Report Industry Investment Rating - No information provided Core Viewpoints - The PTA market is expected to follow the cost side and fluctuate with a slightly upward trend in the short term, while the ethylene glycol price is expected to weaken and fluctuate in the short term [3][4] Summary by Related Content PTA - **Market Conditions**: On November 06, the PTA main futures contract TA2601 rose 2.27%, and the basis was -144 yuan/ton, down 70 yuan/ton from the previous day [3] - **Fundamentals**: The market price of PTA in East China was 4540 yuan/ton, up 30 yuan/ton from the previous trading day. The crude oil price in the cost side fluctuated narrowly. The PTA capacity utilization rate increased by 0.10% to 77.19% compared with the previous day. The PTA factory inventory days within the week were 4.03 days, a decrease of 0.04 days month-on-month [3] - **Main Force Movements**: Short - side main forces increased positions [3] - **Trend**: In the short term, the PTA plant operating rate decreased slightly, the inventory accumulation pressure eased, the spot processing fee was around 140 yuan/ton and operated at a low level, the supply was still in excess, the downstream polyester operating rate rebounded, and the PTA market was expected to follow the cost side and fluctuate with a slightly upward trend [3] MEG (Ethylene Glycol) - **Market Conditions**: On November 06, the ethylene glycol main futures contract eg2601 rose 0.56%, and the basis was 44 yuan/ton, down 22 yuan/ton from the previous day [4] - **Fundamentals**: The market price of ethylene glycol in East China was 3946 yuan/ton, down 22 yuan/ton from the previous trading day. The crude oil price in the cost side fluctuated narrowly, the production gross profit losses of oil - based and coal - based ethylene glycol further expanded, and the total inventory of MEG ports in East China within the week was 49.9 tons, an increase of 1.6 tons month - on - month [4] - **Main Force Movements**: There were differences between long - side and short - side main forces [4] - **Expectation**: The expected arrival volume of ethylene glycol in the future will increase, and there is an expectation of inventory accumulation in the far - month. Recently, some ethylene glycol plants have been under maintenance and restarted simultaneously, and there are still plans for new plants to test - run, so there is an expectation of supply increase. Although terminal orders increased during the Double Eleven period, the peak demand season is coming to an end, and the ethylene glycol price is expected to weaken and fluctuate in the short term [4]

Report Industry Investment Rating - Information not provided in the given content Core View of the Report - The chemical market shows a mixed performance with different products facing various supply - demand and price trends. Some products like PVC, methanol are under pressure due to high supply and weak demand, while others like urea have some positive factors but still face supply - demand imbalances [2][5][6] Summary by Related Catalogs Olefins - Polyolefins - Propylene futures declined as supply was overall loose, production enterprise shipments weakened, and downstream demand and purchasing enthusiasm decreased [2] - Plastic and polypropylene futures also fell. For polyethylene, cost support declined, supply was stable, and downstream demand was average. For polypropylene, cost support weakened, trade - sellers actively sold, and downstream new orders were limited [2] Pure Benzene - Styrene - Pure benzene futures had prices fluctuating around 5400 yuan/ton, with inventory rising and supply increasing. Although the Sino - US tariff situation eased, it had limited impact on the market [3] - Styrene futures declined. New production devices were operating normally, and the future market outlook was not optimistic [3] Polyester - PX and PTA prices fluctuated widely. PX and PTA supply increased, with PTA facing inventory accumulation pressure. The demand was expected to weaken in the medium - term [4] - Ethylene glycol had a slight decline in weekly production, but supply was expected to increase. It was expected to continue accumulating inventory, and the strategy was to go short the spread [4] - Short - fiber had no new investment pressure and followed raw material price fluctuations. It was expected to accumulate inventory in mid - to late November [4] - Bottle - chip demand decreased with the cooling weather, and the processing margin was under pressure. It was mainly driven by cost [4] Coal Chemical Industry - Methanol futures fell continuously and stabilized in the afternoon. High port inventory, high import supply, and weak downstream demand suppressed the market, and the inventory inflection point was yet to appear [5] - Urea futures oscillated strongly. Daily production increased, and agricultural demand improved slightly. However, the domestic supply - demand imbalance continued, and the market was expected to oscillate within a range [5] Chlor - Alkali - PVC was operating at a low level. Supply was expected to increase, demand was declining, and cost support was weak [6] - Caustic soda continued to decline. Inventory was accumulating, and downstream demand was weak [6] Soda Ash - Glass - Soda ash was oscillating. Supply increased, and demand from float glass decreased, so it was under pressure at a high level [7] - Glass futures declined from a high level. Production lines were shut down, and inventory was expected to decrease. Cost increased, and the decline space was limited [7]

