建信期货聚烯烃日报-20260320

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - Due to the deterioration of the Middle - East situation, the energy and chemical sector has collectively soared. The polyolefin market maintains a pattern of strong fluctuations and upward - moving center of gravity driven by cost support and substantial supply contraction [6] 3. Summary by Directory 3.1 Market Review and Outlook - The Middle - East situation has worsened, with Iran attacking multiple countries' energy facilities. Brent oil has exceeded $106. The energy and chemical sector has collectively soared, and polyolefins have gapped higher with a gain of over 4%. For example, L2605 closed at 8,916 yuan/ton, up 383 yuan/ton (4.49%), and PP2605 closed at 9,158 yuan/ton, up 428 yuan (4.90%). The US - Iran conflict is in a stalemate, the Strait of Hormuz remains blocked, and the energy supply chain is under pressure. Short - term oil prices are highly volatile, and upstream enterprises are reducing production. Supply will contract more than expected during the regular maintenance period from March to April. Downstream开工 has increased month - on - month, but the price transmission of downstream products is limited, squeezing profits and leading to a slowdown in raw material procurement [6] 3.2 Industry News - On March 19, 2026, the inventory level of major producers was 850,000 tons, a decrease of 15,000 tons from the previous working day, a decline of 1.73%. The inventory in the same period last year was 800,000 tons. PE market prices mostly rose, and PP market prices generally increased. The mainstream price of propylene in the Shandong market was 8,020 - 8,070 yuan/ton, up 20 yuan/ton from the previous working day [7] 3.3 Data Overview - The report presents multiple data charts, including L basis, PP basis, L - PP spread, crude oil futures main contract settlement price, two - oil inventory, and two - oil inventory year - on - year increase or decrease rate, with data sources from Wind and Zhuochuang Information [9][13][17]