Report Summary 1. Investment Rating - No investment rating for the industry is provided in the report. 2. Core Viewpoint - The polyolefin market continued to rebound overnight. In the medium - term, the market focuses on actual demand fulfillment and pre - holiday terminal stocking. Attention should also be paid to potential policy changes in the overall supply side in the fourth quarter in China. Due to the cost - driven nature, polyolefins may continue to oscillate in a low - level range [2][3]. 3. Summary Based on Relevant Catalogs Futures Market - **LL Futures**: The previous day's closing prices for January, May, and September contracts were 7159, 7197, and 7225 respectively, with price drops of - 10, - 12, and - 6, and declines of - 0.14%, - 0.17%, and - 0.08% compared to two days ago. Trading volumes were 195523, 9491, and 39, and open interests were 554591, 46752, and 172, with changes of - 7269, 245, and 3 respectively. The current spreads for January - May, May - September, and September - January were - 38, - 28, and 66 [2]. - **PP Futures**: The previous day's closing prices for January, May, and September contracts were 6893, 6936, and 6908 respectively, with price drops of - 5, - 5, and - 6, and declines of - 0.07%, - 0.07%, and - 0.09% compared to two days ago. Trading volumes were 229349, 14353, and 521, and open interests were 609770, 78694, and 2230, with changes of - 18267, 1335, and 351 respectively. The current spreads for January - May, May - September, and September - January were - 43, 28, and 15 [2]. Raw Materials and Spot Market - **Raw Materials**: The current prices of methanol futures, Shandong propylene, South China propane, PP recycled materials, North China powder, and plastic film were 2358 yuan/ton, 6475 yuan/ton, 586 dollars/ton, 5600 yuan/ton, 6730 yuan/ton, and 8800 yuan/ton respectively. The prices of methanol futures and PP recycled materials remained unchanged, while Shandong propylene decreased by 10 yuan/ton, South China propane decreased by 3 dollars/ton, North China powder decreased by 10 yuan/ton, and plastic film remained unchanged [2]. - **Spot Market**: For LL, the current prices in East China, North China, and South China markets were 7150 - 7600 yuan/ton, 7100 - 7400 yuan/ton, and 7250 - 7700 yuan/ton respectively. For PP, the current prices in East China, North China, and South China markets were 6700 - 6800 yuan/ton, 6650 - 6750 yuan/ton, and 6650 - 6850 yuan/ton respectively [2]. Consumption Information - On Friday (September 26), the settlement price of WTI crude oil futures for November 2025 on the New York Mercantile Exchange was $65.72 per barrel, up $0.74 or 1.14% from the previous trading day, with a trading range of $64.66 - $66.42. The settlement price of Brent crude oil futures for November 2025 on the London Intercontinental Exchange was $70.13 per barrel, up $0.71 or 1.02% from the previous trading day, with a trading range of $69.11 - $70.76 [2].