化工日报-20250818

Report Industry Investment Ratings - Urea: No clear investment rating indicated [1] - Methanol: ★☆☆ (One star, indicating a bias towards a certain direction but limited operability on the trading floor) [1] - Pure Benzene: No clear investment rating indicated [1] - Styrene: No clear investment rating indicated [1] - Propylene: No clear investment rating indicated [1] - Plastics: No clear investment rating indicated [1] - PVC: No clear investment rating indicated [1] - Caustic Soda: ★☆☆ (One star, indicating a bias towards a certain direction but limited operability on the trading floor) [1] - PX: No clear investment rating indicated [1] - PTA: ☆☆☆ (White star, indicating a relatively balanced short - term trend and poor operability on the trading floor, suggesting waiting and seeing) [1] - Ethylene Glycol: No clear investment rating indicated [1] - Short - fiber: ☆☆☆ (White star, indicating a relatively balanced short - term trend and poor operability on the trading floor, suggesting waiting and seeing) [1] - Glass: No clear investment rating indicated [1] - Soda Ash: ☆☆☆ (White star, indicating a relatively balanced short - term trend and poor operability on the trading floor, suggesting waiting and seeing) [1] - Bottle Chip: No clear investment rating indicated [1] Core Viewpoints - The overall market for various chemical products shows a complex and diverse situation, with different products having different supply - demand relationships, price trends, and influencing factors [2][3][4][5][6][7] Summary by Related Catalogs Olefins - Polyolefins - Propylene futures fluctuated widely around the 5 - day moving average. Device start - stop plans exist, and production enterprise inventory pressure is relatively controllable. Downstream demand is general, with some downstream device restarts providing slight support [2] - Polyolefin futures had narrow - range fluctuations. Polyethylene supply decreased slightly, and demand improvement was limited. Polypropylene supply is expected to increase, and short - term demand is weak [2] Pure Benzene - Styrene - The price of unified benzene rebounded after a decline. Domestic production decreased slightly, imports are expected to shrink, and ports continued to destock. It is recommended to operate on the monthly spread in the fourth quarter [3] - Styrene futures had narrow - range fluctuations. The cost end provides support, but there is a lack of one - sided driving force. Domestic production is expected to increase [3] Polyester - PX and PTA prices fluctuated narrowly, with PX rising rapidly at the end of the session and PTA following. PX supply - demand is expected to improve, and attention should be paid to oil prices and demand recovery [4] - Ethylene glycol prices fell below 4400 yuan/ton. Ports are accumulating inventory, and it is recommended to pay attention to demand recovery [4] - Short - fiber supply and demand are stable, and it is recommended to consider long - term allocation. Bottle chip processing margins are low, and capacity over - supply is a long - term pressure [4] Coal Chemical Industry - Methanol prices fell smoothly. Ports are rapidly accumulating inventory, and the short - term market is weak [5] - Urea prices rebounded slightly, but the short - term supply - demand is loose, and the market is affected by sentiment and export news [5] Chlor - Alkali - PVC is in a weak operation. Supply is high, demand is insufficient, and prices are expected to be weak [6] - Caustic soda is in a strong operation. Supply has decreased slightly, and short - term prices are expected to be strong, but long - term supply pressure remains [6] Soda Ash - Glass - Unified soda ash prices weakened. The industry is accumulating inventory, and long - term supply exceeds demand [7] - Glass prices fluctuated narrowly. The industry may continue to accumulate inventory, but cost increases are expected to prevent prices from falling below previous lows [7]