建信期货聚烯烃日报-20250821

Report Overview - Report Date: August 21, 2025 [1] - Report Type: Polyolefin Daily Report - Research Team: Energy and Chemical Research Team [2] 1. Investment Rating - No investment rating information is provided in the report. 2. Core View - The chemical industry is undergoing adjustments to address over - capacity. The futures market of polyolefins shows a weak trend with cautious trading. The supply - side pressure of PP is increasing as more devices restart, while the supply of PE is relatively neutral. The downstream consumption shows some improvement but has a weaker outlook compared to the same period last year. Polyolefins are expected to fluctuate strongly, and attention should be paid to the demand improvement and inventory reduction in the second half of the month [4]. 3. Summary by Directory 3.1 Market Review and Outlook - Futures Market Quotes: The prices of plastic and PP futures contracts generally rose. For example, plastic 2601 closed at 7347 yuan/ton, up 27 yuan/ton (0.37%); PP2601 closed at 7056 yuan/ton, up 28 yuan/ton (0.40%) [3]. - Market Situation: The futures market remained weak, with cautious trading. Traders offered discounts, and downstream buyers mainly purchased at low prices. The upstream device operating rate continued to increase. The supply - side pressure of PP increased due to the restart of devices, and the supply of PE was relatively neutral. The downstream operating rates of some industries increased, but the peak - season expectations were weaker than last year [4]. 3.2 Industry News - Inventory: On August 20, 2025, the inventory level of major producers was 78.5 tons, a decrease of 1.5 tons (1.88%) from the previous working day, compared with 79.5 tons in the same period last year [5]. - PE Market: The PE market price was weakly adjusted. The LLDPE prices in North, East, and South China were in the ranges of 7130 - 7430 yuan/ton, 7240 - 7700 yuan/ton, and 7380 - 7750 yuan/ton respectively [5]. - Propylene Market: The mainstream price of propylene in Shandong was 6380 - 6400 yuan/ton, down 20 yuan/ton from the previous day. Some restarted devices led to sufficient supply, and producers slightly lowered prices to promote sales [5]. - PP Market: The domestic PP market continued to decline, with a decline of 20 - 30 yuan/ton. The mainstream prices of North, East, and South China were in the ranges of 6850 - 7000 yuan/ton, 6880 - 7000 yuan/ton, and 6830 - 7080 yuan/ton respectively [6]. 3.3 Data Overview - The report provides data on futures market quotes, including opening, closing, highest, lowest prices, price changes, price change rates, trading volumes, and open interest changes of different plastic and PP futures contracts [3]. - There are also some figures related to inventory, such as two - oil inventories and their year - on - year changes, but specific data is not described in detail in the text [9].