PDH装置部分重启，供需驱动逐步转弱

Report Industry Investment Rating - Not provided Core Viewpoints - PDH device restarts partially, and supply-demand drivers gradually weaken. The supply of propylene is expected to increase, and the tight supply situation is expected to ease. The downstream demand is supported by rigid demand, but the follow - up of demand may be limited due to cost pressure. The cost - side support for propylene is gradually weakening. The future main drivers lie in the trends of crude oil and propane on the cost side and the maintenance status of major PDH devices [1][2] Summary by Directory 1. Propylene Basis Structure - The report presents figures on the closing price of the propylene main contract, the East China basis of propylene, the Shandong basis of propylene, the spread of propylene 03 - 04 contracts, the spread of PL03 - 05 contracts, and the market prices of propylene in East China, Shandong, and South China [6][12][14] 2. Propylene Production Profit and Capacity Utilization - Figures show the difference between China CFR propylene and Japan CFR naphtha, propylene capacity utilization, PDH production gross profit of propylene, PDH capacity utilization of propylene, MTO production gross profit of propylene, methanol - to - olefin capacity utilization, propylene naphtha cracking production gross profit, crude oil main refinery capacity utilization, the difference between South Korea FOB and China CFR, and propylene import profit [20][23][35] 3. Propylene Downstream Profit and Capacity Utilization - Figures cover the production profit and capacity utilization of PP powder, propylene oxide, n - butanol, octanol, acrylic acid, acrylonitrile, and phenol - acetone [38][48][53] 4. Propylene Inventory - Figures display the in - plant inventory of propylene and PP powder [64]