1. Report Information - Report Name: Polyolefin Daily Report [1] - Date: March 18, 2026 [2] - Research Team: Energy and Chemical Research Team [4] 2. Market Quotes Summary - **Plastic Futures**: L2601 opened at 8030 yuan/ton, closed at 8014 yuan/ton, down 102 yuan/ton (-1.26%); L2605 opened at 8505 yuan/ton, closed at 8496 yuan/ton, down 136 yuan/ton (-1.58%); L2609 opened at 8294 yuan/ton, closed at 8202 yuan/ton, down 103 yuan/ton (-1.24%) [5] - **PP Futures**: PP2701 opened at 7750 yuan/ton, closed at 7771 yuan/ton, down 81 yuan/ton (-1.03%); PP2605 opened at 8750 yuan/ton, closed at 8671 yuan/ton, down 129 yuan/ton (-1.47%); PP2609 opened at 8198 yuan/ton, closed at 8179 yuan/ton, down 79 yuan/ton (-0.96%) [5] 3. Market Review and Outlook - **Market Performance**: L2605 opened lower, fluctuated during the session, and finally closed at 8496 yuan/ton, down 136 yuan/ton (-1.58%), with a trading volume of 850,000 lots and a decrease in positions by 11,218 to 333,729 lots; PP2605 closed at 8671 yuan/ton, down 129 yuan/ton (-1.47%), with a decrease in positions by 42,481 to 373,300 lots [6] - **Market Drivers**: Concerns about crude oil supply disruptions outweigh the stabilizing signals from the release of oil reserves. Tensions in the Strait of Hormuz persist, and Brent crude remains at a high level of $100. Short - term oil prices will continue to fluctuate at a high level. Tight raw material supply leads upstream enterprises to reduce production. There is a window period for new device commissioning in the first half of the year, and supply contraction during the regular maintenance period from March to April may exceed expectations. Downstream开工率 has increased month - on - month, but the downstream's willingness to chase high prices has cooled, and there is resistance to continuously rising raw material prices [6] - **Market Outlook**: High volatility dilutes the impact of news, and market sentiment has become dull. The polyolefin market will maintain a pattern of strong fluctuations and a rising center of gravity driven by cost support and supply contraction [6] 4. Industry News - **Inventory**: On March 17, 2026, the inventory level of major producers was 865,000 tons, an increase of 5,000 tons (0.58%) from the previous working day, compared with 820,000 tons in the same period last year [7] - **PE Market**: PE market prices partially declined. The price of LLDPE in North China was 8300 - 9100 yuan/ton, in East China was 8450 - 8950 yuan/ton, and in South China was 8550 - 9100 yuan/ton [7] - **Propylene Market**: The mainstream price in the Shandong propylene market was temporarily 8000 - 8050 yuan/ton, unchanged from the previous working day. Downstream factories' wait - and - see sentiment increased, mainly making rigid purchases, and production enterprises had a strong willingness to stabilize the market, with general overall trading performance [7] - **PP Market**: The decline of domestic PP futures suppressed the spot market atmosphere. The mainstream price of drawn PP in North China was 8450 - 8650 yuan/ton, in East China was 8500 - 8700 yuan/ton, and in South China was 8600 - 8850 yuan/ton [7] 5. Data Overview - The report presents multiple charts including L - basis, PP - basis, L - PP spread, crude oil futures settlement price, two - oil inventory, and two - oil inventory year - on - year increase/decrease rate, with data sources from Wind and Zhuochuang Information [9][13][17]

1. Report Industry Investment Rating - Not provided in the given content 2. Core Views of the Report - The main contradiction in the current market is anchored to the US - Iran situation. Although the negotiation progress is slow, there are differences in the market's view on the evolution of the conflict, so oil prices are fluctuating repeatedly, waiting for further guidance from market news [1]. - For fuel oil, the supply of low - sulfur fuel oil has marginally improved, and the high - sulfur supply has decreased. The short - term market still focuses on the impact of the latest developments in the US - Iran situation on the crude oil and fuel oil markets [2]. - For asphalt, the supply in the northern region remains relatively low, and refineries are mainly accumulating inventory. The short - term market still focuses on the impact of the latest developments in the US - Iran situation