化工日报-20250911

Report Industry Investment Ratings - Pure Benzene: ☆☆☆ [1] - Styrene: ☆☆☆ [1] - PX: ☆☆☆ [1] - PTA: ☆☆☆ [1] - Ethylene Glycol: ★☆☆ [1] - Short Fiber: ☆☆☆ [1] - Bottle Chip: ☆☆☆ [1] - Methanol: ☆☆☆ [1] - Urea: ☆☆☆ [1] - PVC: ☆☆☆ [1] - Caustic Soda: ☆☆☆ [1] - Soda Ash: ☆☆☆ [1] - Glass: ☆☆☆ [1] Core Views - The supply of propylene is tight, downstream demand is strong, and the price is expected to rise; the supply of polyolefin is under pressure, and the demand recovery is slow, with limited upward price drivers [2] - The domestic pure benzene market may improve in the third quarter, but the current price is in low - level shock; the price of styrene is supported in the short - term [3] - PTA price is driven by raw materials, and the processing margin is low; ethylene glycol price is weak; short fiber can be bullishly allocated in the near - term; bottle chip has limited processing margin recovery space [5] - Methanol is expected to stabilize in shock; urea market is expected to remain weak [6] - PVC price may fluctuate weakly; caustic soda price may show a wide - range shock pattern [7] - Soda ash is suitable for short - selling at high rebounds; glass price may show a wide - range shock pattern [8] Summary by Directory Olefins - Polyolefins - Propylene futures fluctuate narrowly around the 5 - day moving average, with tight supply and strong downstream demand [2] - Polyolefin futures remain in a low - level range, with slow demand recovery and limited upward price drivers [2] Pure Benzene - Styrene - Pure benzene price is in low - level shock, with possible improvement in the third quarter [3] - Styrene price is supported in the short - term due to regional downstream stocking [3] Polyester - PTA price follows the raw materials, with low processing margin and increasing device maintenance [5] - Ethylene glycol price is weak, affected by new device commissioning [5] - Short fiber can be bullishly allocated in the near - term, with demand improvement expected [5] - Bottle chip has limited processing margin recovery space due to over - capacity [5] Coal Chemical Industry - Methanol is expected to stabilize in shock with the improvement of downstream demand [6] - Urea market is expected to remain weak due to loose supply and demand [6] Chlor - Alkali Industry - PVC price may fluctuate weakly due to high supply and soft demand [7] - Caustic soda price may show a wide - range shock pattern with inventory reduction and supply pressure [7] Soda Ash - Glass - Soda ash is suitable for short - selling at high rebounds due to over - supply [8] - Glass price may show a wide - range shock pattern with inventory reduction and demand improvement [8]