Since the beginning of 2026, the domestic EVA market has experienced a significant surge in prices. According to the SunSirs Commodity Market Analysis System, as of April 13, the benchmark price for domestic EVA stood at 13,350 RMB/ton—a 36.69% increase from the 9,766 RMB/ton recorded at the start of the year.
During January and February, EVA prices fluctuated within a narrow range, and market trading sentiment remained subdued. During this period, photovoltaic (PV) installation and encapsulant film production entered their traditional off-season; downstream buyers focused primarily on meeting immediate, essential needs, leaving the demand side without significant incremental support. Concurrently, domestic EVA production facilities operated smoothly with ample supplies of imported goods available; consequently, supply and demand remained in a state of "weak equilibrium." Compounded by high inventory levels carried over from the previous period, the pressure to destock dampened upward price momentum, resulting in an overall market trend characterized by consolidation and bottom-seeking fluctuations.
Since March, the EVA market has witnessed an explosive surge in prices. Prices rocketed upward from a low plateau of 10,150 RMB/ton, firmly establishing themselves at 13,350 RMB/ton by mid-April—a cumulative increase exceeding 30%. Three primary factors drove this rally: First, the cancellation of export tax rebates for PV products effective April 1 prompted module manufacturers to rush installations between late March and April. This surge directly triggered urgent inventory replenishment among PV encapsulant film manufacturers. Given that EVA used in PV encapsulant films accounts for 50%–60% of total EVA demand, this short-term explosion in demand disrupted the supply-demand equilibrium. Second, the second quarter saw domestic EVA production facilities undergo a concentrated period of maintenance—on a scale exceeding that of previous years. This resulted in a temporary contraction of supply during April and May. Furthermore, volatility in the global geopolitical landscape caused import arbitrage windows to close, leading to a year-on-year plunge of over 50% in imported supplies and highlighting a tightening trend in the spot market. Third, rising crude oil prices drove up the costs of upstream raw materials—such as ethylene and vinyl acetate—thereby increasing EVA production costs. As manufacturers successively raised their ex-factory prices, market bullish sentiment was further reinforced.
As of early April, the operating rate of EVA production facilities hovered in the range of 78% to 81%. Throughout the period under review, prices for the key raw materials—ethylene and vinyl acetate—remained at elevated levels, thereby strengthening cost-side support for EVA. As of April 13, the domestic price for ethylene (Sinopec East China) stood at 9,800 RMB/ton—a 62.39% increase from the 6,150 RMB/ton recorded at the beginning of the year. Similarly, as of April 13, the market price for vinyl acetate in East China reached 12,300 RMB/ton, up 34.45% from the 5,875 RMB/ton seen at the start of the year.
Currently, with the peak of the "rush-to-install" wave in the photovoltaic sector having passed, downstream export demand has slowed marginally, and speculative buying interest has subsided. Consequently, the market has entered a "wait-and-see" phase characterized by a tug-of-war between bullish and bearish forces. Nevertheless, ongoing maintenance shutdowns on the supply side mean that spot availability has not yet fully eased; coupled with the persisting cost-side support, a significant downward correction in prices remains unlikely.
Looking ahead, analysis from the SunSirs Spot Trading System indicates that the spot price curve for EVA has recently converged toward its 10-day moving average. This suggests that the upward momentum observed in recent times is waning, and EVA prices may undergo a mild correction in the short term. Furthermore, given that current EVA prices are trading at levels considered "overbought" relative to the past year, market participants are advised to exercise caution regarding purchases in the short term, prioritizing a "wait-and-see" strategy.
SunSirs has been continuously tracking price data for over 200 commodities for nearly 20 years, please contact support@sunsirs.com for subscription.