on the raw material market [2]. - For polyester, PX and PTA are expected to be strongly volatile under cost support, while ethylene glycol is expected to be weakly volatile under high - inventory pressure after the festival, but its supply - demand pattern may improve in March [4]. - For rubber, due to the firm raw material price in the low - production season and the increasing concern about production, the rubber price is expected to be strongly volatile [6]. - For methanol, affected by the gas restriction in Iran, the import volume is expected to gradually decline. The MTO device load in the Yangtze River Delta region is not high currently but is expected to recover after the Spring Festival. The subsequent port will enter the de - stocking stage, but the continued tension in the US - Iran situation will cause the methanol price to fluctuate significantly [6]. - For polyolefins, the post - festival demand recovery is slow, and due to the pre - festival downstream restocking, the short - term market trading activity is not high, and there is a certain pressure for further upward movement [6]. - For polyvinyl chloride, the post - festival supply maintains a slow - increasing trend, and the downstream demand support is limited. It is expected that the PVC price will maintain a bottom - level fluctuation [7]. 3. Summary According to Relevant Catalogs 3.1 Research Views | Variety | Closing Price and Change on Thursday | Key Information | View | | --- | --- | --- | --- | | Crude Oil | WTI April contract closed down $0.21 to $65.21/barrel, a decrease of 0.32%; Brent April contract closed down $0.1 to $70.75/barrel, a decrease of 0.14%; SC2604 closed at 489.8 yuan/barrel, up 3.6 yuan/barrel, an increase of 0.74% | US - Iran nuclear negotiations are ongoing, and the cost of chartering super - large oil tankers from the Middle East to China has exceeded $200,000 per day for the first time since 2020 | Volatility [1] | | Fuel Oil | FU2605 closed down 0.34% at 2943 yuan/ton; LU2605 closed down 1.18% at 3436 yuan/ton | Singapore's on - land fuel oil inventory increased by 0.5%, and Fujeirah's fuel oil inventory decreased by 6.22%. The supply of low - sulfur and high - sulfur fuel oil has changed | Volatility [2] | | Asphalt | BU2604 closed down 0.5% at 3358 yuan/ton | The supply in the north is low, and refineries are accumulating inventory. The production of main refineries in the south is intermittent | Volatility [2] | | Polyester | TA605 closed down 0.98% at 5260 yuan/ton; EG2605 closed down 1.25% at 3700 yuan/ton; PX605 closed down 0.67% at 7382 yuan/ton | An ethylene glycol device is expected to restart, and the downstream recovery time is around the Lantern Festival | Volatility [4] | | Rubber | RU2605 fell 115 yuan/ton to 17125 yuan/ton; NR fell 125 yuan/ton to 13855 yuan/ton; BR fell 345 yuan/ton to 12700 yuan/ton | Vietnam's natural rubber exports in January increased by 5% year - on - year, but exports to China decreased by 42% year - on - year. The operating load of domestic tire enterprises has increased | Volatility [4][6] | | Methanol | The spot price in Taicang is 2197 yuan/ton, and the price in Inner Mongolia is 1830 yuan/ton | Affected by the gas restriction in Iran, the import volume is expected to decline, and the MTO device load in the Yangtze River Delta region is expected to recover after the Spring Festival | Volatility [6] | | Polyolefins | The mainstream price of East China wire drawing is 6600 - 6700 yuan/ton | The post - festival demand recovery is slow, and the downstream restocked in advance | Volatility [6] | | Polyvinyl Chloride | The price in the East China market is stable, and the price in the South China market has increased | The post - festival supply is slowly increasing, and the downstream demand has been overdrawn | Volatility [7] | 3.2 Daily Data Monitoring - The report provides the basis price data of various energy - chemical varieties on February 26, 2026, including spot prices, futures prices, basis, basis rates, and their changes, as well as the quantile of the latest basis rate in historical data [8]. 3.3 Market News - The US and Iran ended the third round of nuclear negotiations in Geneva, and the mediation party Oman said that the talks had made progress. Iran refused to transfer its enriched uranium abroad and demanded that the US lift sanctions [10]. - The EU sanctions envoy said that the EU needs to coordinate its plan to impose a comprehensive maritime service ban on Russia's seaborne crude oil exports with other G7 countries [10]. 