供应宽松，丙烯偏弱震荡为主

Report Industry Investment Rating - Unilateral: Neutral; no specific ratings for inter - period and cross - variety [3] Core Viewpoints - Propylene prices are expected to fluctuate weakly in the short term due to ample supply, insufficient downstream demand, and weak cost support. However, prices may be supported after late August due to potential supply - side maintenance and downstream demand restocking [3] Summary by Directory 1. Propylene Basis Structure - This section includes charts of the closing price of the propylene main contract, the East China basis of propylene, the North China basis of propylene, the 01 - 05 contract of propylene, the East China market price of propylene, and the Shandong market price of propylene [7][10][12] 2. Propylene Production Profit and Operating Rate - It involves charts of the difference between China's CFR propylene and Japan's CFR naphtha, propylene capacity utilization rate, PDH production gross profit of propylene, PDH capacity utilization rate of propylene, MTO production gross profit of propylene, methanol - to - olefins capacity utilization rate, naphtha cracking production gross profit of propylene, and the capacity utilization rate of the main crude oil refinery [16][25][27] 3. Propylene Import and Export Profit - This part has charts of the difference between South Korea's FOB and China's CFR, the difference between Japan's CFR and China's CFR, the difference between Southeast Asia's CFR and China's CFR, and propylene import profit [34][38] 4. Propylene Downstream Profit and Operating Rate - It includes charts of the production profit and operating rate of PP powder, the production profit and operating rate of propylene oxide, the production profit and capacity utilization rate of n - butanol, the production profit and capacity utilization rate of octanol, the production profit and capacity utilization rate of acrylic acid, the production profit and capacity utilization rate of acrylonitrile, and the production profit and capacity utilization rate of phenol - acetone [41][43][46] 5. Propylene Inventory - This section contains charts of propylene in - plant inventory and PP powder in - plant inventory [68]