PP日报：震荡下行-20251209
Guan Tong Qi Huo·2025-12-09 11:22
  1. Report Industry Investment Rating - No information provided about the report industry investment rating 2. Core Viewpoints - The PP market is expected to experience weak and volatile trends in the near future due to unchanged supply - demand patterns and no significant macro - level positive news [1] - The L - PP spread is expected to decline as there may be new plastic production capacity coming online this year and the peak season for agricultural films is ending [1] 3. Grouped Summaries 3.1 Market Analysis - As of the week ending December 5, the downstream PP operating rate rose 0.10 percentage points to 53.93% week - on - week, remaining at a relatively low level compared to the same period in previous years [1][4] - On December 9, the operating rate of PP enterprises increased to around 84% due to the resumption of some maintenance devices, and the production ratio of standard - grade drawstring products rose to around 27.5% [1][4] - The petrochemical inventory is at a relatively high level compared to the same period in recent years, with the early petrochemical inventory on Tuesday increasing 0.5 tons to 69.5 tons week - on - week, 3.5 tons higher than the same period last year [1][4] - Crude oil prices dropped as some previously malfunctioning oil fields in Iraq resumed production and the crack spread of refined oil in Europe and the US continued to decline [1] - The downstream market is at the end of the peak season, with orders for drawstring products and BOPP films decreasing, and the market lacks large - scale centralized procurement [1] 3.2 Futures and Spot Market - The PP2601 futures contract decreased in an oscillatory manner with a decline of 1.18%, closing at 6192 yuan/ton. The trading volume decreased by 11,906 lots to 411,158 lots [2] - Most spot prices of PP in various regions declined, with drawstring products priced at 6050 - 6380 yuan/ton [3] 3.3 Raw Material End - The Brent crude oil 02 contract fell below $63 per barrel, and the CFR propylene price in China remained unchanged at $745 per ton week - on - week [6]