丙烯日报：下游需求支撑偏弱，丙烯价格承压-20251105

Report Industry Investment Rating - Unilateral: Neutral; short - term weak and volatile [2] - Inter - period: None [2] - Cross - variety: None [2] Core View of the Report - The propylene market is under pressure with the spot price weakening. The supply - demand fundamentals remain loose, and the cost - side support is limited. The demand side is difficult to improve significantly due to postponed new production and the approaching off - season of terminal demand [2] Summary by Relevant Catalogs I. Propylene Basis Structure - The propylene basis structure involves data such as the closing price of the propylene main contract, the East China basis, the North China basis, the 01 - 05 contract, and the market prices in East China and Shandong [5][8][10] II. Propylene Production Profit and Operating Rate - It includes data on the difference between propylene CFR in China and naphtha CFR in Japan, propylene capacity utilization rate, PDH production gross profit, PDH capacity utilization rate, MTO production gross profit, methanol - to - olefins capacity utilization rate, propylene naphtha cracking production gross profit, and crude oil refinery capacity utilization rate [15][17][18] III. Propylene Import and Export Profit - It covers data on the differences between FOB in South Korea and CFR in China, CFR in Japan and CFR in China, CFR in Southeast Asia and CFR in China, and propylene import profit [30][32] IV. Propylene Downstream Profit and Operating Rate - It contains data on the production profits and operating rates of PP powder, propylene oxide, n - butanol, octanol, acrylic acid, acrylonitrile, and phenol - acetone [38][40][47] V. Propylene Inventory - It involves data on propylene in - plant inventory and PP powder in - plant inventory [65]