Report Industry Investment Ratings - Polypropylene, plastics, benzene, styrene, PTA, short - fiber, methanol, urea, glass: ☆☆☆ (white star, short - term multi/empty trend in a relatively balanced state, poor market operability, mainly for observation) [1] - Ethylene, propylene: ★★★ (three - star, clearer multi/empty trend, and relatively appropriate investment opportunities currently) [1] - Ethylene glycol, PVC, soda ash: ★☆☆ (one - star, biased towards multi/empty, with a driving force for price increase/decrease, but poor operability on the market) [1] Core Viewpoints - The main futures contracts of olefins and polyolefins closed down on the day. The spot and futures markets showed different trends. Propylene production enterprises may still have the intention to support prices, while polyethylene and polypropylene face supply increases and weak demand [2]. - The main futures contracts of pure benzene and styrene closed down on the day. Pure benzene has the pressure of high imports and falling demand, and styrene has high - inventory pressure [3]. - The prices of PX and PTA fluctuated and closed up on the day. Ethylene glycol continued to increase positions and decline with supply pressure. Short - fiber may face inventory accumulation in the future, and bottle - chip demand is weakening [5]. - The methanol market is under pressure from high imports and high inventories, and downstream demand is weak. The urea market is in a state of oversupply, with prices oscillating within a range [6]. - PVC is running at a low level due to high supply and weak demand. Caustic soda is expected to run at a low level, and its price may rise if liquid chlorine prices continue to fall [7]. - Soda ash prices are under pressure due to high supply and weakening demand. Glass prices are oscillating strongly, with cost support and potential for inventory reduction [8]. Summary by Directory Olefins - Polyolefins - The main futures contracts of olefins closed down. Spot - market propylene production enterprises may support prices. The production of polyethylene and polypropylene is increasing, while demand is weak [2]. Pure Benzene - Styrene - The price of pure benzene oscillated below 5500 yuan/ton. It is under pressure from high imports and falling demand. Styrene is under high - inventory pressure [3]. Polyester - PX and PTA prices fluctuated and closed up. Ethylene glycol continued to decline with supply pressure. Short - fiber may face inventory accumulation, and bottle - chip demand is weakening [5]. Coal Chemical Industry - Methanol prices continued to fall due to high imports and high inventories and weak downstream demand. Urea prices oscillated strongly, with agricultural demand providing some support but overall in an oversupply situation [6]. Chlor - Alkali - PVC is running at a low level due to high supply and weak demand. Caustic soda is expected to run at a low level, and its price may rise if liquid chlorine prices continue to fall [7]. Soda Ash - Glass - Soda ash prices are under pressure due to high supply and weakening demand. Glass prices are oscillating strongly, with cost support and potential for inventory reduction [8]

Core Viewpoint - The introduction of monthly average price futures for three chemical products fills a gap in domestic average price risk management tools, facilitating smoother price fluctuations and better risk management for enterprises in international trade [4][5]. Group 1: Monthly Average Price Futures - The monthly average price futures for linear low-density polyethylene, polyvinyl chloride, and polypropylene will be listed for trading starting from October 28, 2025, with night trading sessions [5]. - The listing benchmark prices for the contracts are based on the settlement prices on the listing date [5][7]. Group 2: Market Trends for Polyethylene and Polypropylene - The bearish trend for plastic and polypropylene futures continues, driven by declining cost support, new supply capacity, and insufficient demand [8]. - The price decline began in late November to early December 2024, with significant inventory accumulation during the Spring Festival and subsequent destocking cycles [8]. - Despite a rebound in oil prices, the prices of plastic and polypropylene futures face technical pressure and have entered a downward trend again by the end of August [8]. Group 3: Supply and Demand Dynamics - For polyethylene, rapid growth in domestic production due to capacity expansion is expected to persist throughout the year, with seasonal demand peaks in October [9]. - In polypropylene, while there is still strong demand in October, the seasonal demand decline is anticipated in November and December, with new capacity pressures expected to ease in the fourth quarter [9]. - Overall, both polyethylene and polypropylene prices are expected to remain in a bearish market, with short-term support from demand and geopolitical factors, but fundamental supply-demand pressures will likely lead to a "rise then fall" price trend [9]. Group 4: PVC Market Analysis - The PVC market is characterized by high supply and weak demand, with social inventory at historical highs [13]. - Despite ongoing losses in the PVC industry, some manufacturers are increasing production, with a projected increase of 220,000 tons this year [16]. - The PVC market faces potential export pressures due to anti-dumping measures from India, which could significantly impact future exports [17][18].

