Report Industry Investment Rating - Not provided Core Viewpoints - On November 28, 2025, new maintenance devices such as Maoming Petrochemical LDPE were added, causing the plastic operating rate to drop to around 88%, and the current operating rate is at a neutral level. The downstream operating rate of PE decreased, and the overall is still at a relatively low level in the same period in recent years. The destocking of petrochemicals slowed down in November, and the current petrochemical inventory is at a relatively high level in the same period in recent years. The supply of new production capacity was put into operation, and it is expected that the downstream operating rate will decline. Downstream enterprises have insufficient purchasing willingness, and traders are cautious about the future market. Although relevant meetings have given some boost to bulk commodities, the overall supply - demand pattern of plastics has not changed, and it is expected that the upside space of plastics will be limited in the near future [1] Summary by Related Catalogs Market Analysis - The addition of new maintenance devices led to a decline in the plastic operating rate. The downstream operating rate of PE decreased, and the destocking of petrochemicals slowed down. The cost - end crude oil price fluctuated at a low level. New production capacity was put into operation, and it is expected that the downstream operating rate will decline. Downstream enterprises mainly purchase on a rigid - demand basis, and traders are cautious about the future market. Although relevant meetings have given some boost to bulk commodities, the overall supply - demand pattern of plastics has not changed, and the upside space of plastics is limited [1] Futures and Spot Market Conditions - Futures: The plastic 2601 contract reduced positions and fluctuated upward, with a minimum price of 6702 yuan/ton, a maximum price of 6793 yuan/ton, and a final closing price of 6789 yuan/ton, below the 60 - day moving average, with a gain of 1.10%. The trading volume decreased by 38333 lots to 457393 lots [2] - Spot: Most of the PE spot market rose, with price changes ranging from - 80 to + 50 yuan/ton. LLDPE was reported at 6770 - 7150 yuan/ton, LDPE at 8620 - 9280 yuan/ton, and HDPE at 6930 - 7600 yuan/ton [3] Fundamental Tracking - Supply: On November 28, new maintenance devices such as Maoming Petrochemical LDPE were added, and the plastic operating rate dropped to around 88%, at a neutral level [4] - Demand: As of the week of November 28, the downstream operating rate of PE decreased by 0.39 percentage points to 44.3% month - on - month. The agricultural film entered the end of the peak season, orders decreased, and the overall downstream operating rate of PE was still at a relatively low level in the same period in recent years [4] - Inventory: The early inventory of petrochemicals on Friday was flat month - on - month at 650,000 tons, 70,000 tons higher than the same period last year. The destocking of petrochemicals slowed down in November, and the current petrochemical inventory is at a relatively high level in the same period in recent years [4] - Raw Materials: The Brent crude oil 02 contract rose to $63/barrel, the Northeast Asian ethylene price was flat month - on - month at $720/ton, and the Southeast Asian ethylene price was flat month - on - month at $730/ton [4]
塑料日报：震荡上行-20251128
Guan Tong Qi Huo·2025-11-28 11:13