3.4 Chart Analysis - **4.1 Main Contract Prices**: The report presents the closing price charts of main contracts of various energy - chemical varieties from 2022 to 2026, including crude oil, fuel oil, low - sulfur fuel oil, asphalt, LPG, PTA, ethylene glycol, etc. [12][14][16][18][22] - **4.2 Main Contract Basis**: It shows the basis charts of main contracts of various energy - chemical varieties, such as crude oil, fuel oil, low - sulfur fuel oil, asphalt, etc. [27][28][30][32] - **4.3 Inter - period Contract Spreads**: The report provides the spread charts of inter - period contracts of various energy - chemical varieties, including fuel oil, PTA, ethylene glycol, PP, LLDPE, etc. [33][35][39][41][43][45] - **4.4 Inter - variety Spreads**: It presents the spread and ratio charts of different varieties, such as the spread between domestic and foreign crude oil, the spread between high - and low - sulfur fuel oil, the ratio of fuel oil to asphalt, etc. [48][50][51][55] - **4.5 Production Profits**: The report shows the production profit charts of LLDPE, PP, etc. [59] 3.5 Research Team Introduction - **Zhong Meiyan**: Deputy Director of Everbright Futures Research Institute, with more than ten years of experience in futures derivatives market research, has won many awards [62]. - **Du Bingqin**: Director of Energy and Chemical Research at Everbright Futures Research Institute, with in - depth research on the energy industry chain, has won many awards [63]. - **Di Yilin**: Rubber and polyester analyst at Everbright Futures Research Institute, has won many awards and is mainly engaged in the research of related futures varieties [64]. - **Peng Haibo**: Analyst of methanol, propylene, pure benzene, polyolefins, and PVC at Everbright Futures Research Institute, with rich experience in energy - chemical spot - futures trading [65].

Group 1: Report Information - Report Name: Polyolefin Daily Report [1] - Date: February 26, 2026 [2] - Research Team: Energy and Chemical Research Team [4] - Researchers: Peng Jinglin (Polyolefins), Li Jie, CFA (Crude Oil and Fuel Oil), Ren Junchi (PTA, MEG), Liu Youran (Pulp), Feng Zeren (Glass and Soda Ash) [4] Group 2: Market Quotes Futures Market Quotes | Variety | Opening Price (yuan/ton) | Closing Price (yuan/ton) | Highest Price (yuan/ton) | Lowest Price (yuan/ton) | Change (yuan/ton) | Change Rate (%) | Open Interest | Open Interest Change | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Plastic 2701 | 6899 | 6860 | 6915 | 6854 | -12 | -0.17 | 1579 | 271 | | Plastic 2605 | 6810 | 6777 | 6846 | 6766 | -9 | -0.13 | 507855 | 25621 | | Plastic 2609 | 6876 | 6847 | 6902 | 6829 | 11 | 0.16 | 74303 | 6623 | | PP2701 | 6741 | 6710 | 6752 | 6704 | 0 | 0.00 | 3295 | 71 | | PP2605 | 6733 | 6720 | 6769 | 6709 | 15 | 0.22 | 479778 | 7385 | | PP2609 | 6763 | 6743 | 6793 | 6735 | 17 | 0.25 | 118069 | 3528 | [5] Market Performance - L2605 opened higher, fluctuated downward during the session, and closed lower at 6777 yuan/ton, down 9 yuan/ton (-0.13%), with a trading volume of 340,000 lots and an open interest increase of 25,650 lots to 507,884 lots - PP2605 closed at 6720 yuan/ton, up 15 yuan, a gain of 0.22%, with an open interest increase of 7385 lots to 479,800 lots [6] Group 3: Core Views - After the Spring Festival, the inventory level of the two major oil companies was 940,000 tons, a stockpile of 480,000 tons compared to before the festival, similar to last year - During the Chinese Spring Festival, overseas geopolitical conflict news boosted the raw material support - However, the improvement in supply and demand was limited. The restart of maintenance devices and normal production during the holiday led to a significant expected increase in commercial inventory as downstream production had not resumed this week. It is expected that pre - holiday raw material inventory will be digested before the Lantern Festival - The current high inventory and weak reality limit the upside potential, and be vigilant against the impact of sharp oil price fluctuations on the polyolefin market [6] Group 4: Industry News - On February 25, 2026, the inventory level