Report Summary 1) Report Industry Investment Rating No relevant information provided. 2) Core View of the Report - The PP market is expected to oscillate within a range before the Spring Festival. The supply - demand pattern improvement is limited, spot follow - up is limited, and the basis weakens. There are still expectations for the chemical industry to counter the involution, and the upstream petrochemical inventory is low. Due to the new production capacity of plastics and the unopened concentrated demand for mulch films, the L - PP spread is expected to decline. [1] 3) Summary by Relevant Catalogs [行情分析] - As of the week of January 30th, the downstream operating rate of PP decreased by 0.79 percentage points to 52.08% week - on - week, at a neutral level in the same lunar period over the years. The operating rate of plastic weaving, the main downstream of drawstring, remained flat at 42.04% week - on - week, but the plastic weaving orders continued to decline slightly week - on - week, slightly lower than the same period last year. [1] - On February 3rd, some overhauled devices such as the second line of Maoming Petrochemical restarted, and the PP enterprise operating rate rose to around 80%, at a slightly lower - than - neutral level, and the production ratio of standard drawstring remained at around 29%. Petrochemical inventory is currently at a relatively low level in the same period in recent years. [1] - The geopolitical situation cooled down, the cold wave weakened, and crude oil prices dropped significantly. Recently, the number of overhauled devices decreased slightly. The price of downstream BOPP film continued to rebound. The operating rate of downstream plastic weaving was stable approaching the Spring Festival holiday, but new orders were limited. [1] [期现行情] - **Futures**: The PP2605 contract increased positions and oscillated. The lowest price was 6,681 yuan/ton, the highest was 6,771 yuan/ton, and it finally closed at 6,730 yuan/ton, above the 20 - day moving average, with a decline of 0.65%. The position increased by 229 lots to 509,892 lots. [2] - **Spot**: The spot prices of PP in most regions declined. The drawstring was quoted at 6,340 - 6,880 yuan/ton. [3] [基本面跟踪] - **Supply**: On February 3rd, some overhauled devices such as the second line of Maoming Petrochemical restarted, and the PP enterprise operating rate rose to around 80%, at a slightly lower - than - neutral level, and the production ratio of standard drawstring remained at around 29%. [4] - **Demand**: As of the week of January 30th, the downstream operating rate of PP decreased by 0.79 percentage points to 52.08% week - on - week, at a neutral level in the same lunar period over the years. The operating rate of plastic weaving, the main downstream of drawstring, remained flat at 42.04% week - on - week, but the plastic weaving orders continued to decline slightly week - on - week, slightly lower than the same period last year. [4] - **Inventory**: On Tuesday, the early petrochemical inventory decreased by 95,000 tons to 505,000 tons week - on - week, 75,000 tons lower than the same lunar period last year. At the end of January, petrochemical destocking was fast, and the current petrochemical inventory is at a relatively low level in the same period in recent years. [4] [原料端原油] - The Brent crude oil 04 contract dropped to 66 US dollars per barrel, and the CFR propylene price in China remained flat at 825 US dollars per ton week - on - week. [5]