丙烯日报：需求延续偏淡，成本端存支撑-20250925

1. Report Industry Investment Rating - Unilateral: Neutral; for cross - period, after maintenance returns, focus on PL01 - 02 short - spread trading opportunities at high levels; no recommendation for cross - variety [3] 2. Core View of the Report - The supply pressure of propylene remains relatively large due to the restart of upstream devices and the increase in new production capacity. The demand is supported at the bottom in the short term but is still restricted by cost pressure. The cost side has support due to geopolitical tensions and the strengthening of international oil prices and external propane prices [2] 3. Summary According to the Catalog 3.1 Propylene Basis Structure - The report presents data on the closing price of the propylene main contract, East China and North China basis, 01 - 05 contract, and East China and Shandong market prices [6][8][10] 3.2 Propylene Production Profit and Capacity Utilization - It shows data on the difference between China's CFR propylene and Japan's CFR naphtha, propylene capacity utilization, PDH production gross profit and capacity utilization, MTO production gross profit and methanol - to - olefins capacity utilization, naphtha cracking production gross profit, and crude oil refinery capacity utilization [17][25][30] 3.3 Propylene Import and Export Profit - The report includes data on the price differences between South Korea's FOB, Japan's CFR, Southeast Asia's CFR and China's CFR, as well as propylene import profit [34][38] 3.4 Propylene Downstream Profit and Capacity Utilization - Data on the production profit and capacity utilization of PP powder, propylene oxide, n - butanol, octanol, acrylic acid, acrylonitrile, and phenol - acetone are presented [41][43][46][55][57][60][62] 3.5 Propylene Inventory - It shows data on propylene factory inventory and PP powder factory inventory [67]