Report Industry Investment Rating - Unilateral: Neutral; Inter - term: PL01 - 02 short at high prices; Cross - variety: None [3] Core Viewpoints - On the supply side, a PDH plant in Shandong was overhauled ahead of schedule during the holiday, and there are plans for shutdown and overhaul of PDH plants in Bohua and Hebei Haiwei after the holiday. The restart of Ningbo Jinfa's Phase I PDH was postponed to the end of October, providing support to the supply side. The spot price of propylene in Shandong stopped falling and rose slightly, while the futures price was still dragged down by the cost side [2]. - On the demand side, downstream factories reduced their pre - holiday inventory replenishment and were still constrained by cost pressure. The inventory replenishment demand was poor, and they mainly made rigid purchases at low prices. The low propylene price drove some PP plants that purchase externally to restart before the holiday. Although some phenol - acetone and propylene oxide plants are expected to shut down, the demand for polypropylene, the main downstream product, may increase. Attention should be paid to the follow - up of the demand side [2]. - On the cost side, international oil prices continued to be under pressure due to weak demand. The official price of Saudi CP in October was significantly lowered, and the price of propane in the external market dropped sharply, weakening the cost support for propylene [2] Summary by Directory 1. Propylene Basis Structure - The report presents figures on the closing price of the propylene main contract, East China basis, North China basis, 01 - 05 contract, East China market price, and Shandong market price of propylene [6][9][11] 2. Propylene Production Profit and Operating Rate - Figures include propylene CFR in China - naphtha CFR in Japan, propylene capacity utilization rate, PDH production gross profit of propylene, PDH capacity utilization rate of propylene, MTO production gross profit of propylene, methanol - to - olefins capacity utilization rate, propylene naphtha cracking production gross profit, and crude oil production capacity utilization rate of major refineries [15][23][25] 3. Propylene Import and Export Profit - Figures cover the difference between FOB in South Korea and CFR in China, the difference between CFR in Japan and CFR in China, the difference between CFR in Southeast Asia and CFR in China, and propylene import profit [31][33] 4. Profit and Operating Rate of Propylene Downstream Products - The report shows the production profit and operating rate of PP powder, propylene oxide, n - butanol, octanol, acrylic acid, acrylonitrile, and phenol - acetone [39][41][44] 5. Propylene Inventory - Figures include propylene in - plant inventory and PP powder in - plant inventory [64]