国投期货化工日报-20250724

Report Industry Investment Ratings - Urea: ★★☆ (Trend of upward movement) [1] - Methanol: ★★★ (Clear upward trend and investment opportunity) [1] - Pure Benzene: ★★☆ (Trend of upward movement) [1] - Styrene: ★★☆ (Trend of upward movement) [1] - Polypropylene: ★★★ (Clear upward trend and investment opportunity) [1] - Plastic: ★★★ (Clear upward trend and investment opportunity) [1] - PVC: ★★★ (Clear upward trend and investment opportunity) [1] - Caustic Soda: ★★★ (Clear upward trend and investment opportunity) [1] - PX: ★★☆ (Trend of upward movement) [1] - PTA: ★★★ (Clear upward trend and investment opportunity) [1] - Ethylene Glycol: ★☆☆ (Upward drive but limited operability) [1] - Short Fiber: ★★★ (Clear upward trend and investment opportunity) [1] - Glass: ★★★ (Clear upward trend and investment opportunity) [1] - Soda Ash: ★★★ (Clear upward trend and investment opportunity) [1] - Bottle Chip: ★★★ (Clear upward trend and investment opportunity) [1] - Propylene: ★★☆ (Trend of upward movement) [1] Core Views - The chemical market is affected by various factors such as policies, supply - demand relationships, and macro - emotions. Different chemical products show different price trends and investment opportunities [2][3][4] Summary by Relevant Catalogs Olefins - Polyolefins - Olefin futures fluctuated narrowly. Supply pressure in Shandong increased, and prices were weakly sorted. Polyolefin futures rose. PE had improved market sentiment but weak demand and abundant supply. PP prices rose as low - price resources were sold out, and short - term demand was affected by the off - season [2] Pure Benzene - Styrene - Pure benzene prices rebounded with improved commodity sentiment. There is an expected seasonal improvement in supply - demand in the third quarter and pressure in the fourth quarter. Styrene futures continued to consolidate horizontally. Macro - support was still there but weakened, and spot transactions were poor [3] Polyester - PX and PTA prices rose driven by external sentiment. PTA continued to accumulate inventory, and the pressure on upstream raw materials was expected to weaken. Ethylene glycol prices rose, with weak downstream demand and supply recovery. Short fiber prices may be boosted by future demand, and bottle chip had limited profit - repair drivers [4] Coal Chemical Industry - Methanol futures rose due to policy support. Port inventory decreased unexpectedly, and production enterprise inventory decreased slightly. Urea futures were firm. Domestic demand was weak, but exports were advancing, and the short - term trend was expected to be strong [6] Chlor - Alkali Industry - PVC was strongly running due to anti - involution policies, but demand was weak and supply increased. Caustic soda was also strong. Upstream policies may affect raw material prices, and downstream resistance was high [7] Soda Ash - Glass - Soda ash was strongly running due to anti - involution policies and rising prices. Inventory decreased, and supply was high. Glass touched the daily limit, with continued price increases and inventory reduction. A strategy of going long on glass and short on soda ash can be considered [8]