China's PVC Battleground

PVC (polyvinyl chloride) is the most policy-sensitive bulk resin in the world because it is made two completely different ways. China — half the planet’s capacity — runs predominantly on coal via calcium carbide, while the marginal new tonne globally is built on oil-derived ethylene. In 2026 those two routes have been pulled in opposite directions at the same time, and that is the entire story of the sector right now.