Report Industry Investment Rating - Not provided in the content Core View of the Report - The polyolefin market is facing a situation of increasing supply and weakening demand. For PE, the arrival of the off - season and continuous supply release lead to a supply - surplus and demand - weak pattern. For PP, the weak supply - demand situation persists in the short term, with inventory accumulation and weak spot prices [2][3] Summary by Relevant Catalogs 1. Polyolefin Basis Structure - The L main contract closed at 6561 yuan/ton (+4), the PP main contract closed at 6162 yuan/ton (-30), LL North China spot was 6530 yuan/ton (-70), LL East China spot was 6700 yuan/ton (-50), PP East China spot was 6230 yuan/ton (-80), LL North China basis was -31 yuan/ton (-74), LL East China basis was 139 yuan/ton (-54), and PP East China basis was 68 yuan/ton (-50) [1] 2. Production Profit and Operating Rate - PE operating rate was 84.1% (-0.5%), PP operating rate was 77.6% (-0.5%). PE oil - based production profit was 285.2 yuan/ton (+46.0), PP oil - based production profit was -394.8 yuan/ton (+46.0), PDH - made PP production profit was -667.6 yuan/ton (+14.1) [1] 3. Polyolefin Non - Standard Price Difference - Not provided in the content 4. Polyolefin Import and Export Profits - LL import profit was 7.0 yuan/ton (+5.8), PP import profit was -220.5 yuan/ton (+5.6), PP export profit was -18.4 US dollars/ton (-0.7) [1] 5. Polyolefin Downstream Operating Rate and Downstream Profits - PE downstream agricultural film operating rate was 48.1% (-0.9%), PE downstream packaging film operating rate was 50.2% (-0.5%), PP downstream plastic weaving operating rate was 44.1% (+0.0%), PP downstream BOPP film operating rate was 62.6% (+0.0%) [1] 6. Polyolefin Inventory - Not provided in the content Strategies - Unilateral: Be cautiously bearish on LLDPE; Hold a wait - and - see attitude towards PP, with short - term weak and volatile trends. - Inter - period: No strategy provided. - Inter - variety: Short the spread of L01 - PP01 when it is high [4]
供应端持续增量，价格继续走跌
Hua Tai Qi Huo·2025-12-11 02:39