PVC prices climbed USD 50 per ton week-on-week to USD 740 per ton as of February 16, 2026. This pushed the core PVC-Ethylene delta to USD 402 per ton, surpassing the 10-year median of USD 393 per ton by 13% on a weekly basis.
The surge stems from elevated freight costs and strong buying interest. Market participants are positioning ahead of China’s planned removal of the export VAT rebate for PVC, effective April 1, 2026. The current 13% rebate has supported exports; its elimination is expected to raise effective costs for Chinese exporters and tighten global supply dynamics.
Meanwhile, Ethylene prices rose modestly by USD 10 per ton to USD 690 per ton, tracking gains in crude oil and naphtha benchmarks. This contributed to the improved PVC-Ethylene margin of USD 45 week-on-week.
Broader Polyester Chain Shows Mixed Trends
In the polyester segment, PTA prices edged up USD 5 per ton to USD 690 per ton, while PX held steady at USD 905 per ton. The PTA-PX spread widened slightly to USD 93 per ton, up USD 5 week-on-week.
PSF (polyester staple fiber) margins improved, with PSF-PTA-MEG delta reaching USD 267 per ton, a USD 13 gain. MEG prices fell USD 15 per ton to USD 445 per ton, reflecting softer demand pressures in downstream applications.
Overall, the weekly trends chart illustrates PVC-Ethylene margins rebounding sharply in early 2026, recovering from lows in late 2025, while polyester indicators show gradual stabilization.
These developments point to selective margin recovery in chlor-vinyl chains, supported by policy anticipation and feedstock alignment, though polyester remains under varied influences.