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]