聚丙烯日报：成本端缺乏指引，丙烯延续底部震荡-20251022

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The supply of propylene remains relatively loose, and the spot market continues to be weak. The demand side is cautious in restocking, mainly for rigid demand. The cost side continues to drag down the propylene market. The overall supply - demand pattern of propylene remains loose, with limited upward drive, but also limited downward space at the current price level [2] - Suggest a wait - and - see approach for single - side trading, a sell - high reverse spread for PL01 - 02 in inter - period trading, and no strategy for inter - variety trading [3] Summary by Directory 1. Propylene Basis Structure - The propylene basis structure is presented through charts including the closing price of the propylene main contract, East China and North China basis, 01 - 05 contract, and market prices in East China and Shandong [6][9][11] 2. Propylene Production Profit and Capacity Utilization - Charts show the difference between China's propylene CFR and Japan's naphtha CFR, propylene capacity utilization, PDH production profit and capacity utilization, MTO production profit and methanol - to - olefins capacity utilization, and naphtha cracking production profit and crude oil refinery capacity utilization [17][25][30] 3. Propylene Import and Export Profit - Charts present the price differences between South Korea FOB, Japan CFR, Southeast Asia CFR and China CFR, as well as propylene import profit [34][36] 4. Propylene Downstream Profit and Capacity Utilization - Charts display the production profit and capacity utilization of downstream products such as PP powder, propylene oxide, n - butanol, octanol, acrylic acid, acrylonitrile, and phenol - acetone [42][44][47] 5. Propylene Inventory - Charts show propylene plant inventory and PP powder plant inventory [68]