国投期货化工日报-20251106

Report Industry Investment Rating - Information not provided in the given content Core View of the Report - The chemical market shows a mixed performance with different products facing various supply - demand and price trends. Some products like PVC, methanol are under pressure due to high supply and weak demand, while others like urea have some positive factors but still face supply - demand imbalances [2][5][6] Summary by Related Catalogs Olefins - Polyolefins - Propylene futures declined as supply was overall loose, production enterprise shipments weakened, and downstream demand and purchasing enthusiasm decreased [2] - Plastic and polypropylene futures also fell. For polyethylene, cost support declined, supply was stable, and downstream demand was average. For polypropylene, cost support weakened, trade - sellers actively sold, and downstream new orders were limited [2] Pure Benzene - Styrene - Pure benzene futures had prices fluctuating around 5400 yuan/ton, with inventory rising and supply increasing. Although the Sino - US tariff situation eased, it had limited impact on the market [3] - Styrene futures declined. New production devices were operating normally, and the future market outlook was not optimistic [3] Polyester - PX and PTA prices fluctuated widely. PX and PTA supply increased, with PTA facing inventory accumulation pressure. The demand was expected to weaken in the medium - term [4] - Ethylene glycol had a slight decline in weekly production, but supply was expected to increase. It was expected to continue accumulating inventory, and the strategy was to go short the spread [4] - Short - fiber had no new investment pressure and followed raw material price fluctuations. It was expected to accumulate inventory in mid - to late November [4] - Bottle - chip demand decreased with the cooling weather, and the processing margin was under pressure. It was mainly driven by cost [4] Coal Chemical Industry - Methanol futures fell continuously and stabilized in the afternoon. High port inventory, high import supply, and weak downstream demand suppressed the market, and the inventory inflection point was yet to appear [5] - Urea futures oscillated strongly. Daily production increased, and agricultural demand improved slightly. However, the domestic supply - demand imbalance continued, and the market was expected to oscillate within a range [5] Chlor - Alkali - PVC was operating at a low level. Supply was expected to increase, demand was declining, and cost support was weak [6] - Caustic soda continued to decline. Inventory was accumulating, and downstream demand was weak [6] Soda Ash - Glass - Soda ash was oscillating. Supply increased, and demand from float glass decreased, so it was under pressure at a high level [7] - Glass futures declined from a high level. Production lines were shut down, and inventory was expected to decrease. Cost increased, and the decline space was limited [7]