丙烯日报：供需延续疲软，丙烯偏弱运行-20251014

Report Industry Investment Rating - The rating for the propylene industry is "shockingly weak" for single - side trading, "PL01 - 02 reverse spread on rallies" for inter - period trading, and "none" for cross - variety trading [3] Core Viewpoints - The supply of propylene continues to increase despite more maintenance due to the resumption of production at some major plants in Shandong before the festival, and upstream companies are selling at reduced prices, causing propylene prices to decline. The demand from downstream industries is still poor due to cost pressure, and the cost - side support for propylene is weakening. However, attention should be paid to the impact of the intensification of Sino - US trade frictions on the supply of propane [2] Summary by Directory 1. Propylene Basis Structure - The report presents data on the closing price of the propylene main contract, the East China basis, the North China basis, the 01 - 05 contract, the East China market price, and the Shandong market price of propylene [1][6][9][11] 2. Propylene Production Profit and Operating Rate - It shows data on the difference between China's CFR propylene and Japan's CFR naphtha, 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 [14][22][24][27] 3. Propylene Import and Export Profit - The report includes data on the price differences 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 [31][33] 4. Propylene Downstream Profit and Operating Rate - It provides data on the production profit and operating rate of PP powder, propylene oxide, n - butanol, octanol, acrylic acid, acrylonitrile, and phenol - acetone [1][39][41][44][52][55][57][59] 5. Propylene Inventory - The report presents data on propylene factory inventory and PP powder factory inventory [64]