Report Overview - The report is a weekly report on soda ash and glass futures from October 27 - 31, 2025 [1][2] Soda Ash Futures 1. Mid - term Market Analysis - Mid - term trend: Soda ash futures are in a volatile phase. The domestic soda ash market had a narrow - range oscillation last week, with only a slight increase in the price of light soda ash in North China. Supply remained high, demand was weak, and the oversupply situation was hard to change. The price is expected to be stable but weak, and the trading center may move down further. The futures may be more affected by emotions in the short term due to the approaching policy window [7] - Strategy suggestion: It is recommended to wait and see [7] 2. Variety Trading Strategy - Last week's strategy review: The domestic soda ash market continued its weak trend last week, with prices generally falling. Affected by supply - demand imbalance, the market was under pressure. It was expected that the price would continue to be weakly volatile in the short term, with a limited downward space. The expected operating range of soda ash 2601 was 1100 - 1250 [10] - This week's strategy suggestion: The domestic soda ash market had a narrow - range oscillation last week. Supply remained high, demand was weak, and inventory accumulated. The short - term supply - demand pattern is expected to remain loose, and the price will be stable but weak. The expected operating range of soda ash 2601 is still 1100 - 1250 [11] 3. Relevant Data - Data includes China's weekly soda ash开工率, production, light and heavy soda ash inventory, basis (daily), and the production cost of the ammonia - soda process in North China (weekly). The variety diagnosis shows that the main force is slightly bearish, the capital energy is basically stable, and the risk of a market reversal is relatively high [12][16][18][22] Glass Futures 1. Mid - term Market Analysis - Mid - term trend: Glass is in an oscillating trend. The spot price of float glass in China dropped by 30 - 90 yuan/ton last week, with significant declines in the southwest, north, and northeast. Supply was abundant, inventory accumulated, and demand was weak. The short - term weak - oscillation pattern is expected to continue. The glass futures reached a new low after a one - sided decline and then stabilized weakly. The market is still bearish, and the follow - up should focus on policies and seasonal changes [30] - Strategy suggestion: It is recommended to hold an empty position and wait and see [30] 2. Variety Trading Strategy - Last week's strategy review: The domestic float glass market was generally weak last week, with prices falling in most regions. Demand recovered slowly, inventory pressure remained, and supply increase expectations further suppressed the market. The short - term narrow - range oscillation was expected to continue, and the futures also weakened [33] - This week's strategy suggestion: The spot price of float glass in China dropped last week. Supply - demand was loose, inventory accumulated, and demand was weak. The short - term weakness is expected to continue. The futures were under pressure, and the rebound power was insufficient [34] 3. Relevant Data - Data includes China's weekly float glass production,开工率, production cost and gross profit of the float process using natural gas as fuel, basis (daily), and ending inventory. The variety diagnosis shows that the main force is strongly bearish, the capital inflow is large, and the risk of a market reversal is high [36][39][41][46]

Report Industry Investment Ratings - Propylene, plastic, PX, PTA, and benzene ethylene are rated ★☆★, indicating a moderately bullish trend [1]. - PVC, ethylene glycol, short - fiber, and bottle chips are rated ★☆☆, suggesting a slightly bullish trend [1]. - Urea, methanol, and glass are rated ☆☆☆, meaning a neutral trend with low operability [1]. - Caustic soda and soda ash are rated ☆☆☆, also indicating a neutral state [1]. Core Views - In the chemical market, different chemical products show various trends. Some are affected by factors such as oil prices, supply - demand relationships, and downstream demand, with short - term and medium - term outlooks varying [2][3][5]. Summary by Related Catalogs Olefins - Polyolefins - The main contract of propylene futures continued to rise. Propylene prices remained stable at a low level, with a strong wait - and - see sentiment in the market [2]. - The main contracts of plastic and polypropylene futures oscillated upwards. For polyethylene, the macro - environment improved, but downstream resistance to price increases led to slower trading. For polypropylene, the trading sentiment improved, but downstream demand had no obvious improvement [2]. Pure Benzene - Styrene - Boosted by oil prices, the pure benzene futures price continued to rebound, and the spot price in East China also recovered. In the short term, concerns about supply contraction and oil price rebounds led to increased downstream purchases, while high imports remained a medium - term pressure [3]. - The main contract of styrene futures continued to rise. Driven by oil prices, styrene showed a short - term strong trend, but high inventory suppressed its upward space [3]. Polyester - The sharp rebound in oil prices provided impetus for PX and PTA. The textile market improved, but PTA was expected to face inventory accumulation in the medium term. Ethylene glycol might rebound in the short term but had medium - term inventory pressure. Short - fiber was expected to continue a bullish trend, while bottle chips faced weakening demand [5]. Coal Chemical Industry - The main contract of methanol rose slightly. The port inventory was high, and it might oscillate in the short term and tend to be stronger in the medium - to - long - term. The urea futures price continued to rise slightly, with improved supply - demand margins and cost support [6]. Chlor - Alkali - The supply of PVC was expected to increase, with stable domestic demand and good export in September. It might operate in the bottom - range. The supply of caustic soda fluctuated slightly, with inventory decline in non - aluminum downstream, and it might operate at a low - range [7]. Soda Ash - Glass - The soda ash industry had a slight inventory reduction, but supply remained high. It was advisable to short at high levels after a rebound. The glass price continued to fall, with inventory accumulation, and its downward range was expected to be limited [8].

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The cost side has rebounded, and the sales of polyester yarn have improved. The recent rise in crude oil prices is supported by the tense relationship between the US and Venezuela and the US plan to purchase crude oil to replenish the strategic reserve. The terminal demand has improved marginally due to the cooling weather, and the sales of polyester yarn have improved in the past two days [1]. - In the short term, the resonance of the macro - environment and fundamentals has put pressure on the fundamentals, and there is no obvious driving force for a rebound. In the PX segment, the PXN was $244/ton (a decrease of $2/ton compared to the previous period). The PX load in China has gradually recovered to a relatively high level, and with fewer maintenance plans in the fourth quarter and capacity expansion of some plants, the PXN remains under pressure. The downstream PTA plants have many maintenance plans after a significant compression of profits, and the supply - demand support for PX is limited. In the TA segment, the spot basis of the TA main contract is - 88 yuan/ton (no change compared to the previous period), the PTA spot processing fee is 79 yuan/ton (a decrease of 26 yuan/ton compared to the previous period), and the processing fee of the main contract on the disk is 299 yuan/ton (a decrease of 7 yuan/ton compared to the previous period). With the news of new plant commissioning, the processing fee has been further compressed. There are many near - term maintenance plans, and the inventory accumulation pressure is not large, but it is expected that new plants will be commissioned next week, and the inventory accumulation pressure will gradually appear after November. The long - term outlook is weak, the market spot supply is relatively abundant, and the cost - side support has weakened. The demand side is not in the peak season due to the impact of tariffs [2]. - The polyester operating rate is 91.4% (a decrease of 0.1% compared to the previous period). After the National Day, the market has calmed down, and filament yarn has accumulated inventory again. Terminal raw material procurement remains mostly cautious. Under high tariffs, the operating load of weaving and texturing has decreased again this week. The current inventory of polyester factories is not high, and it is expected that the average polyester load in October can still be maintained above 91%. There is still support from rigid demand due to the cooling weather. In the PF segment, the spot production profit is 298 yuan/ton (a decrease of 28 yuan/ton compared to the previous period). The load of direct - spun polyester staple fiber has remained stable. Due to the narrowing price difference in the market, the price advantage of factories has emerged, and inventory has decreased. The current factory inventory is low, and the inventory held by traders has also decreased. In the short term, the supply - demand situation of direct - spun