供应压力恢复，需求表现一般

Report Industry Investment Rating No information provided Core View of the Report The supply of polyolefins is under pressure due to the expected restart of multiple previously shut - down plants and the ramp - up of new production capacities. The cost support for polyolefins has increased with the rising international crude oil prices. The propane price has been weakening, leading to a slight increase in the start - up rate of PDH - based PP production. It is the traditional off - season for polyolefin downstream demand, with the agricultural film start - up rate continuing to decline and other terminal start - up rates being weakly volatile. Terminal factories have low enthusiasm for raw material procurement, mainly making rigid - demand purchases. The inventories of upstream factories and traders are being slowly depleted. The strategy for plastics is to be cautiously bearish on the single - side, and there is no strategy for the inter - period [1][3][4] Summary According to Relevant Catalogs 1. Polyolefin Basis Structure The L main contract closed at 7106 yuan/ton (+28), the PP main contract closed at 6941 yuan/ton (+9), the LL spot price in North China was 7140 yuan/ton (+50), the LL spot price in East China was 7120 yuan/ton (+20), the PP spot price in East China was 7080 yuan/ton (+10), the LL basis in North China was 34 yuan/ton (+22), the LL basis in East China was 14 yuan/ton (-8), and the PP basis in East China was 139 yuan/ton (+1) [2] 2. Production Profit and Start - up Rate The PE start - up rate was 77.4% (+0.6%), the PP start - up rate was 77.0% (+1.6%). The PE oil - based production profit was 159.4 yuan/ton (-47.7), the PP oil - based production profit was - 110.6 yuan/ton (-47.7), and the PDH - based PP production profit was - 122.1 yuan/ton (+42.8) [2] 3. Polyolefin Non - standard Price Difference No specific data and analysis provided in the content 4. Polyolefin Import and Export Profits The LL import profit was - 310.6 yuan/ton (+9.4), the PP import profit was - 475.4 yuan/ton (-15.3), and the PP export profit was 16.5 US dollars/ton (+1.9) [2] 5. Polyolefin Downstream Start - up and Downstream Profits The PE downstream agricultural film start - up rate was 12.9% (-0.1%), the PE downstream packaging film start - up rate was 48.9% (+0.3%), the PP downstream plastic weaving start - up rate was 44.7% (-0.5%), and the PP downstream BOPP film start - up rate was 60.4% (+0.7%). No downstream profit data provided [2] 6. Polyolefin Inventory The upstream factory inventories and trader inventories are being slowly depleted, but no specific inventory data provided [3]