Report Industry Investment Rating - No relevant content provided Core View of the Report - The PP market is expected to experience a weak and volatile trend in the near future due to factors such as the increase in new production capacity, the decline in plastic weaving start - up rate, lower - than - expected Double Eleven stocking demand, and the lack of large - scale centralized procurement [1] Summary by Relevant Catalogs Market Analysis - PP downstream start - up rate increased by 0.24 percentage points to 52.61% week - on - week, remaining at a relatively low level compared to the same period in previous years. However, the plastic weaving start - up rate dropped by 0.2 percentage points to 44.2%, with slightly fewer orders and slightly lower than the same period last year [1][4] - On November 6th, there were few changes in maintenance devices, and the PP enterprise start - up rate remained at around 82%, at a moderately low level. The production ratio of standard wire drawing dropped to around 21% [1][4] - Petrochemical inventory is currently at a neutral level compared to the same period in recent years, with significant inventory accumulation at the beginning of the month [1][4] - In terms of cost, the market has digested the news of Russian oil sanctions, and the meeting between Chinese and US leaders was in line with market expectations. OPEC+ decided to increase production by 137,000 barrels per day in December but suspend production increases in the first quarter of next year, resulting in a narrow - range fluctuation of crude oil prices [1] - New production capacity of 400,000 tons per year from PetroChina Guangxi Petrochemical was put into operation in mid - October, and the number of maintenance devices has slightly decreased recently [1] Futures Market - The PP2601 contract decreased by 0.57% with increased positions, closing at 6471 yuan/ton, below the 20 - day moving average. The trading range was between 6415 yuan/ton and 6490 yuan/ton, and the open interest increased by 8183 lots to 652,784 lots [2] Spot Market - Most spot prices of PP in various regions declined, with wire drawing priced at 6240 - 6560 yuan/ton [3] Fundamental Tracking - On the supply side, on November 6th, there were few changes in maintenance devices, and the PP enterprise start - up rate remained at around 82%, at a moderately low level [1][4] - On the demand side, as of the week ending October 31st, the PP downstream start - up rate increased by 0.24 percentage points to 52.61% week - on - week, remaining at a relatively low level compared to the same period in previous years. The plastic weaving start - up rate dropped by 0.2 percentage points to 44.2%, with slightly fewer orders and slightly lower than the same period last year [1][4] - Petrochemical inventory in the early morning of Thursday decreased by 20,000 tons to 690,000 tons, 20,000 tons higher than the same period last year [4] - The Brent crude oil 01 contract dropped to $64 per barrel, and the CFR propylene price in China remained flat at $740 per ton [5]
PP日报：震荡下行-20251106
Guan Tong Qi Huo·2025-11-06 11:50