In mid November, the domestic EVA market remained stable and slightly volatile, with a narrow increase in spot prices. According to the Commodity Market Analysis System of SunSirs, as of November 20th, the benchmark price of EVA in China was 12,233.33 RMB/ton, with a price increase of 2.80% compared to the beginning of the month.

The supply of ethylene at the raw material end further contracted in mid November.

The pattern of high supply and low demand in the vinyl acetate industry has been maintained, and prices continue to weaken under pressure. The recent improvement in trading conditions is limited, but the cost side has risen, smoothing out some of the bearish effects of vinyl acetate. At present, vinyl acetate is in the traditional off-season, and at the same time, some enterprise units are returning to work, leading to an expected expansion of the supply-demand contradiction. The market for EVA raw materials fluctuates, providing general support for the EVA market.

In mid November, the high load level of domestic EVA enterprises was lowered. The industry's operating rate has dropped from 82% at the beginning of the month to around 72%, and the market supply remains abundant. In terms of factory pricing, manufacturers have maintained a sideways trend, but the continued high load position in the early stage has gradually accumulated supply pressure. Currently, the overall inventory of EVA is high, and the supplier's support for spot goods is loose.

The demand side of EVA performed poorly in mid November. The long-term weak demand for foam shoe materials has not changed. In the early stage, the low demand for photovoltaic materials has risen, and the highly anticipated demand from photovoltaic enterprises has not been fulfilled. Affected by demand falsification, market buying has cooled and spot prices have been dragged down. With the completion of the photovoltaic material stocking phase, the demand side bearish gradually rises. The mentality of the buyer camp has returned to a resistance towards high priced sources.

Overall, the EVA market's growth in mid November was hindered. The support of raw material market for EVA spot is average. The high level of industry load has decreased, and downstream photovoltaic material consumption has subsided, resulting in a disruption of market supply and demand balance. Supply pressure gradually rises, and spot prices stagnate and fluctuate horizontally. Currently, EVA suppliers are dominated by high prices, but subsequent demand expectations are poor, and it is expected that the EVA market may decline in the short term. It is recommended to closely monitor changes in on-site demand.

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