检修高峰带来的聚丙烯市场反弹或有限

Core Viewpoint - The polypropylene (PP) market has shown signs of stabilization in a weak overall trend since September, with futures contracts experiencing a rebound after hitting a three-month low [1] Supply and Demand Analysis - The supply-side support for the PP market is weakening, although maintenance activities are providing some support; however, the expected rebound in prices may be limited [1] - As of mid-September, there has been a noticeable increase in unplanned maintenance of PP facilities, with nearly 40 plants currently offline, affecting over 9 million tons of capacity [1] - By September 15, the domestic PP plant shutdown ratio rose to 20.74%, an increase of 7.82 percentage points from the beginning of the month, indicating some relief in supply-side pressure [1] Future Market Outlook - There are no new capacity additions planned for PP in the latter half of September, but several facilities, including those from Shenhua Xinjiang, Daqing Refining, and Zhongjing Petrochemical, are expected to restart, which may reduce the intensity of maintenance activities [1] - Considering the need for inventory reduction before the National Day holiday, the supply-side support for the PP market may weaken, leading to a limited duration for any short-term price rebound [1]