建信期货聚烯烃日报-20250626

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - Futures prices of plastics and PP showed a weak and volatile trend, suppressing the trading atmosphere in the spot market. The supply side had few new maintenance, and the loss of device maintenance decreased. The domestic supply of PP was on the rise. The downstream industry entered the traditional off - season, with insufficient new orders and slow construction progress due to weather. The basis of plastics and PP slightly rebounded but remained low. The easing of the Middle East conflict led to a decline in polyolefins from high levels, and attention should be paid to changes in cost - side drivers [4] 3. Summary by Related Catalogs 3.1 Market Review and Outlook - Futures Market: The L2509 contract of linear low - density polyethylene (LLDPE) opened lower, fluctuated during the session, and closed down at 7271 yuan/ton, a decrease of 20 yuan/ton (- 0.27%), with a trading volume of 310,000 lots and a decrease in positions. The main PP contract closed at 7084 yuan/ton, down 30 yuan (- 0.42%), with a decrease of 24,000 lots in positions. The weak futures market affected the spot market, with traders reducing prices and end - users being cautious [3][4] - Supply Side: There were few new maintenance, and the loss of device maintenance decreased. The 500,000 - ton/year fourth - line of Zhenhai Refining & Chemical's PP project was planned to be put into production on June 19, 2025, increasing the domestic supply [4] - Demand Side: The downstream industry entered the traditional off - season, with significantly insufficient new orders. Affected by high - temperature and rainy weather, the construction progress of terminal projects slowed down. The high raw material prices and weak downstream profits made it difficult to significantly improve the enthusiasm for raw material procurement [4] 3.2 Industry News - Inventory: On June 25, 2025, the inventory level of major producers was 765,000 tons, a decrease of 15,000 tons (- 1.92%) from the previous working day. The inventory in the same period last year was 740,000 tons [5] - PE Market: The prices of the PE market partially declined. The prices of LLDPE in North China, East China, and South China were in the ranges of 7280 - 7500 yuan/ton, 7350 - 7800 yuan/ton, and 7450 - 7750 yuan/ton respectively [5] - Propylene Market: The price center of propylene on the west coast of the Yellow Sea moved down. The mainstream price was 6650 yuan/ton, and the market was light with enterprises focusing on shipments and downstream being cautious [5] - PP Market: The PP market declined by 20 - 50 yuan/ton. The mainstream prices of PP drawing materials in North China, East China, and South China were in the ranges of 7060 - 7180 yuan/ton, 7130 - 7230 yuan/ton, and 7150 - 7250 yuan/ton respectively [5]