of major producers was 875,000 tons, a decrease of 65,000 tons from the previous working day, a decline of 6.91%. The inventory in the same period last year was 940,000 tons - Most PE market prices rose. The LLDPE price in North China was 6580 - 7000 yuan/ton, in East China was 6650 - 7050 yuan/ton, and in South China was 6800 - 7100 yuan/ton - The mainstream price of propylene in the Shandong market was temporarily 6400 - 6480 yuan/ton, unchanged from the previous working day. There was no obvious supply pressure, production enterprises' shipments were okay, and the overall market stability intention was strong. Downstream factories' stocking was gradually completed, with mainly rigid demand procurement, and the overall market transaction was relatively stable - The PP market price rose steadily. The mainstream price of drawn wire in North China was 6500 - 6580 yuan/ton, in East China was 6550 - 6650 yuan/ton, and in South China was 6650 - 6850 yuan/ton [7] Group 5: Data Overview - Figures include 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/decrease rate [9][17][19] - Data sources include Wind and Zhuochuang Information, and the research and development department of CCB Futures [10][11][13]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The cost side has strong support, and the market continues to rise. The cost - end oil and propane prices are rising, driving the polyolefin market sentiment to remain high, but the current supply - demand fundamentals of polyolefins are still weak [3][4]. - For PE, the cost - end support continues, but the supply is expected to increase and the demand is in the off - season, and the rebound sustainability needs to pay attention to the macro - level guidance and inventory destocking process [3]. - For PP, the cost - end support is enhanced, but the supply is difficult to have obvious support, and the demand support is insufficient. The rebound space may be limited by the destocking pressure in the off - season [4]. - The strategy suggests LLDPE and PP to cautiously go long on dips for hedging, and to shrink the LLDPE - PP spread when it is high [5]. 3. Summary According to the Directory 3.1 Market News and Important Data - **Price and Basis**: The closing price of the L main contract is 6967 yuan/ton (+68), and the PP main contract is 6778 yuan/ton (+69). LL North China spot is 6830 yuan/ton (+70), LL East China spot is 6900 yuan/ton (+20), and PP East China spot is 6610 yuan/ton (+90). LL North China basis is - 137 yuan/ton (+2), LL East China basis is - 67 yuan/ton (-48), and PP East China basis is - 168 yuan/ton (+21) [1]. - **Upstream Supply**: PE operating rate is 84.7% (+3.1%), and PP operating rate is 76.0% (+0.4%) [1]. - **Production Profit**: PE oil - based production profit is 72.5 yuan/ton (-161.0), PP oil - based production profit is - 527.5 yuan/ton (-161.0), and PDH - based PP production profit is - 621.0 yuan/ton (+44.0) [1]. - **Import and Export**: LL import profit is 365.7 yuan/ton (-11.8), PP import profit is - 412.8 yuan/ton (-33.1), and PP export profit is - 68.1 US dollars/ton (-1.1) [2]. - **Downstream Demand**: PE downstream agricultural film operating rate is 36.3% (-0.6%), PE downstream packaging film operating rate is 45.0% (-3.2%), PP downstream plastic braiding operating rate is 42.0% (-0.6%), and PP downstream BOPP film operating rate is 64.0% (+0.5%) [2]. 3.2 Market Analysis - **PE**: Geopolitical disturbances intensify, the cost - end crude oil price fluctuates upward, and the ethane supply price soars. The supply is expected to increase, while the demand is in the off - season, and the downstream purchasing power weakens. The cost and capital sentiment are the main drivers of the market [3]. - **PP**: The cost - end propane support is enhanced, and the international oil price fluctuates upward. The PDH is in deep loss, and the supply is difficult to support. The demand is in the off - season, and the new orders are limited. The cost and macro - sentiment drive the market upward, but the destocking pressure may limit the rebound space [4]. 3.3 Strategy - **Unilateral**: Cautiously go long on dips for LLDPE and PP hedging, and pay attention to the geopolitical situation [5]. - **Inter - period**: No relevant strategy [5]. - **Cross - variety**: Shrink the LLDPE - PP spread when it is high [5].

