• Glove Grade: The average market price stands at 7,969 RMB/ton, down by 147 RMB/ton (2.77%) from last week.

Currently, high industry inventories have placed significant pressure on producers. To stimulate transactions, several enterprises have lowered their quotes, with actual orders relying heavily on negotiations. Feedback on pre-sale orders remains stable but modest.

2. Core Industrial Chain Analysis

Supply Side: Resumption of Production Increases Output This week, facilities in Anhui and Zhejiang that were previously under maintenance resumed operations, with operating loads gradually increasing. As of the reporting date, the overall operating rate of the PVC Paste Resin industry rose to 63.55%, with an operational capacity of approximately 1.128 million tons, leading to a slight increase in market supply.

Cost Side: Weakening Feedstock Support * VCM (Vinyl Chloride Monomer): Ex-factory prices were adjusted downward by 100 RMB/ton this week, with reference quotes at approximately 6,450 RMB/ton.

• Calcium Carbide: Market prices continued to decline. For integrated enterprises, production pressure remains manageable with acceptable profit margins. However, for producers relying on external feedstock, costs remain relatively high despite the recent drops, leading to ongoing profit losses.

Demand Side: Persistent Sluggishness in Downstream Sectors Downstream leather grade enterprises showed low procurement enthusiasm this week. Due to the difficulty in passing higher costs to the end-consumer market, demand remains fatigue-ridden. New orders are limited, with transactions dominated by essential, small-scale purchases.

3. Future Outlook: Expected Supply Contraction and Continued Correction

Looking ahead to late April, Wuxi High Mountain anticipates the following trends:

• Production: Forecasts indicate that several PVC Paste Resin units in Tianjin and Xinjiang will undergo maintenance next week. This is expected to lower the industry operating rate and tighten supply, which may alleviate some inventory pressure.

• Feedstock: The Calcium Carbide market still faces downward risks. Consequently, VCM prices may see further room for decline. This suggests that cost support for carbide-based paste resin will continue to loosen, potentially easing the production pressure for non-integrated enterprises.

• Demand: Terminal demand is expected to remain soft, with downstream manufacturers maintaining a "just-in-time" procurement rhythm.

Conclusion: As geopolitical tensions ease and market sentiment returns to rationality, cost support for PVC Paste Resin remains limited. Combined with weak downstream demand, we expect the market to continue its correction next week, with a projected adjustment range of 100–200 RMB/ton.

4. HM Strategic Advice

Given the weakening supply-demand relationship, Wuxi High Mountain recommends that partners:

1. Optimize Inventory Levels: Since prices still have room for adjustment, maintaining lean inventories is advised to mitigate volatility risks.

2. Monitor Regional Maintenance: Keep a close watch on the maintenance schedules in Tianjin and Xinjiang to capitalize on local supply fluctuations.

Wuxi High Mountain remains dedicated to monitoring global chemical market shifts, providing stable supply chain solutions for high-quality PVC Paste Resin and associated additives.