polyester staple fiber is better than that of raw materials, and the processing margin has expanded to over 1200. In the PR segment, the spot processing fee for bottle chips is 546 yuan/ton (an increase of 16 yuan/ton compared to the previous period). The operating load of bottle chips has remained stable with a slight increase this week. Large factories generally maintain production cuts, and the inventory of polyester bottle chip factories has decreased. As the processing efficiency improves, attention should be paid to whether the operating load of plants will increase in the future and the progress of new capacity investment [3]. - For the unilateral strategy, PX/PTA/PF/PR are rated as neutral. In the PX segment, the PX load in China has gradually recovered to a relatively high level, and with fewer maintenance plans in the fourth quarter and capacity expansion of some plants, the supply - demand support for PX in the fourth quarter has weakened. In the TA segment, there are many near - term maintenance plans, and the inventory accumulation pressure is not large, but new plants are about to be commissioned, and the inventory accumulation pressure will gradually appear after November. The long - term outlook is weak, the market spot supply is relatively abundant, and the demand side is not in the peak season due to the impact of tariffs. Attention should be paid to the increase in PX maintenance due to profit compression and the Sino - US tariff game. In the PF segment, the demand for PF has improved slightly, and the factory inventory has decreased to a low level. In the short term, the supply - demand situation of direct - spun polyester staple fiber is better than that of raw materials, and the processing fee is expected to fluctuate strongly. In the PR segment, the fundamentals of bottle chips have not changed much, maintenance continues, but the demand performance is average. It is expected that the spot processing fee for bottle chips will fluctuate within a range, and attention should be paid to raw material price fluctuations. For the cross - variety strategy, it is recommended to go long on the PF processing fee at low prices: PF2512 - 0.855PTA2601 - 0.332MEG2601. For the cross - period strategy, it is recommended to conduct a reverse spread for PX/PTA2601 - 2605 [4]. Summary by Relevant Catalogs Price and Basis - Figures show the TA main contract, basis, and inter - period spread trends; PX main contract trends, basis, and inter - period spread; PTA East China spot basis; and short - fiber 1.56D*38mm semi - bright natural white basis [9][10][12] Upstream Profits and Spreads - Figures display the PX processing fee PXN (PX China CFR - naphtha Japan CFR), PTA spot processing fee, South Korean xylene isomerization profit, and South Korean STDP selective disproportionation profit [17][20] International Spreads and Import - Export Profits - Figures present the toluene US - Asia spread (FOB US Gulf - FOB South Korea), toluene South Korea FOB - Japan naphtha CFR, and PTA export profit [25][27] Upstream PX and PTA Start - up - Figures show the operating load of PTA in China, South Korea, and Taiwan, as well as the PX operating load in China and Asia [28][31][35] Social Inventory and Warehouse Receipts - Figures display the weekly social inventory of PTA, monthly social inventory of PX, total PTA warehouse receipts + forecast volume, PTA warehouse receipt inventory, PX warehouse receipt inventory, and PF warehouse receipt inventory [36][39][40] Downstream Polyester Load - Figures show the sales of filament yarn and short - fiber, polyester load, direct - spun filament yarn load, polyester staple fiber load, polyester bottle chip load, filament DTY, FDY, and POY factory inventory days, Jiangsu and Zhejiang loom operating rate, Jiangsu and Zhejiang texturing machine operating rate, Jiangsu and Zhejiang dyeing operating rate, filament FDY and POY profits [48][50][59] PF Detailed Data - Figures present the polyester staple fiber load, polyester staple fiber factory equity inventory days, 1.4D physical inventory, 1.4D equity inventory, recycled cotton - type staple fiber load, original - recycled price difference (1.4D polyester staple fiber - 1.4D imitation large - chemical fiber), pure polyester yarn operating rate, pure polyester yarn production profit, polyester - cotton yarn operating rate, and polyester - cotton yarn processing fee [68][78][82] PR Fundamental Detailed Data - Figures show the polyester bottle chip load, bottle chip factory bottle chip inventory days, bottle chip spot processing fee, bottle chip export processing fee, bottle chip export profit, East China water bottle chip - recycled 3A - grade white bottle chip price difference, bottle chip next - month spread (next month - base month), and bottle chip second - next - month spread (second next month - base month) [86][88][97]

