1. Report Information - Report Name: Polyolefin Daily Report - Date: December 19, 2025 [2] - Research Team: Energy and Chemical Research Team [4] 2. Market Quotes 2.1 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 | Change in Open Interest | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Plastic 2601 | 6458 | 6433 | 6500 | 6432 | -41 | -0.63% | 105,482 | -13,837 | | Plastic 2605 | 6488 | 6476 | 6545 | 6475 | -35 | -0.54% | 561,776 | 21,649 | | Plastic 2609 | 6514 | 6514 | 6571 | 6513 | -27 | -0.41% | 13,950 | 1,355 | | PP2601 | 6200 | 6202 | 6242 | 6200 | 13 | 0.21% | 142,634 | -23,432 | | PP2605 | 6266 | 6279 | 6312 | 6263 | 28 | 0.45% | 523,495 | 4,001 | | PP2609 | 6299 | 6303 | 6329 | 6297 | 17 | 0.27% | 29,696 | 2,464 | [5] 2.2 Spot Market Quotes - On December 18, 2025, the inventory level of major producers was 670,000 tons, a decrease of 30,000 tons (4.29%) from the previous working day. The inventory at the same time last year was 610,000 tons [7]. - Most PE market prices declined. The LLDPE prices in North China, East China, and South China were in the range of 6,390 - 6,670 yuan/ton, 6,430 - 6,900 yuan/ton, and 6,400 - 6,800 yuan/ton respectively [7]. - The mainstream price of propylene in the Shandong market was temporarily around 6,000 - 6,030 yuan/ton, a decrease of 40 yuan/ton from the previous working day. The increase in propylene supply and weakening downstream demand led to poor sales for producers, who were more willing to offer discounts. Downstream factories were waiting and purchasing at lower prices, and the market transaction center continued to decline [7]. - The PP market was stable with some increases. The mainstream prices of North China, East China, and South China were in the range of 6,020 - 6,160 yuan/ton, 6,100 - 6,260 yuan/ton, and 6,090 - 6,300 yuan/ton respectively [7]. 3. Market Review and Outlook - L2605 of linear low - density polyethylene opened lower, fluctuated downward during the session, and closed down at 6,476 yuan/ton, a decrease of 35 yuan/ton (-0.54%). The trading volume was 420,000 lots, and the open interest increased by 21,649 lots to 561,776 lots. PP2605 closed at 6,279 yuan/ton, an increase of 28 yuan (0.45%), and the open interest increased by 4,001 lots to 523,500 lots [6]. - In December, the impact of plant maintenance losses decreased significantly month - on - month. As maintenance plants restarted as scheduled, the supply pressure increased month - on - month. The new production capacity in 2025 was highly likely to be realized, and the planned new production capacity in 2026 was concentrated in the second half of the year. Q1 would be in a period of no new production capacity [6]. - The current spot price is falling, and the weak demand in the off - season is evident. The downstream operating rates of PE mostly decreased, while the PP operating rate remained basically stable. Factories were mainly digesting existing inventories as the previously purchased goods were still being delivered [6]. - Geopolitical factors were mixed, crude oil prices were under pressure and declined, and the center of the plastics and chemicals market was dragged down. The current market sentiment was bearish, and polyolefins were operating weakly at the bottom [6]. 4. 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 change rate. The data sources are Wind and Zhuochuang Information, as well as the Research and Development Department of CCB Futures [9][15][17]