2025年全球PP货物流向半年深度报告

Core Insights - The global polypropylene (PP) industry is currently in a production cycle, with high output leading to a gradual shift towards oversupply [2] - China's production capacity growth is particularly notable, with domestic consumption lagging behind exports, which is becoming a necessary trend [2] - The report analyzes the global supply-demand landscape and macroeconomic changes affecting the polypropylene industry, providing a current status and future outlook [2] Group 1: Supply Dynamics - Global PP production capacity expansion is accelerating, resulting in increasing supply pressure and a shift towards oversupply [3] - The import trade flow is changing under intensified market competition, with a focus on near-ocean regions and Asian trade partners [3][4] - Domestic production is gradually replacing imports, with a trend towards higher-end imported grades [4] Group 2: Demand Trends - The global demand growth for PP is slowing due to economic pressures and trade war impacts, leading to underwhelming consumption performance [4] - The globalization process is accelerating, with export trade undergoing a transformation [4] - China's export market is expanding rapidly, altering the competitive landscape [4] Group 3: Price and Cost Analysis - The supply-demand imbalance is causing a downward shift in PP market prices in Asia [4] - Fluctuations in upstream raw material prices are leading to a divergence in cost and profit trends for PP production [5] - Tariff policies are impacting the survival and development of PDH-based polypropylene enterprises [5] Group 4: Future Outlook - Multiple factors are complicating the market, with supply-demand pressures expected to persist in the second half of the year [5] - The gradual exit of imports is shifting focus towards exports, influencing future import-export dynamics [5] - Changes in tariff policies are reshaping market structures and will affect the evolution of global PP trade [5]