Group 1 - The PTA futures market is experiencing a strong upward trend, with the main contract opening at 4434.00 CNY/ton and reaching a high of 4488.00 CNY, reflecting an increase of approximately 1.59% [1] - Major producers are reducing output due to various reasons, leading to a slight decrease in supply, while demand remains lukewarm despite the traditional peak season [1] - The processing fee for PTA is at a low level, indicating an overall undervaluation, but the long-term supply-demand outlook is pessimistic, suggesting a continuation of the current oscillating market pattern [1] Group 2 - Despite expectations of increased PTA maintenance, the polyester production load is anticipated to decline during the traditional off-peak season, resulting in a weak supply-demand outlook for PTA [2] - The cost side shows that PX loads remain high in Asia and domestically, putting pressure on PXN, while crude oil prices are fluctuating [2] - The overall supply-demand dynamics for PTA are weak, with recent news indicating a potential easing of US-China trade tensions, warranting attention to the progress of US-China economic negotiations [2]

Report Industry Investment Rating - Propylene, Plastic, PVC: ★☆☆ (One star represents a bias towards long/short, with a driving force for an upward/downward trend, but poor operability on the trading floor) [1] - Pure Benzene, Short Fiber: ★★★ (Three stars represent a clearer long/short trend, and there are still relatively appropriate investment opportunities currently) [1][5] - Styrene: ★☆☆ (One star represents a bias towards long/short, with a driving force for an upward/downward trend, but poor operability on the trading floor) [1] - PX: ☆☆☆ (White star represents that the short - term long/short trend is in a relatively balanced state, and the current trading floor has poor operability, suggesting to wait and see) [1] - PTA: ★★★ (Three stars represent a clearer long/short trend, and there are still relatively appropriate investment opportunities currently) [1] - Ethylene Glycol: ☆☆☆ (White star represents that the short - term long/short trend is in a relatively balanced state, and the current trading floor has poor operability, suggesting to wait and see) [1] - Bottle Chip: ☆☆☆ (White star represents that the short - term long/short trend is in a relatively balanced state, and the current trading floor has poor operability, suggesting to wait and see) [1] - Methanol: ☆☆☆ (White star represents that the short - term long/short trend is in a relatively balanced state, and the current trading floor has poor operability, suggesting to wait and see) [1] - Urea: ☆☆☆ (White star represents that the short - term long/short trend is in a relatively balanced state, and the current trading floor has poor operability, suggesting to wait and see) [1] - Caustic Soda: ☆☆☆ (White star represents that the short - term long/short trend is in a relatively balanced state, and the current trading floor has poor operability, suggesting to wait and see) [1] - Soda Ash, Glass: ★★★ (Three stars represent a clearer long/short trend, and there are still relatively appropriate investment opportunities currently) [1] Core View of the Report - The prices of most chemical products in the market are under pressure, with some showing downward trends and some in a state of weak shocks. The supply and demand situation of different products varies, and short - term and medium - term trends are affected by multiple factors such as cost, supply, demand, and external market conditions [2][3][5] Summary by Relevant Catalogs Olefins - Polyolefins - Propylene futures fluctuated widely around the 5 - day moving average. The price hit a new low this year, but the market trading atmosphere improved. Plastic and polypropylene futures fluctuated. Polyethylene had a strong wait - and - see atmosphere, with cost support weakening and supply pressure. Polypropylene faced increased supply and weak downstream demand [2] Pure Benzene - Styrene - Pure benzene futures prices oscillated at a low level, with inventory rising and import pressure remaining. Month - spread reverse arbitrage was recommended. Styrene futures prices continued to decline, with cost support weakening and short - term supply - demand improvement having limited impact on prices [3] Polyester - PX and PTA prices continued to be weak, with PTA having a stockpiling expectation. Ethylene glycol lacked substantial positive factors in the short term. Short fiber was a short - term long - position allocation, while bottle chips faced long - term over - capacity pressure [5] Coal Chemical Industry - Methanol in coastal areas might show different inventory trends, with short - term shocks and a medium - to - long - term upward trend. Urea market supply and demand remained loose, and the short - term market would continue to oscillate within a range [6] Chlor - Alkali - PVC might show a weak downward trend, with supply increasing and future export facing pressure. For caustic soda, short - selling should be cautious due to unfalsified downstream replenishment demand and a high basis [7] Soda Ash - Glass - Soda ash continued to decline, with high supply pressure. Glass continued to weaken, but the decline was expected to be limited due to low valuation [8]

