国投期货化工日报-20251111

Report Industry Investment Ratings - Urea: ★☆☆ [1] - Methanol: ★☆☆ [1] - Pure Benzene: ★☆☆ [1] - Styrene: ★☆☆ [1] - Propylene: ★☆☆ [1] - Plastic: ★★★ [1] - PVC: ★☆☆ [1] - Caustic Soda: ☆☆☆ [1] - PTA: ☆☆☆ [1] - Ethylene Glycol: ★☆☆ [1] - Short Fiber: ☆☆☆ [1] - Glass: ★☆☆ [1] - Soda Ash: ☆☆☆ [1] - Bottle Chip: ★☆☆ [1] Core Views - The supply - demand fundamentals of the chemical industry are generally weak, with limited support from cost and macro - aspects. Each sub - sector faces different supply and demand situations, and short - term market trends vary [2][3][4][5][6][7] Summary by Directory Olefins - Polyolefins - The main contracts of olefin futures rose first and then fell, closing below the 5 - day moving average. Propylene demand improved temporarily, but overall supply was loose. Plastic and polypropylene futures closed down. Domestic supply of polyethylene increased, and demand weakened. For polypropylene, supply pressure increased, and demand was weak [2] Pure Benzene - Styrene - Pure benzene prices continued to be weak, hitting a new low. There was short - term consolidation, and medium - term negatives included high imports and falling demand. The main contract of styrene futures closed down. Although supply increased slightly, demand was good, but there were concerns about future supply - demand [3] Polyester - PX and PTA prices fell. PX supply increased, PTA load decreased, and polyester load increased slightly. There was an expectation of industry减产 for PTA, and it was expected to accumulate inventory. Ethylene glycol supply pressure was large, and demand was expected to weaken. Short fiber had no new investment pressure, but demand was expected to decline. Bottle chip demand faded, and there was long - term over - capacity [4] Coal Chemical Industry - Methanol futures prices continued to fall. With high imports and weak demand, it might be under pressure in the short term, but with low valuation. Urea prices also fell. Domestic supply - demand was loose, and prices were likely to decline [5] Chlor - Alkali Industry - PVC prices continued to decline due to weak cost support, high supply, and falling demand. Caustic soda fluctuated. Although liquid chlorine prices were good, there was still high inventory pressure [6] Soda Ash - Glass - Soda ash prices weakened slightly. Cost increased, and there was a long - term supply pressure. Glass prices fell. Cost increased, profit narrowed, and there was weak demand [7]