Group 1: Report Overview - Industry: Polyolefin [1] - Date: August 26, 2025 [2] Group 2: Research Team - Energy and Chemical Research Team including researchers for polyolefin, crude oil, PTA, etc. [4] Group 3: Market Quotes Futures Market Quotes | Variety | Opening | Closing | Highest | Lowest | Change | Change Rate | Position | Position Change | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Plastic 2601 | 22230 | 22375 | 22455 | 22210 | 115 | 0.52% | 38685 | -4326 | | Plastic 2605 | 22220 | 22395 | 22465 | 22200 | 150 | 0.67% | 105259 | -2533 | | Plastic 2509 | 22210 | 22390 | 22445 | 22185 | 160 | 0.72% | 38208 | 1139 | | PP2601 | 16790 | 16845 | 16895 | 16755 | 85 | 0.51% | 27975 | -13190 | | PP2605 | 16815 | 16865 | 16900 | 16765 | 100 | 0.60% | 47516 | 3616 | | PP2509 | 16825 | 16870 | 16905 | 16785 | 100 | 0.60% | 10131 | 1064 | [5] Specific Contracts Quotes - L2601 closed at 7423 yuan/ton, up 38 yuan/ton (0.51%), with 260,000 lots traded and positions decreasing by 364 to 393,878 lots - PP2601 closed at 7074 yuan/ton, up 30 yuan (0.43%), with positions increasing by 3197 to 468,800 lots [6] Group 4: Market Analysis - Futures showed a warm and oscillating trend, supporting the market atmosphere. Traders adjusted their quotes following the factory prices, with some quotes slightly rising to actively sell goods, but downstream market entry intention was low and actual transactions were mediocre - A 450,000 - ton new device of Ningbo Daxie Phase II Line 1 is planned to be put into operation at the end of August, and Line 2 (also 450,000 tons) is planned for September. Although the upstream supply cannot be completely eliminated in the short - term, the demand side is gradually transitioning to the peak season, and the overall downstream operating rate is expected to increase - Concerns from the policy side due to over - capacity in the chemical industry, and positive macro news over the weekend supported a warm sentiment, leading to a continuous rebound in polyolefins [6] Group 5: Industry News and Data Inventory Data - On August 25, 2025, the inventory level of major producers was 750,000 tons, a 20,000 - ton increase (2.74%) from the previous working day. The inventory in the same period last year was 775,000 tons [9] Price Data - PE market prices continued to rise. LLDPE prices in North China were 7220 - 7450 yuan/ton, in East China 7300 - 7750 yuan/ton, and in South China 7400 - 7750 yuan/ton - The mainstream price of propylene in the Shandong market was 6450 - 6490 yuan/ton, a 30 - yuan/ton decrease from the previous working day. Downstream product profit was average, reducing the acceptance of propylene prices, and the demand support for propylene weakened - The domestic PP market partially showed a warm adjustment, with an adjustment range of 10 - 30 yuan/ton. The mainstream price of North China drawstring was 6900 - 7030 yuan/ton, in East China 6920 - 7020 yuan/ton, and in South China 6850 - 7100 yuan/ton [9]