Report Overview - Report Date: April 29, 2025 - Report Type: Polyolefin Daily Report - Research Team: Energy and Chemical Research Team 1. Report Industry Investment Rating - No investment rating information is provided in the report. 2. Core Viewpoints - The Iran port incident caused supply disruptions. The import dependence of domestic polyethylene on Iranian sources is about 3.3% and decreasing annually. LDPE is more affected, with Iranian imports accounting for about 18% of total LDPE imports. The import interruption concern led to a significant increase in LDPE prices. However, the supply - side impact has weakened as the port resumed cargo import and export on the 27th. With high inventory and weakening demand peak season, it's difficult to support continuous upward movement of plastics. [4] - PP has a low import dependence and was less affected by this incident. Currently, upstream PP device maintenance is intensive, providing temporary support to the supply side. But downstream product exports are restricted and the peak season is fading, resulting in weakening demand and intensified supply - demand game, leading to narrow - range consolidation at low levels. [4] 3. Summary by Directory 3.1 Futures Market Quotes | Variety | Opening | Closing | High | Low | Change | Change Rate | Open Interest | Open Interest Change | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Plastic 2601 | 7063 | 7101 | 7122 | 7063 | 26 | 0.37% | 44163 | - 426 | | Plastic 2505 | 7348 | 7353 | 7383 | 7331 | - 14 | - 0.19% | 23834 | - 8998 | | Plastic 2509 | 7135 | 7164 | 7189 | 7133 | 16 | 0.22% | 482064 | - 10575 | | PP2601 | 7013 | 7054 | 7070 | 7013 | 19 | 0.27% | 16157 | 217 | | PP2505 | 7179 | 7195 | 7219 | 7178 | 3 | 0.04% | 19227 | - 4703 | | PP2509 | 7088 | 7112 | 7128 | 7085 | 10 | 0.14% | 397139 | - 9623 | [3] 3.2 Industry News - The inventory level of major producers today is 655,000 tons, a 5,000 - ton increase (0.77%) from the previous workday, compared to 710,000 tons in the same period last year. [5] - PP market prices fluctuated narrowly. The slight increase in PP futures boosted the sentiment of the spot market. Most producer factory prices remained stable, and the overall offers of traders changed little. Some low - stock grades tried to increase prices slightly, and downstream factories made low - price rigid - demand replenishments. The mainstream price of North China wire drawing was 7090 - 7320 yuan/ton, East China was 7200 - 7330 yuan/ton, and South China was 7200 - 7400 yuan/ton. [5] - Some PE market prices increased. In North China, individual linear prices fluctuated by 10 - 50 yuan/ton, some high - pressure prices increased by 50 - 100 yuan/ton, and individual low - pressure prices fluctuated by 20 - 50 yuan/ton. In East China, some high - pressure prices increased by 50 - 100 yuan/ton, linear prices fluctuated by 10 - 50 yuan/ton, and low - pressure prices fluctuated by 20 - 100 yuan/ton. In South China, some high - pressure prices increased by 20 - 150 yuan/ton, and low - pressure and linear prices fluctuated by 10 - 50 yuan/ton. The LDPE market price continued to rise, and downstream buyers mainly made rigid - demand replenishments with actual transactions focusing on negotiation. The LLDPE price in North China was 7350 - 7650 yuan/ton, in East China was 7350 - 7950 yuan/ton, and in South China was 7550 - 7800 yuan/ton. [5][6]

品种观点： 【股指期货】 周五（4 月 18 日）A 股三大指数涨跌不一，沪指止步八连涨。截止收盘，沪指跌 0.11%，收 报 3276.73 点；深证成指涨 0.23%，收报 9781.65 点；创业板指涨 0.27%，收报 1913.97 点。沪深两市成交额仅 有 9147 亿元，较昨日缩量 848 亿，创去年"924"行情以来地量。 客服产品系列•日评 国新国证期货早报 2025 年 4 月 21 日 星期一 沪深 300 指数 4 月 18 日窄幅震荡，收盘 3772.52，环比上涨 0.30。 【焦炭 焦煤】4 月 18 日焦炭加权指数弱势整理，收盘价 1555.1 元，环比下跌 12.0。 影响焦炭期货、焦煤期货价格的有关信息： 焦炭：吨焦利润收缩，焦企开工率和产能利用率均小幅下降。需求上，下游钢厂补库需求趋缓，采购积极性 有所下降，但铁水产量维稳提供焦炭需求支撑。终端需求成色仍然是基本面调整的核心，焦炭供需基本面有所改 善。 焦煤：供应上，中蒙边境口岸的焦煤供应环比季节性上升，但口岸贸易商出货量不佳，蒙煤口岸库存仍较高。 进口澳煤的性价比减弱，澳煤进口量有所回落。国内产地煤矿陆续复工复产，110 ...

客服产品系列•日评 国新国证期货早报 2025 年 4 月 17 日 星期四 品种观点： 【股指期货】周三（4 月 16 日）A 股三大指数涨跌不一，沪指七连涨。截止收盘，沪指涨 0.26%，收报 3276.00 点；深证成指跌 0.85%，收报 9774.73 点；创业板指跌 1.21%，收报 1907.11 点。沪深两市成交额 11119 亿，较 昨日小幅放量 347 亿。 沪深 300 指数 4 月 16 日震荡趋强，收盘 3772.82，环比上涨 11.59。 【焦炭 焦煤】4 月 16 日焦炭加权指数区间震荡，收盘价 1562.9 元，环比下跌 7.1。 4 月 16 日，焦煤加权指数弱势，收盘价 945.2 元，环比下跌 14.5。 影响焦炭期货、焦煤期货价格的有关信息： 焦炭：近期环保限产约束有所放松，焦企保持开工动能，高频数据显示开工率以及焦炭日均产量环比小幅增 加。需求方面，高炉延续复产，铁水产量增加，供需双增，焦企出货顺畅。 焦煤：上周部分前期停产煤矿复产，带动上游开工率回升，国内煤炭整体宽松格局持续。进口方面，蒙煤单 日通关车数维持在千车高位，进口供应充分。（数据来源：东方财富网） 【棕 ...

Group 1 - The black commodity futures experienced a sharp rise, with iron ore main contract increasing by over 1% [1] - The rebar main contract rose by more than 0.5% [1] - The hot-rolled coil main contract reversed from a decline to an increase [1] Group 2 - The main contract for coking coal saw its decline narrow to 1.80% [1] - The main contract for coking coal also had its decline narrow to 0.52% [1]

国内期货夜盘开盘，焦炭、焦煤、 铁矿石跌逾2%，烧碱、棉花、纯碱、液化石油气、沪锌、棉纱、沪 锡跌逾1%；菜粕涨逾2%， 豆粕、豆二涨逾1%。 ...