1. Market Price

2. Market Review

China’s PVC powder market prices moved sideways after falling in April. Up to April 28, the monthly average price of calcium carbide-based SG-5 was RMB 4,889/mt, down RMB 112/mt or 2.24% MoM.

In April, China’s PVC powder market fundamentals improved narrowly. As export orders were gradually delivered and more unit maintenance, PVC powder social inventory declined, but its effect was limited. In early April, market sentiment was significantly dampened by news of the U.S. imposing additional tariffs on Chinese goods, coupled with increased risk-averse capital flows, leading to a downward trend in both futures and spot prices of PVC powder. In H2 April, although the negative impact of tariff concerns gradually faded, the absence of China’s countermeasures kept the macroeconomic outlook subdued. Additionally, new PVC powder units were planned to come online, coupled with fewer exports and changes in tariff policies, so market players held bearish sentiments toward the market.

3. Market Forecast

SCI reckons that China’s PVC powder prices will possibly be range-bound in May 2025, with the price range of RMB 4,800-4,950/mt.

In May, China’s PVC powder market fundamentals may change limitedly. With new PVC units coming online, the PVC output will likely increase. China’s domestic consumption may enter the slack season. Though China’s PVC powder resources will possibly still enjoy price advantages, PVC export orders may decrease amid uncertainties in anti-dumping policies and BIS certification. Moreover, the integrated profit at chlor-alkali producers will possibly remain negative, supporting the PVC market from the bottom. As for the macroeconomy, China’s easing policies are expected to be implemented, and there is hope for a resolution to the tariff issue, leading to improved macroeconomic prospects. SCI predicts that the average self-delivery prices of SG-5 in East China in May, June, and July 2025 will likely be RMB 4,880/mt, RMB 4,850/mt, and RMB 4,920/mt respectively.