丙烯日报：丙烯下游开工回升，支撑价格上行-20260109

Report Industry Investment Rating - No investment rating provided in the report Core Viewpoints - Propylene downstream start - up has rebounded, supporting price increase. The supply - demand situation has marginally improved, and with sentiment boost, the propylene price has continued to strengthen. Future focus should be on cost - side changes and the implementation of PDH unit maintenance [1][2] - Unilateral strategy is to wait and see. Although the supply - demand situation has slightly improved in the short term, the support is still limited. The short - term market is mainly in a strong oscillation under sentiment boost, waiting for marginal unit maintenance [3] Summary by Directory 1. Propylene Basis Structure - The report presents data on propylene basis, including the closing price of the propylene main contract, East China basis, Shandong basis, and 03 - 04 contract spread. The propylene main contract closing price is 5963 yuan/ton (+9), the East China basis is 12 yuan/ton (+16) [1][6] 2. Propylene Production Profit and Start - up Rate - Propylene start - up rate is 76% (+1%). The production profit and start - up rate of different production methods such as PDH, MTO, and naphtha cracking are also involved. For example, the PDH production profit and capacity utilization rate are presented [1][19] 3. Propylene Downstream Profit and Start - up Rate - The start - up rates and production profits of various downstream products are provided. PP powder start - up rate is 37% (-1.19%), production profit is - 40 yuan/ton (+5); epoxy propane start - up rate is 74% (+0%), production profit is - 47 yuan/ton (+68); etc [1] 4. Propylene Inventory - Propylene plant inventory is 44,690 tons (-3,100) [1]