化工日报-20250423

Report Industry Investment Ratings - Methanol: ☆☆☆ [1] - Urea: ☆☆☆ [1] - Polyolefins: Not provided - Styrene: ☆☆☆ [1] - Polyester: Not provided - Chlor - Alkali: ☆☆☆ [1] - Glass and Soda Ash: ☆☆☆ [1] Core Views - The overall market is affected by multiple factors such as macro - atmosphere, supply - demand relationship, and trade policies. Different chemical products show different trends, with some in short - term adjustment, some expected to rebound, and some in low - level oscillations [2][3][4] Summary by Product Methanol - Affected by the macro - atmosphere, the methanol futures price rises. The inland market is strong due to device maintenance and pre - holiday downstream demand, while the port market is weak due to expected import increase. The supply is expected to rise, but low inventory provides some support, with short - term oscillation adjustment [2] Urea - The intraday trend is weak. Supply is high, agricultural demand is postponed, and compound fertilizer开工率 is decreasing. With the approaching of the new agricultural demand peak season, the short - term market is expected to stabilize and then rise slightly [3] Polyolefins - The futures of polyethylene and polypropylene rise. The downstream开工率 of polyethylene is decreasing, but the supply pressure is expected to ease due to reduced imports and device maintenance. For polypropylene, planned and potential unplanned device shutdowns may lead to increased maintenance losses [4] Styrene - The futures price rises, but the medium - term downward pattern continues. The supply - demand contradiction has improved. The output is expected to decrease due to more device shutdowns than restarts, and the demand is also expected to decline. The price is in low - level oscillation [5] Polyester - Affected by the easing of Trump's tariff policy, the polyester sector is positive. PX and PTA may have price repair opportunities if the trade situation eases. The impact of trade friction on ethylene glycol is mixed, and the price is driven by oil prices. Short - fiber prices rebound, and the bottle - chip industry's开工率 rises, with the profit at a low level [6] Chlor - Alkali - PVC fluctuates slightly, with production expected to rise, domestic demand being flat, and the price likely to oscillate at a low level. Caustic soda is strong intraday, with inventory reduction but still in a loss stage, and it is recommended to wait and see [7] Glass and Soda Ash - Glass is strong, with improved sales in Shahe and cost support. The price is expected to have limited decline. Soda ash futures rise due to maintenance rumors. The supply is high, and the long - term is in an oversupply pattern, with a possible short - term rebound [8]