Report Industry Investment Rating - No relevant content provided Core Viewpoints - PP downstream demand is in the peak season, but the follow - up of orders such as plastic weaving is limited, and the market lacks large - scale centralized procurement. With the restart of some maintenance devices and the increase in enterprise operating rates, it is expected that PP will fluctuate weakly in the near future [1] Summary by Directory Market Analysis - PP downstream operating rate increased by 0.52 percentage points to 53.14% week - on - week, at a relatively low level in the same period over the years. The plastic weaving operating rate increased by 0.26 percentage points to 44.46% week - on - week, with a slight increase in orders, slightly lower than the same period last year. On November 12, some maintenance devices such as a line of Guangxi Petrochemical restarted, and the PP enterprise operating rate rose to about 84%, at a neutral level, and the production ratio of standard drawstrings increased to about 26%. Petrochemical inventory is at a neutral - to - high level in the same period in recent years. The cost side is in a narrow - range shock. The supply has increased, while the downstream demand has limited follow - up, and there is no actual anti - involution policy in the PP industry [1] Futures and Spot Market Conditions - Futures: The PP2601 contract decreased in positions and oscillated. The lowest price was 6434 yuan/ton, the highest was 6474 yuan/ton, and it finally closed at 6460 yuan/ton, below the 20 - day moving average, with a decline of 0.11%. The position decreased by 4959 lots to 636592 lots [2] - Spot: The spot prices of PP in various regions were mostly stable, with drawstrings quoted at 6260 - 6570 yuan/ton [3] Fundamental Tracking - Supply: On November 12, some maintenance devices such as a line of Guangxi Petrochemical restarted, and the PP enterprise operating rate rose to about 84%, at a neutral level [4] - Demand: As of the week of November 7, the PP downstream operating rate increased by 0.52 percentage points to 53.14% week - on - week, at a relatively low level in the same period over the years. The plastic weaving operating rate increased by 0.26 percentage points to 44.46% week - on - week, with a slight increase in orders, slightly lower than the same period last year [4] - Inventory: On Wednesday, the early petrochemical inventory decreased by 20,000 tons to 690,000 tons week - on - week, 10,000 tons higher than the same period last year. Petrochemical inventory is at a neutral - to - high level in the same period in recent years [4] Raw Material End - Brent crude oil contract 01 oscillated around $64 per barrel, and the CFR propylene price in China remained flat week - on - week at $710 per ton [6]
PP日报：震荡运行-20251112
Guan Tong Qi Huo·2025-11-12 11:52