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The market sentiment has been boosted, leading to a significant rebound in the polyolefin market. However, the supply - demand fundamentals of PE and PP have not undergone a substantial reversal. The short - term rebound is driven by the resonance of the cost side and the capital sentiment side, and its sustainability depends on macro - level guidance and the inventory destocking process [3][4] - For PE, there is an expectation of increased supply, weak downstream demand, and inventory accumulation pressure. For PP, the supply is difficult to be significantly supported, demand is limited, and although the inventory has decreased to some extent, the overall level is still high [3][4] 3. Summary by Relevant Catalogs 3.1 Market News and Important Data - **Price and Basis**: The closing price of the L主力 contract is 6814 yuan/ton (+148), and that of the PP主力 contract is 6624 yuan/ton (+139). LL and PP spot prices and basis have also changed [1] - **Upstream Supply**: PE开工率 is 84.7% (+3.1%), and PP开工率 is 76.0% (+0.4%) [1] - **Production Profit**: PE oil - based production profit is 8.4 yuan/ton (-76.9), PP oil - based production profit is - 471.6 yuan/ton (-76.9), and PDH - made PP production profit is - 666.0 yuan/ton (-21.6) [1] - **Import and Export**: LL进口利润 is 125.8 yuan/ton (+30.1), PP进口利润 is - 407.5 yuan/ton (-3.9), and PP出口利润 is - 52.8 US dollars/ton (+5.5) [2] - **Downstream Demand**: PE下游农膜开工率 is 36.3% (-0.6%), PE下游包装膜开工率 is 45.0% (-3.2%), PP下游塑编开工率 is 42.0% (-0.6%), and PP下游 BOPP膜开工率 is 64.0% (+0.5%) [2] 3.2 Market Analysis - **PE**: The market sentiment has heated up again, and the price has rebounded. The supply is expected to increase, and the demand is in the off - season. The inventory is starting to accumulate, and the destocking pressure is high. The short - term rebound depends on the macro - level and the destocking process [3] - **PP**: The cost of propane provides strong support, and the price has rebounded. The supply is difficult to be significantly supported, the demand is limited, and the inventory level is still high. The short - term price is affected by the cost and macro - sentiment, but the destocking pressure may limit the rebound space [4] 3.3 Strategy - **Single - side trading**: For LLDPE and PP, it is advisable to cautiously go long on hedging. The short - term price is expected to fluctuate upwards, but the rebound sustainability may be limited due to the off - season demand and loose supply - demand pattern. It is recommended to go long with a light position [5] - **Inter - period trading**: Not recommended [5] - **Inter - commodity trading**: Short the LLDPE - PP spread when the spread is high [5]

1. Report Industry Investment Rating - Not provided in the document 2. Core Viewpoints of the Report - The overall risk preference in the crude oil market has improved, and oil prices are expected to continue to fluctuate. The prices of fuel oil, asphalt, polyester, rubber, methanol, polyolefins, and polyvinyl chloride are all expected to fluctuate. Attention should be paid to the impact of macro - factors on oil prices [1][3] 3. Summary by Relevant Catalogs 3.1 Research Views - **Crude Oil**: On Wednesday, oil prices rebounded. WTI December contract rose $0.33 to $60.48 per barrel (0.55% increase), Brent December contract rose $0.52 to $64.92 per barrel (0.81% increase), and SC2512 closed at 465.1 yuan per barrel, up 5.9 yuan (1.28% increase). EIA inventory data showed a comprehensive decline in inventories. Mexican national oil company's production decreased year - on - year. The Fed cut interest rates, and the subsequent rate - cut path is uncertain. The market is expected to fluctuate [1] - **Fuel Oil**: On Wednesday, the main contracts of high - sulfur and low - sulfur fuel oil on the Shanghai Futures Exchange fell. The Asian low - sulfur market structure weakened due to weak downstream demand and sufficient supply, while the high - sulfur market is expected to remain stable. FU and LU absolute prices will fluctuate with the cost side [3] - **Asphalt**: On Wednesday, the main asphalt contract on the Shanghai Futures Exchange fell. In November, the refinery's asphalt production plan decreased both month - on - month and year - on - year. The inventory levels all decreased. The supply pressure will ease, and there is still a rush - work expectation in some markets. The BU absolute price will fluctuate with the cost side [3] - **Polyester**: TA601 and EG2601 rose on Wednesday. The production and sales of polyester improved, and the fundamentals of TA improved. However, there is still a pressure of inventory accumulation for EG in the fourth quarter, and its price is under pressure. Attention should be paid to the trend of crude oil prices [4] - **Rubber**: On Wednesday, the main contracts of natural rubber and 20 - number rubber rose, while the butadiene rubber contract fell. The social inventory of natural rubber decreased. Due to the upcoming Sino - US leaders' meeting and good demand, rubber prices are expected to fluctuate strongly [4] - **Methanol**: On Wednesday, the spot price of methanol was reported. The domestic