丙烯日报：供应端波动支撑，丙烯现货继续上探-20250911

Report Industry Investment Rating - Unilateral: Neutral; pay attention to the maintenance dynamics of upstream PDH units and the resumption of work in downstream industries [3] - Inter - period: None [3] - Cross - variety: None [3] Core Viewpoints - Supply - side fluctuations support the upward trend of propylene spot prices. On the supply side, PDH maintenance supports the supply, and market trading has improved, leading to a rebound in propylene spot prices. On the demand side, the high propylene price has compressed downstream profits, weakening the purchasing enthusiasm of some downstream industries and suppressing the upward space of propylene. On the cost side, the cost support for propylene is acceptable [1][2] Summary by Directory 1. Propylene Basis Structure - Includes figures such as 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 of propylene [7][10][12] 2. Propylene Production Profit and Capacity Utilization - Covers figures like the difference between China's propylene CFR and Japan's naphtha CFR, propylene capacity utilization rate, PDH production gross profit, PDH capacity utilization rate, MTO production gross profit, methanol - to - olefin 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 - Contains figures such as the difference between South Korea's FOB and China's CFR, Japan's CFR and China's CFR, Southeast Asia's CFR and China's CFR, and propylene import profit [33][34][36] 4. Propylene Downstream Profit and Capacity Utilization - Comprises figures of production profit and capacity utilization rate of PP powder, propylene oxide, n - butanol, octanol, acrylic acid, acrylonitrile, and phenol - acetone [39][40][42] 5. Propylene Inventory - Includes figures of propylene in - plant inventory and PP powder in - plant inventory [63][64]