Report Industry Investment Ratings - Propylene, plastic, PVC: ★☆☆, indicating a slightly bullish or bearish trend with limited trading operability [1] - Pure benzene, short - fiber: ★★★, suggesting a clearer bullish or bearish trend and relatively appropriate investment opportunities [1][5] - Styrene, PTA, methanol, urea, caustic soda, soda ash, glass: ☆☆☆, meaning the short - term bullish and bearish trends are in a relatively balanced state with poor trading operability, advising to wait and see [1][3][5][6][7][8] - PX, ethylene glycol, bottle - chip: ☆☆☆, representing a short - term balance between bullish and bearish trends and low operability on the market [1][5] Core Viewpoints - The overall situation of the chemical industry is complex, with different products showing various trends. Some products are affected by factors such as supply and demand, cost fluctuations, and seasonal changes. The market sentiment is also influenced by external factors like oil prices, trade situations, and policy expectations [2][3][5][6][7][8] Summary by Relevant Catalogs Olefins - Polyolefins - Propylene futures fluctuated widely around the 5 - day moving average. The price hit a new low this year, but the market trading atmosphere improved as producers aimed to stabilize the market and downstream purchasing increased [2] - Plastic and polypropylene futures fluctuated. For polyethylene, the market was waiting for news, with cost support weakening and supply pressure increasing. For polypropylene, new capacity and reduced maintenance led to expected supply growth, while downstream demand was less than expected [2] Pure Benzene - Styrene - Pure benzene futures oscillated at a low level. The spot price in East China continued to fall.开工 declined, port inventory rose, and the high import volume was the main pressure. A monthly spread reverse arbitrage was recommended [3] - Styrene futures rose but remained below the 5 - day moving average. The cost support declined, supply decreased slightly, and demand increased slightly. However, the price still continued to decline [3] Polyester - PX and PTA prices rebounded in the morning and fell in the afternoon. PX supply decreased due to maintenance, while PTA supply was expected to increase. There was a profit improvement in the polyester industry, but PX and PTA prices were still weak with a back - spread strategy recommended [5] - Ethylene glycol prices oscillated. Domestic production decreased slightly, and the port continued to accumulate inventory. There was no substantial positive news in the short term, and the mid - term demand was to be observed [5] - Short - fiber had limited new capacity, high - load operation, and inventory reduction. It was recommended to be long - positioned. Bottle - chip's processing margin improved, but demand weakened with the cooling weather [5] Coal Chemical Industry - Methanol imports in coastal areas may slow down. The port inventory decreased last week, and the planned arrival volume was high this week. The domestic methanol production was at a high level, and the market was expected to oscillate in the short term and strengthen in the long term [6] - Urea futures oscillated strongly. Agricultural demand started, but industrial demand declined. The market supply was loose, and the price was expected to oscillate within a range [6] Chlor - Alkali - PVC supply was expected to increase as maintenance ended. Domestic demand was stable, and export might face pressure in the future. The price was expected to oscillate weakly [7] - Caustic soda supply might fluctuate slightly. Non - aluminum downstream replenished inventory at low prices, and it was recommended to be cautious when short - selling [7] Soda Ash - Glass - Soda ash continued to decline. Supply was still high, and demand from photovoltaic glass decreased. It was recommended to short after a rebound [8] - Glass prices continued to weaken. The glass factory's inventory increased, and downstream demand was mainly for rigid needs. It was suggested to sell out - of - the - money put options [8]