overhauled devices are gradually resuming production, and the overseas Iranian devices will be restricted by winter gas curtailment. The short - term port supply is still abundant, and methanol prices are expected to fluctuate [6] - **Polyolefins**: On Wednesday, the prices of polyolefins were reported. The short - term production will remain high, and the marginal increase in demand will gradually decline. The rebound of crude oil supports the valuation, but the fundamental driving force is weakening, and prices are expected to enter a fluctuating stage [6] - **Polyvinyl Chloride**: On Wednesday, the PVC market prices in East, North, and South China were reported. The supply remains high, domestic demand slows down, and exports are expected to be weak. The price has a demand for phased repair, but the rebound height is limited under high - inventory pressure [8] 3.2 Daily Data Monitoring - The document provides the basis price, basis rate, and their changes of various energy - chemical varieties on October 29 and 28, 2025, including crude oil, liquefied petroleum gas, asphalt, etc. It also shows the quantile of the latest basis rate in historical data [9] 3.3 Market News - US EIA data shows that the decline in US crude oil, gasoline, and distillate fuel inventories last week exceeded analysts' expectations, forcing the market to re - evaluate the expectation of a large surplus in the oil market [11] - Trump predicted that his talks with Chinese leaders would yield good results. The talks are scheduled for Thursday at a summit in South Korea. The positive news about the Sino - US talks and the US - South Korea trade agreement eased investors' concerns about the economic recession caused by Trump's tariffs and trade wars [11] 3.4 Chart Analysis - **4.1 Main Contract Prices**: It provides the closing price charts of main contracts of various energy - chemical varieties from 2021 to 2025, including crude oil, fuel oil, low - sulfur fuel oil, etc. [13] - **4.2 Main Contract Basis**: It provides the basis charts of main contracts of various energy - chemical varieties from 2021 to 2025, including crude oil, fuel oil, low - sulfur fuel oil, etc. [25] - **4.3 Inter - period Contract Spreads**: It provides the spread charts of different contracts of various energy - chemical varieties, such as the spread between 01 - 05 and 05 - 09 contracts of fuel oil, and the spread between the main and sub - main contracts of asphalt [39] - **4.4 Inter - variety Spreads**: It provides the spread and ratio charts between different varieties, such as the spread between domestic and foreign crude oil, the B - W spread of crude oil, the high - low sulfur spread of fuel oil, etc. [55] - **4.5 Production Profits**: It provides the production profit charts of LLDPE and PP from 2018 to 2025 [63] 3.5 Team Member Introduction - **Zhong Meiyan**: Assistant to the director of the research institute and director of energy - chemical research. With more than ten years of experience in futures derivatives market research, she has won many awards and has rich experience in serving enterprises [67] - **Du Bingqin**: Analyst for crude oil, natural gas, fuel oil, asphalt, and shipping. She has won many industry awards and has in - depth research on the energy industry chain [68] - **Di Yilin**: Analyst for natural rubber and polyester. She has won several awards and is good at data analysis and research on related varieties [69] - **Peng Haibo**: Analyst for methanol, propylene, pure benzene, polyolefins, and PVC. He has a background in energy - chemical spot - futures trading and relevant professional qualifications [70]

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - Futures prices of plastics and PP decreased, with plastics L2601 closing at 7077 yuan/ton, down 79 yuan/ton (-1.1%), and PP2601 at 6745 yuan/ton, down 128 yuan (-1.86%). This weakened the spot trading atmosphere, causing some prices to loosen. The post - holiday social inventory increased, and the demand in October had some resilience but limited new orders. The cost support from crude oil was weak, putting pressure on polyolefins [3][4]. 3. Summary by Directory 3.1 Market Review and Outlook - Plastics L2601 opened lower, fluctuated downward during the session, and closed lower. PP2601 also dropped. The futures' weak performance affected the spot market, with traders offering discounts. The post - holiday inventory increase and limited new orders led to high de - stocking pressure. Crude oil's supply expectation adjustment reduced cost support for polyolefins [3][4]. 3.2 Industry News - On October 9, 2025, the major producers' inventory was 860,000 tons, a 270,000 - ton increase (45.76%) from before the holiday, compared to 930,000 tons in the same post - holiday period last year. PE market prices were weak, while the mainstream price of propylene in the Shandong market rose 90 yuan/ton. PP market prices declined [5]. 3.3 Data Overview - Multiple figures were presented, including L and PP basis, L - PP spread, crude oil futures settlement price, two - oil inventory, and its year - on - year change rate, with data sources from Wind and Zhuochuang Information [7][13][15].

