丙烯日报：供需存支撑，丙烯现货延续偏强运行-20250902

Report Industry Investment Rating - Unilateral: Neutral; PDH propylene supply is expected to tighten, supporting prices, but downstream profits are under pressure and may struggle to keep up [3] - Inter - period: None [3] - Cross - variety: None [3] Core Viewpoints - Supported by supply, demand, and inventory, propylene spot prices continue to be strong, but the futures market shows a volatile trend. The supply side is affected by PDH device maintenance, and the demand side has a mixed situation of downstream start - up rates. The cost side sees the crude oil price remaining volatile [1][2] Summary by Directory 1. Propylene Basis Structure - Relevant figures include the closing price of the propylene main contract, East China basis, North China basis, 01 - 05 contract, East China market price, and Shandong market price [7][10][12] 2. Propylene Production Profit and Operating Rate - Figures cover the difference between China CFR propylene and Japan CFR naphtha, propylene capacity utilization rate, PDH production gross profit, PDH capacity utilization rate, MTO production gross profit, methanol - to - olefins capacity utilization rate, propylene naphtha cracking production gross profit, and crude oil refinery capacity utilization rate [15][23][30] 3. Propylene Import and Export Profit - Figures involve the difference between South Korea FOB and China CFR, Japan CFR and China CFR, Southeast Asia CFR and China CFR, and propylene import profit [33][37] 4. Propylene Downstream Profit and Operating Rate - Relevant figures are the production profit and operating rate of PP powder, propylene oxide, n - butanol, octanol, acrylic acid, acrylonitrile, and phenol - acetone [40][42][45] 5. Propylene Inventory - Figures include propylene in - plant inventory and PP powder in - plant inventory [67]