PP：开工率下降需求弱 价格或反弹 7161元/吨

Core Viewpoint - The overall operating rate of PP downstream continues to decline, remaining at a historically low level for the same period, with expectations of a slight rebound in PP prices due to improved market sentiment from US-China trade negotiations [1] Supply Side - The operating rate of PP enterprises has dropped to approximately 82% due to new maintenance facilities and limited orders from downstream sectors [1] - ExxonMobil's two facilities in Huizhou have started production, contributing to supply increases, while maintenance activities have also risen [1] Demand Side - The operating rate of PP downstream has decreased by 0.19 percentage points to 49.50% as of the week ending May 9 [1] - The demand for PP remains weak, with limited new orders and a continued decline in plastic weaving operating rates [1] Price Movement - The PP2509 futures contract experienced a decrease in positions, fluctuating between a low of 7134 yuan/ton and a high of 7189 yuan/ton, closing at 7161 yuan/ton, reflecting a slight increase of 0.18% [1] - Spot prices for PP in various regions have mostly increased, with filament prices reported between 7130 and 7410 yuan/ton [1] Inventory Levels - The petrochemical inventory has decreased by 30,000 tons to 790,000 tons, which is 85,000 tons lower than the same period last year [1] Raw Material Prices - Brent crude oil for July has fallen below $64 per barrel, while China's CFR propylene prices remained stable at $800 per ton [1]