Report Summary 1. Report Industry Investment Rating - Not provided 2. Core View - Supply exceeds demand, and cost support weakens, so PP is expected to fluctuate weakly [1] 3. Summary by Relevant Catalogs 3.1 Market Analysis - PP downstream operating rate rose 0.29 percentage points to 53.57% week-on-week, at a relatively low level in the same period over the years; the operating rate of plastic weaving, the main downstream of drawstrings, remained flat at 44.24%, and plastic weaving orders decreased slightly week-on-week, slightly lower than the same period last year [1][4] - On November 27, there was little change in maintenance devices, PP enterprise operating rate remained at around 83%, at a neutral to low level, and the production ratio of standard drawstrings remained at around 31% [1][4] - Petrochemical destocking slowed down in November, and current petrochemical inventory is at a neutral to high level in the same period in recent years [1][4] - Crude oil prices declined due to the lack of impact on Russia's oil production from new sanctions and the push for a ceasefire in the Russia-Ukraine conflict [1] - A new 400,000-ton/year production capacity of PetroChina Guangxi Petrochemical was put into operation in mid-October, and there was a slight decrease in maintenance devices recently [1] 3.2 Futures and Spot Market Conditions - Futures: The PP2601 contract fluctuated with a reduction in positions, closing at 6,295 yuan/ton, down 0.03%, and the position volume decreased by 29,319 lots to 557,253 lots [2] - Spot: Most PP spot prices in various regions were stable, with drawstrings quoted at 6,150 - 6,480 yuan/ton [3] 3.3 Fundamental Tracking - Supply: On November 27, there was little change in maintenance devices, and PP enterprise operating rate remained at around 83%, at a neutral to low level [1][4] - Demand: As of the week of November 21, PP downstream operating rate rose 0.29 percentage points to 53.57% week-on-week, at a relatively low level in the same period over the years; the operating rate of plastic weaving, the main downstream of drawstrings, remained flat at 44.24%, and plastic weaving orders decreased slightly week-on-week, slightly lower than the same period last year [1][4] - Petrochemical inventory: Petrochemical early inventory on Thursday decreased by 0.5 million tons to 65 million tons week-on-week, 4.5 million tons higher than the same period last year [4] 3.4 Raw Material End - Brent crude oil's 02 contract fell below $63 per barrel, and the CFR propylene price in China remained flat at $735 per ton week-on-week [5]
PP日报：震荡运行-20251127
Guan Tong Qi Huo·2025-11-27 10:55