PVC Market Update

China's suspension grade PVC price is still low, at RMB 4,900–5,100/MT. Carbide-route producers lose more than RMB 700 on every tonne. Inventory is above one million tonnes. The operating rate has fallen to 66.74%. The property market, which drives 60–65% of demand, is falling faster than in 2025. Exports were the only way out, growing 13.3% up to August. Now that way is getting narrower. The European Commission has opened an anti-dumping investigation into PVC from China, Taiwan, Mexico and Korea. This comes after India's CPVC anti-circumvention probe (September). The oversupply is a cycle, not the end of the industry. But the exit routes are closing.