化工日报-20250729

Report Industry Investment Ratings - Propylene: No specific rating mentioned - Polyolefins: No specific rating mentioned - Pure Benzene - Styrene: No specific rating mentioned - Polyester: No specific rating mentioned - Coal Chemicals: No specific rating mentioned - Chlor - Alkali: No specific rating mentioned - Soda Ash - Glass: No specific rating mentioned - Ethylene Glycol: ★☆☆ [1] - Short Fiber: ☆☆☆ [1] - Bottle Chip: No specific rating mentioned - Methanol: ☆☆☆ [1] - Urea: No specific rating mentioned - PVC: ☆☆☆ [1] - Caustic Soda: ★☆☆ [1] - Soda Ash: ★★★ [1] - Glass: ☆☆☆ [1] Core Viewpoints - The prices of various chemical products are affected by factors such as supply - demand relationships, device operations, and policy expectations, and most products are expected to maintain range - bound fluctuations in the short term [2][3][5] Summary by Directory Olefins - Polyolefins - Propylene futures fluctuate narrowly, with supply expected to increase due to device restarts and limited support from supply - demand fundamentals [2] - Polyolefin futures continue to consolidate within a range. Polyethylene supply has increased significantly this year, and demand improvement has limited support. Polypropylene supply is expected to increase, and downstream demand is weak [2] Pure Benzene - Styrene - Unified benzene prices have a small callback after the cooling of policy - related sentiment. There is an expectation of seasonal improvement in the third - quarter mid - to - late stage and pressure in the fourth quarter [3] - Styrene futures fluctuate narrowly. Supply pressure persists, and downstream demand is stable with poor spot transactions [3] Polyester - PX and PTA prices fluctuate. PTA continues to accumulate inventory, and the processing margin and basis weaken. The industry expects to wait for downstream demand recovery [5] - Ethylene glycol fluctuates upward, facing supply changes. Pay attention to external sentiment and policies [5] - Short fiber and bottle chip prices stabilize following raw materials. Short fiber has a positive medium - term outlook, while bottle chip has long - term over - capacity pressure [5] Coal Chemicals - Methanol futures are firm in range - bound fluctuations. Domestic supply is sufficient, and ports are expected to accumulate inventory. Pay attention to macro - policies [6] - Urea futures operate at a low level. Domestic downstream demand is weak, and production enterprises are de - stocking, with short - term range - bound operation expected [6] Chlor - Alkali - PVC fluctuates weakly. Supply decreases, domestic demand is weak, and external demand is expected to improve. Short - term prices follow cost fluctuations [7] - Caustic soda shows a strong trend. Some enterprises raise prices, and long - term supply pressure persists, with prices expected to be under pressure at high levels [7] Soda Ash - Glass - Soda ash prices fluctuate narrowly. There is still supply - demand pressure in the long term, and it is a short - selling product at high prices [8] - Glass prices continue to fall. In the long - term poor demand situation, prices are difficult to rise significantly without supply reduction [8]