SunSirs: PVC Prices Continue to Rise Amid Rebounding Demand; Industry Players Report Robust Order Backlogs

“Driven by rising raw material costs, PVC additive product prices have increased since the start of 2026, with demand showing signs of recovery and ample order backlogs,” Ruifeng High-Tech Materials (300243) stated during a recent investor briefing.

Industry sources indicate that the PVC general-purpose plastics sector has experienced a turnaround this year, with prices trending upward since the beginning of the year. As of February 25, 2026, the PVC market price stood at 4,547 RMB/ton, up 6.8% from the beginning of the year. By March 2, domestic spot quotes for mainstream PVC markets remained within the 4,550–4,600 RMB/ton range, marking a cumulative increase exceeding 7% since the start of the year. Concurrently, core PVC downstream additive products have also entered a price recovery phase, signaling coordinated recovery across the entire industrial chain.

It is reported that the primary driver behind this round of price increases for PVC and related products stems from rigid cost support. Domestic PVC production primarily relies on the calcium carbide method, accounting for over 80% of total industry capacity. Since 2026, influenced by phased increases in coal prices, environmental production restrictions in major production areas, and stricter safety production controls, domestic calcium carbide supply has tightened, with prices continuing to rise, directly pushing up production costs for calcium carbide-based PVC. For ethylene-based PVC, international crude oil prices have fluctuated above the $80/barrel threshold since 2026, driving up petrochemical feedstock costs like ethylene. This has similarly imposed rigid cost pressures on ethylene-based PVC production. Industry analysts note that most PVC enterprises operated near breakeven points throughout 2025. The current cost surge has created a consensus foundation for industry-wide price transmission, serving as the core driver for product price increases.

Concurrently, sustained demand recovery provides robust market support for price increases. Since 2026, China's growth stabilization policies have continued to take effect. The real estate sector has accelerated efforts to ensure project delivery and restore completion rates, while major infrastructure projects have ramped up construction pace. This has directly driven demand recovery for core downstream products like PVC pipes and profiles. Data indicates that by the end of February 2026, the operating rate of major domestic PVC pipe and profile manufacturers had rebounded to 62%, an 11-percentage-point increase from the end of Q4 2025. Operating rates for PVC flexible products and packaging material enterprises also rose to over 60%. With the arrival of the traditional peak consumption season for downstream industries in March, market demand is expected to further expand.

Since the beginning of this year, listed companies along the industrial chain have been the first to respond to market changes, showing positive signals in their operations. Rui Feng High-Tech Materials recently stated that rising PVC prices have a positive effect on additive demand, as customers anticipate stockpiling and increasing product inventories, thereby driving up additive demand. If raw material prices remain stable, the recovery in demand will push the company's product prices upward, further improving gross profit margins. Since the beginning of this year, affected by rising PVC prices and increases in the prices of key PVC additive raw materials such as butadiene and styrene, the company has correspondingly adjusted its PVC additive product prices.

Monitoring data indicates that as of February 25, 2026, the prices of acetylacetone and calcium acetylacetone—key components in PVC stabilizers—stood at RMB 20,000/ton and RMB 21,500/ton respectively. Compared to their troughs on June 30, 2025, these prices have risen by RMB 7,000/ton and RMB 8,500/ton, demonstrating a pronounced recovery trend.

PVC additive manufacturers are also expected to benefit from the price recovery of products like acetylacetone salts, with the industry overall showing characteristics of cost pass-through and price stabilization/rebound.

In the short term, cost-side support will persist, and the pace of downstream demand recovery remains the core factor determining upward price potential. Industry profitability is expected to continue improving as the peak demand season approaches.

In the medium to long term, the PVC industry has undergone years of capacity rationalization, with outdated production facilities continuously phased out and market concentration steadily increasing. Leading enterprises are gaining stronger cost advantages and market influence. Concurrently, as environmental policies tighten, the PVC additive sector is accelerating its transition toward eco-friendly and high-performance solutions. Top players with technological R&D strengths and scaled production capacity will continue to benefit from rising industry concentration and the domestic substitution of high-end products.

As an integrated internet platform providing benchmark prices, on March 3, the benchmark price of SunSirs PVC was RMB 4,632.00/ton, an increase of 0.94% compared with the beginning of the month (RMB 4,589.00/ton).

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