Price Trend for PVC Granules in Nov 2025

PVC prices continued the going down trend in November 2025, mainly due to increased supply, weak demand, 

and high inventory levels. The following is a detailed analysis:

Price Trends: On November 25th, PVC social inventory reached 1.0282 million tons, a year-on-year increase of 23.75%, 

indicating significant inventory pressure.

1. PVC imports in October decreased by 24.14% month-on-month to 10,900 tons, 

but cumulative imports from January to October only increased by 1.74% year-on-year, 

indicating a short-term reduction in supply but limited overall demand.

Supply and Costs

New Capacity Release: New PVC capacity is expected to reach 2.2 million tons in 2025, bringing the total capacity to 

29.93 million tons by the end of the year, a year-on-year increase of 7.35%.

Weakening Cost Support: PVC prices are falling below the cost line due to losses of 700 yuan/ton for the calcium carbide

method and 560 yuan/ton for the ethylene method.

Demand Side

Real Estate Dragging Down: New construction starts and completions have seen significant year-on-year declines, and 

the operating rates for pipe and profile PVC are low.

Limited Export Support: After India removed anti-dumping duties, exports to India reached 1.215 million tons in October

 (accounting for 41.6% of total exports), but the recovery in export orders in November was limited.

Policy Impact: India's BIS policy adjustment has limited short-term boost, and the domestic overcapacity problem still 

requires policy solutions.