Report Industry Investment Rating - Not provided Core View of the Report - The PP market is expected to experience weak and volatile movements in the near term. The downstream demand is in the peak season, but the follow - up of orders such as plastic weaving is limited, and the inventory reduction of petrochemicals is normal. The supply - side has new production capacity put into operation and an increase in maintenance devices, and the cost - side crude oil price has declined [1]. Summary by Directory 1. Market Analysis - PP downstream operating rate increased by 0.52 percentage points to 53.14% week - on - week, remaining at a relatively low level in the same period over the years. The plastic weaving operating rate rose by 0.26 percentage points to 44.46%, with a slight increase in orders but slightly lower than the same period last year. On November 13th, new maintenance devices such as the old line of CNOOC Daxie were added, causing the PP enterprise operating rate to drop to around 82%, a neutral - low level, and the production ratio of standard drawstring dropped to around 24%. Petrochemicals are de - stocking normally, and the current petrochemical inventory is at a neutral level in the same period in recent years. The cost - side crude oil supply surplus has become more of a consensus, leading to a decline in oil prices. There is new production capacity of 400,000 tons/year put into operation at PetroChina Guangxi Petrochemical in mid - October, and there has been a slight increase in maintenance devices recently [1]. 2. Futures and Spot Market Conditions - Futures: The PP2601 contract fluctuated with a reduction in positions, closing at 6480 yuan/ton, up 0.39%, below the 20 - day moving average. The trading volume decreased by 8169 lots to 628,423 lots [2]. - Spot: PP spot prices in most regions remained stable, with drawstring prices ranging from 6260 to 6570 yuan/ton [5]. 3. Fundamental Tracking - Supply: On November 13th, new maintenance devices such as the old line of CNOOC Daxie were added, and the PP enterprise operating rate dropped to around 82%, a neutral - low level [7]. - Demand: As of the week ending November 7th, the PP downstream operating rate increased by 0.52 percentage points to 53.14% week - on - week, remaining at a relatively low level in the same period over the years. The plastic weaving operating rate rose by 0.26 percentage points to 44.46%, with a slight increase in orders but slightly lower than the same period last year [7]. - Inventory: On Thursday, the early petrochemical inventory decreased by 25,000 tons to 665,000 tons week - on - week, 5,000 tons lower than the same period last year. The petrochemical inventory is currently at a neutral level in the same period in recent years [7]. - Raw Materials: The Brent crude oil 01 contract fell below $63 per barrel, and the CFR propylene price in China increased by $10 per ton to $720 per ton [7].
PP日报：震荡运行-20251113
Guan Tong Qi Huo·2025-11-13 11:42