国投期货化工日报-20250916

Report Summary 1. Report Industry Investment Ratings - Urea: ☆☆☆ [1] - Methanol: ☆☆☆ [1] - Pure Benzene: ☆☆☆ [1] - Styrene: ☆☆☆ [1] - Propylene: ☆☆☆ [1] - Plastic: ☆☆☆ [1] - PVC: ☆☆☆ [1] - Caustic Soda: ☆☆☆ [1] - PX: ☆☆☆ [1] - PTA: ☆☆☆ [1] - Ethylene Glycol: ★☆☆ [1] - Short Fiber: ☆☆☆ [1] - Glass: ☆☆☆ [1] - Soda Ash: ☆☆☆ [1] - Bottle Chip: ☆☆☆ [1] 2. Core Viewpoints - The report analyzes the fundamentals and market trends of various chemical products including olefins, pure benzene, polyester, coal - chemical, chlor - alkali, and soda ash - glass sectors, and provides insights on supply, demand, and price trends for each product [2][3][5][6][7][8] 3. Summary by Directory Olefins - Polyolefins - Propylene: The main contract of propylene futures fluctuated widely. Supply is expected to increase as some PDH units may restart, and demand may weaken as downstream units face cost pressure and some may stop production [2] - Polyolefins: The main contract of polyethylene futures rose and then fell. Polyethylene's demand from the agricultural film industry is strong, while other downstream industries have limited demand growth. Polypropylene's supply may decrease slightly due to increased maintenance, but downstream demand is weak [2] Pure Benzene - Styrene - Pure Benzene: The night - session price rebounded and then fell slightly in the morning. Supply and demand may improve in the third quarter, and the price has reached a low level [3] - Styrene: The main contract of styrene futures rose with a slow upward - moving center of gravity. Supply pressure has eased, and demand is supported by good downstream profits and increased downstream开工 [3] Polyester - PX and PTA: Prices rebounded at night and fell in the morning. PX production growth is limited, and PTA is de - stocking, but its price is driven by raw materials. Terminal demand is improving, but polyester filament inventory is high and profit is poor [5] - Ethylene Glycol: New device news is pressuring the far - month contract. Domestic production has decreased slightly, and port inventory is at a low level [5] - Short Fiber: Supply and demand are stable, and prices fluctuate with costs. There is a positive outlook before the National Day [5] - Bottle Chip: Downstream demand is for rigid needs, and the basis has rebounded, but long - term over - capacity is a pressure [5] Coal - chemical - Methanol: The near - month contract is weak. Short - term supply - demand gap may narrow, but high inventory is a long - term pressure [6] - Urea: The main contract lacks continuous upward momentum. Supply is sufficient, and demand is improving, but the market remains in a loose supply - demand situation [6] Chlor - alkali - PVC: Driven by macro expectations, it is running strongly. Supply is high, demand is weak, and inventory is high [7] - Caustic Soda: It is oscillating. Supply is fluctuating, and demand has different situations in different downstream industries, with a wide - range oscillation expected [7] Soda Ash - Glass - Soda Ash: It is running strongly. Inventory has decreased, and short - term it may follow macro - sentiment fluctuations, with long - term over - supply [8] - Glass: It is running strongly. Inventory has decreased, and downstream replenishment sentiment has increased [8]