短期供需小幅收紧，期价震荡整理

Report Summary 1. Investment Rating The report does not provide an industry investment rating. 2. Core View The short - term supply and demand of propylene are slightly tightened, and the futures price is in a range - bound consolidation. The supply pattern remains loose, but the supply pressure in the main regions has eased. The demand recovery is limited due to cost pressure. The cost support has increased recently, and the short - term rebound height may be limited. It is recommended to wait and see and pay attention to the shutdown of PDH units [1][2][3]. 3. Summary by Directory 3.1 Propylene Basis Structure The report presents data on the propylene main contract closing price, East China basis, Shandong basis, contract spreads (PL01 - 03, PL03 - 05), and market prices in East China, Shandong, and South China, with data sources from Tonghuashun and Steel Union, and the research institute of Huatai Futures [1][5][7]. 3.2 Propylene Production Profit and Operating Rate It includes information on propylene China CFR - Japanese naphtha CFR, propylene capacity utilization rate, production margins of PDH, MTO, and naphtha cracking of propylene, as well as capacity utilization rates of PDH, methanol - to - olefins, and crude oil refineries. The data sources are mainly from Steel Union and the research institute of Huatai Futures [21][24][31]. 3.3 Propylene Downstream Profit and Operating Rate It shows the production profits and operating rates of PP powder, propylene oxide, n - butanol, octanol, acrylic acid, acrylonitrile, and phenol - acetone. The data sources are from Steel Union and the research institute of Huatai Futures [37][38][39]. 3.4 Propylene Inventory The report provides data on propylene factory inventory and PP powder factory inventory, with data sources from Steel Union and the research institute of Huatai Futures [59].