丙烯日报：丙烯下游需求开工环比下降-20251107

Report Industry Investment Rating - Not provided Core View of the Report - Demand-side support is insufficient, supply is abundant, and cost-side support is limited, which are the factors driving the continuous weak downward trend of propylene. The peak of device maintenance has passed, and some PDH devices have stopped production, but the supply remains abundant. The downstream demand is mainly rigid, and the overall downstream start-up rate has declined. The international oil price and external propane prices are weak, weakening the cost support for propylene [2] Summary by Relevant Catalog I. Propylene Basis Structure - The report includes figures on the closing price of the propylene main contract, East China basis, North China basis, 01 - 05 contract, East China market price, and Shandong market price of propylene [6][8][10] II. Propylene Production Profit and Operating Rate - It covers figures 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 - olefins capacity utilization rate, propylene naphtha cracking production gross profit, and crude oil main refinery capacity utilization rate [15][17][18] III. Propylene Import and Export Profit - The report presents figures on the difference 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 [30][32] IV. Propylene Downstream Profit and Operating Rate - It includes figures on the production profit and operating rate of PP powder, propylene oxide, n - butanol, octanol, acrylic acid, acrylonitrile, and phenol - acetone [38][39][46] V. Propylene Inventory - The report shows figures on propylene in - plant inventory and PP powder in - plant inventory [63]