化工日报-20260311

Report Industry Investment Ratings - Urea: ★★★ [1] - Methanol: ★★★ [1] - Pure Benzene: ★★★ [1] - Styrene: ★★★ [1] - Polypropylene: ★★★ [1] - Plastic: ★★★ [1] - PVC: ★★☆ [1] - Caustic Soda: ★★★ [1] - PX: ★★★ [1] - PTA: ★★★ [1] - Ethylene Glycol: ★★★ [1] - Short Fiber: ★★★ [1] - Glass: ★★★ [1] - Soda Ash: ★★★ [1] - Bottle Chip: ★★★ [1] - Propylene: ★★★ [1] Core Views - The futures of olefins and polyolefins first declined and then rebounded. The decline in the center of crude oil led to weakened cost support, and the demand for propylene decreased. The plastics and polypropylene futures also showed a similar trend, with weak fundamentals and a wait - and - see atmosphere [2]. - In the polyester sector, due to the unclear situation in the Strait of Hormuz, there is an expectation of reduced supply in the chemical industry. The prices of PX and PTA strengthened again. The downstream stopped purchasing in the short - term and digested inventory. New capacity exerts long - term pressure on ethylene glycol, and the port inventory is rising [3]. - For pure benzene - styrene, the pure benzene futures fluctuated narrowly, and the domestic production decreased. The styrene futures fluctuated widely, and the expected decline in domestic supply provided some support [5]. - In the coal - chemical sector, the methanol futures rebounded due to the shipping risk in the Strait of Hormuz. The urea supply is high, but it is in the peak demand season, and the market is expected to run strongly within the range [6]. - In the chlor - alkali sector, PVC rose strongly due to supply reduction and cost increase, and is expected to fluctuate strongly in the short - term. Caustic soda is running strongly, and its price is affected by the decline in the load of chlor - alkali plants [7]. - For soda ash - glass, soda ash is running strongly with inventory pressure. Glass is running strongly with high inventory pressure in the middle and upper reaches, and its price may follow the macro trend [8]. Summary by Directory Olefins - Polyolefins - The two - olefin futures first declined and then rebounded. The decline in crude oil led to weakened cost support, and the demand for propylene decreased. The plastics and polypropylene futures also first declined and then rebounded, with weak fundamentals and a strong wait - and - see atmosphere [2]. Polyester - The prices of PX and PTA strengthened again due to the unclear situation in the Strait of Hormuz. The downstream stopped purchasing in the short - term and digested inventory. New capacity exerts long - term pressure on ethylene glycol, and the port inventory is rising. The short - fiber inventory increased from a low level, and the market is affected by the Middle East situation. The bottle - chip load increased from a low level, and the inventory increased [3]. Pure Benzene - Styrene - The pure benzene futures fluctuated narrowly, and the domestic production decreased. The styrene futures fluctuated widely, and the expected decline in domestic supply provided some support [5]. Coal - Chemical - The methanol futures rebounded due to the shipping risk in the Strait of Hormuz. The urea supply is high, but it is in the peak demand season, and the market is expected to run strongly within the range [6]. Chlor - Alkali - PVC rose strongly due to supply reduction and cost increase, and is expected to fluctuate strongly in the short - term. Caustic soda is running strongly, and its price is affected by the decline in the load of chlor - alkali plants [7]. Soda Ash - Glass - Soda ash is running strongly with inventory pressure. Glass is running strongly with high inventory pressure in the middle and upper reaches, and its price may follow the macro trend [8].