国投期货化工日报-20251205

Report Industry Investment Ratings Operation Ratings - Propylene: ☆☆☆ - Plastic: ☆☆☆ - Styrene: ☆☆☆ - PTA: ☆☆☆ - Short Fiber: ☆☆☆ - Methanol: ☆☆☆ - PVC: ☆☆☆ - Soda Ash: ☆☆☆ [1] Core Views - Different chemical products in the industry are facing various market situations including supply - demand imbalances, price fluctuations, and inventory changes. Each product's market trend is influenced by factors such as production capacity, device maintenance, and downstream demand [2][3][5] Summary by Directory Olefins - Polyolefins - Futures of propylene, plastic, and polypropylene declined. Propylene inventory is low but transaction prices are falling. Polyethylene has a weak fundamental situation, and polypropylene's supply support is weakening due to restart of some devices [2] Pure Benzene - Styrene - Pure benzene price increased slightly. The market sentiment improved due to expected device maintenance, but there is still pressure from high arrival expectations and weak demand. Styrene is expected to trade in a range [3] Polyester - PX and PTA prices are slightly weak. PX is expected to be strong in the medium - term, and PTA's processing margin is expected to recover. Ethylene glycol has supply pressure and is expected to accumulate inventory. Short - fiber's long - term supply - demand is good, while bottle - chip has over - capacity issues [5] Coal Chemical Industry - Methanol prices are falling and may fluctuate in a range. Urea prices are down, with overall loose supply - demand and expected range - bound trading [6] Chlor - Alkali - PVC is in a inventory - accumulation mode and may trade in a low - level range. Caustic soda is in a downward trend with high supply and weak demand [7] Soda Ash - Glass - Soda ash is under supply pressure and continues to decline. Glass prices are weak, and it is recommended to wait and see [8]