供应端增量继续压制盘面价格

Report Summary 1) Report Industry Investment Rating No investment rating is provided in the report. 2) Core View of the Report The supply - side increment continues to suppress the market price of propylene. The supply of propylene remains loose, the demand support is limited, and the cost - side support has weakened. In the short term, the market is expected to fluctuate weakly, and it is recommended to wait and see until marginal device maintenance occurs [1][2][3]. 3) Summary by Directory I. Propylene Basis Structure - Propylene main contract closing price is 5647 yuan/ton (-48), East China spot price is 5925 yuan/ton (+0), North China spot price is 5890 yuan/ton (-25), East China basis is 278 yuan/ton (+48), and North China basis is 4 yuan/ton (+15) [1] II. Propylene Production Profit and Capacity Utilization - Propylene capacity utilization rate is 74% (+0%), China CFR propylene - Japan CFR naphtha is 211 US dollars/ton (+4), and propylene CFR - 1.2 propane CFR is 53 US dollars/ton (+6) [1] III. Propylene Import and Export Profit - Propylene import profit is - 324 yuan/ton (-48) [1] IV. Propylene Downstream Profit and Capacity Utilization - PP powder capacity utilization rate is 37% (-2.62%), production profit is - 160 yuan/ton (+5); epoxy propane capacity utilization rate is 76% (+0%), production profit is - 276 yuan/ton (-30); n - butanol capacity utilization rate is 78% (+9%), production profit is 236 yuan/ton (+65); octanol capacity utilization rate is 82% (+5%), production profit is 487 yuan/ton (+18); acrylic acid capacity utilization rate is 79% (+0%), production profit is 343 yuan/ton (+0); acrylonitrile capacity utilization rate is 81% (+0%), production profit is - 557 yuan/ton (+44); phenol - acetone capacity utilization rate is 76% (-4%), production profit is - 927 yuan/ton (+0) [1] V. Propylene Inventory - Propylene factory inventory is 46560 tons (+600) [1]