Group 1: Methanol and Polyolefins Overall - The report is a methanol polyolefins morning report from the energy and chemical team of the research center on September 5, 2025 [1][2] Group 2: Methanol Market - The trading logic is that port pressure is transmitted to the inland. The inland has seasonal stocking demand and new device stocking increment from Lianhong, but ports will cause continuous backflow impact. The current price is based on inland prices, and the inland situation is crucial later [2] - Xingxing is expected to start operation in early September, but inventory is still accumulating. Backflow can relieve port pressure but will affect inland valuation. Currently, valuation and inventory are average, and the driving force is weak. It's necessary to wait before bottom - fishing [2] - Import variables include India's purchase of Iranian products and unplanned maintenance [2] Group 3: Polyethylene Market - Two - oil inventory is neutral year - on - year. Upstream two - oil and coal chemical industries are destocking, social inventory is flat. Downstream raw material and finished product inventories are neutral. Overall inventory is neutral. The 09 basis is about - 110 in North China and - 50 in East China [3] - External markets in Europe, America, and Southeast Asia are stable. Import profit is around - 200 with no further increment for now. Non - standard HD injection molding prices are stable, other spreads are volatile, and LD is weakening [3] - September maintenance is flat compared to the previous month. Recently, domestic linear production has decreased month - on - month. Attention should be paid to LL - HD conversion and US quotations. New device pressure in 2025 is large, and the commissioning of new devices should be monitored [3] Group 4: Polypropylene Market - Polypropylene upstream two - oil and mid - stream are destocking. In terms of valuation, the basis is - 60, non - standard spreads are neutral, and import profit is around - 700. Exports have been good this year [3] - Non - standard spreads are neutral. European and American markets are stable. PDH profit is around - 400, propylene is volatile, and powder production start - up is stable. Drawstring production scheduling is neutral [3] - Future supply is expected to increase slightly month - on - month. Current downstream orders are average, and raw material and finished product inventories are neutral. Under the background of over - capacity, the 01 contract is expected to have a slightly excessive supply pressure. If exports continue to increase or there are many PDH device maintenance, the supply pressure can be alleviated to a neutral level [3] Group 5: PVC Market - The basis of 01 contract is maintained at - 270, and the factory - delivery basis is - 480. Downstream start - up is seasonally weak, and the willingness to hold goods at low prices is strong. Mid - and upstream inventories are continuously accumulating [3] - Summer seasonal maintenance of northwest devices has a load center between the spring maintenance and the high production in Q1. Pay attention to production commissioning and export continuity in Q4. Near - term export orders have slightly declined [3] - Coal sentiment is positive, blue - carbon cost is stable, and calcium carbide profit is under pressure due to PVC maintenance. The counter - offer for caustic soda exports is FOB380. Pay attention to whether subsequent export orders can support high - level caustic soda. PVC comprehensive profit is - 100 [3] - Currently, the static inventory contradiction is accumulating slowly, cost is stable, downstream performance is average, and the macro situation is neutral. Pay attention to exports, coal prices, commercial housing sales, terminal orders, and start - up [3]
甲醇聚烯烃早报-20250905
Yong An Qi Huo·2025-09-05 05:09