Report Industry Investment Rating - No information provided Core View of the Report - PP downstream is in the end of the peak season, with limited follow - up of orders such as plastic weaving. The BOPP film price has declined, and there is a lack of large - scale centralized procurement in the market. Although the National Development and Reform Commission's meeting gives some boost to bulk commodities, the overall supply - demand pattern of plastics remains unchanged, and it is expected that the upward space of PP will be limited in the near future [1] Summary by Relevant Catalogs Market Analysis - PP downstream开工率 increased by 0.26 percentage points to 53.83% week - on - week, at a relatively low level in the same period over the years. However, the plastic weaving开工率 of the main downstream of drawstring decreased by 0.14 percentage points to 44.1% week - on - week, and plastic weaving orders were flat week - on - week, slightly lower than the same period last year. On December 3, some overhaul devices restarted, the PP enterprise开工率 rose to about 82%, at a moderately low level, and the production ratio of standard drawstring rose to about 31%. Petrochemical inventory is at a relatively high level in the same period in recent years. The cost - side crude oil price fluctuated at a low level. New production capacity was put into operation, and the number of overhaul devices decreased recently [1] Futures and Spot Market - Futures: The PP2601 contract fluctuated with a reduction in positions, closing at 6382 yuan/ton, down 0.39%, below the 20 - day moving average. The open interest decreased by 9112 lots to 459901 lots [2] - Spot: Most spot prices of PP in various regions declined. The drawstring was reported at 6150 - 6450 yuan/ton [3] Fundamental Tracking - Supply: On December 3, some overhaul devices restarted, and the PP enterprise开工率 rose to about 82%, at a moderately low level [4] - Demand: As of the week of November 28, the PP downstream开工率 increased by 0.26 percentage points to 53.83% week - on - week, at a relatively low level in the same period over the years. The plastic weaving开工率 of the main downstream of drawstring decreased by 0.14 percentage points to 44.1% week - on - week, and plastic weaving orders were flat week - on - week, slightly lower than the same period last year [4] - Inventory: On Wednesday, the petrochemical early - morning inventory decreased by 3.5 tons to 70 tons week - on - week, 5.5 tons higher than the same period last year. Petrochemical inventory is at a relatively high level in the same period in recent years [4] - Raw Materials: The Brent crude oil 02 contract fluctuated around 63 US dollars/barrel, and the CFR propylene price in China remained flat at 750 US dollars/ton week - on - week [4]
PP日报：震荡运行-20251203
Guan Tong Qi Huo·2025-12-03 11:16