Report Information - Report Name: Polyolefin Daily Report [1] - Date: August 28, 2025 [2] - Research Team: Energy and Chemical Research Team [4] Market Quotes Futures Market Quotes | Variety | Opening | Closing | Highest | Lowest | Change | Change Rate | Open Interest | Change in Open Interest | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Plastic 2601 | 7399 | 7364 | 7414 | 7360 | -63 | -0.85% | 412274 | 4664 | | Plastic 2605 | 7407 | 7365 | 7421 | 7365 | -68 | -0.91% | 26767 | 576 | | Plastic 2509 | 7344 | 7310 | 7360 | 7309 | -63 | -0.85% | 34910 | -7171 | | PP2601 | 7041 | 7021 | 7056 | 7014 | -51 | -0.72% | 481684 | 7338 | | PP2605 | 7060 | 7035 | 7075 | 7031 | -54 | -0.76% | 39064 | 980 | | PP2509 | 6987 | 6963 | 7006 | 6961 | -51 | -0.73% | 20395 | -6062 | [5] Specific Contracts - L2601 opened higher, fluctuated up and down during the session, and finally closed at 7402 yuan/ton, down 9 yuan/ton (-0.12%), with a trading volume of 250,000 lots and an increase of 13,732 lots in open interest to 407,610 lots [6] - PP2601 closed at 7021 yuan/ton, down 51 yuan, a decline of 0.72%, with an increase of 7338 lots in open interest to 481,700 lots [6] Core Views - The futures market opened low and oscillated weakly, dampening market trading sentiment. Most ex-factory prices remained stable at the end of the month. Traders quoted prices based on inventory, and downstream buyers mainly made small orders [6] - The impact of maintenance decreased, and new production capacities were steadily put into operation, suppressing the market on the supply side. The demand side was gradually transitioning to the peak season, and the overall downstream operating rate was expected to increase, but short-term raw material procurement remained cautious [6] - Market sentiment weakened during the day, most futures markets closed lower, and crude oil prices declined, weakening cost support, leading to a decline in polyolefin prices [6] Industry News - On August 27, 2025, the inventory level of major producers was 705,000 tons, a decrease of 25,000 tons (-3.42%) from the previous working day. The inventory in the same period last year was 720,000 tons [7] - The PE market price was weakly sorted. The LLDPE price in North China was 7220 - 7450 yuan/ton, in East China was 7320 - 7750 yuan/ton, and in South China was 7430 - 7800 yuan/ton [7] - The mainstream price of propylene in the Shandong market was temporarily referred to as 6540 - 6560 yuan/ton, an increase of 80 yuan/ton from the previous working day. Some PDH device maintenance news boosted market sentiment, downstream factories' purchasing enthusiasm increased, propylene producers' shipments were smooth, and the willingness to hold prices was obvious [7] - The domestic PP market was weakly sorted, with some prices falling by 10 - 30 yuan/ton. Downstream terminals were not very interested in purchasing, mostly maintaining a cautious wait-and-see attitude, and the number of orders received was limited [7][8]