Report Industry Investment Rating - Not provided Core Viewpoints - The PP market is oscillating downward, with limited improvement in the supply - demand pattern, but there are still expectations for the chemical industry to counter the involution. Attention should be paid to the resumption of production progress of downstream enterprises after the Spring Festival. Also, continue to shrink the L - PP spread [1] Summary by Related Catalogs Market Analysis - As of the week of February 27, the downstream PP operating rate decreased by 5.04 percentage points to 36.74% compared with before the Spring Festival. Currently, downstream enterprises have not fully resumed work, showing a seasonal change. On February 27, the number of maintenance devices changed little, the PP enterprise operating rate remained at about 80%, at a moderately low level, and the production ratio of standard - grade drawstring remained at about 25%. During the Spring Festival, petrochemical inventory increased by 480,000 tons to 940,000 tons. On Friday, the early petrochemical inventory was flat compared with the previous day at 870,000 tons, 40,000 tons lower than the same period last lunar year, and is currently at a neutral level in recent years. The cost side is affected by the uncertainty of the Middle - East situation, and crude oil prices fluctuate greatly. There has been a slight increase in maintenance devices recently. The spot market has rigid - demand transactions, and is in a state of cautious waiting. The supply - demand pattern of PP has limited improvement, but there are still expectations for the chemical industry to counter the involution [1] Futures and Spot Market - Futures: The PP2605 contract decreased in position and oscillated downward, with a minimum price of 6,554 yuan/ton, a maximum price of 6,658 yuan/ton, and finally closed at 6,611 yuan/ton, below the 20 - day moving average, with a decline of 1.77%. The position volume decreased by 16,989 lots to 490,473 lots [2] - Spot: Most spot prices of PP in various regions declined. The drawstring was reported at 6,290 - 6,760 yuan/ton [3] Fundamental Tracking - Supply: On February 27, the number of maintenance devices changed little, the PP enterprise operating rate remained at about 80%, at a moderately low level, and the production ratio of standard - grade drawstring remained at about 25% [6] - Demand: As of the week of February 27, the downstream PP operating rate decreased by 5.04 percentage points to 36.74% compared with before the Spring Festival. Currently, downstream enterprises have not fully resumed work, showing a seasonal change [6] - Inventory: During the Spring Festival, petrochemical inventory increased by 480,000 tons to 940,000 tons. On Friday, the early petrochemical inventory was flat compared with the previous day at 870,000 tons, 40,000 tons lower than the same period last lunar year, and is currently at a neutral level in recent years [1][6] Raw Material End - The Brent crude oil 05 contract rose above $71 per barrel, and the CFR propylene price in China remained flat at $835 per ton [7]
PP日报：震荡下行-20260227
Guan Tong Qi Huo·2026-02-27 11:24