【冠通期货研究报告】 PVC日报：震荡运行 发布日期：2025年11月12日 【行情分析】 上游西北地区电石价格稳定。目前供应端，PVC开工率环比增加2.49个百分点至80.75%，PVC开工 率继续增加，仍处于近年同期偏高水平。PVC下游开工率小幅开始回落，虽超过过去两年同期，只是 仍是偏低水平。印度将BIS政策再次延期六个月至2025年12月24日执行，中国台湾台塑11月份报价下 调30-40美元/吨，8月14日，印度公示最新的进口PVC反倾销税，其中中国大陆地区上调50美元/吨左 右，四季度中国PVC出口预期减弱。目前贸易商开始观望，上周出口签单环比回落。上周社会库存小 幅增加，目前仍偏高，库存压力仍然较大。2025年1-9月份，房地产仍在调整阶段，投资、新开工、 竣工面积同比降幅仍较大，投资、销售、施工等同比增速进一步下降。30大中城市商品房周度成交 面积环比继续回落，处于近年同期最低水平，房地产改善仍需时间。氯碱综合利润仍为正值，PVC开 工率同比往年偏高。同时新增产能上，40万吨/年的天津渤化已满负荷生产，30万吨/年的甘肃耀望 和30万吨/年的嘉兴嘉化试车后低负荷运行。目前PVC产业还未有实际政 ...

Report Industry Investment Rating - Not provided Core View of the Report - The PP industry is expected to experience weak and volatile trends in the near future due to factors such as limited downstream order follow - up, insufficient stock - up demand during Double Eleven, and the lack of large - scale centralized procurement [1] Summary According to Relevant Catalogs Market Analysis - PP downstream开工率 increased by 0.52 percentage points to 53.14% week - on - week, remaining at a relatively low level compared to the same period in previous years. Among them, the plastic weaving开工率 rose by 0.26 percentage points to 44.46%, with a slight increase in orders but slightly lower than last year [1][4] - On November 11, new maintenance devices such as Hainan Ethylene were added, causing the PP enterprise开工率 to drop to around 83%, and the production ratio of standard grade drawstring dropped to around 24% [1] - At the beginning of the month, petrochemical inventory accumulated significantly, and currently it is at a moderately high level compared to the same period in recent years [1][4] - In terms of cost, the market has digested the news of Russian oil sanctions, the meeting between Chinese and US leaders was in line with market expectations, OPEC + decided to increase production by 137,000 barrels per day in December but suspend production increase in the first quarter of next year, and crude oil prices fluctuated within a narrow range [1] - In terms of supply, PetroChina Guangxi Petrochemical with a new production capacity of 400,000 tons per year was put into operation in mid - October, and the number of maintenance devices has increased recently [1] Futures and Spot Market - In the futures market, the PP2601 contract decreased in price with increasing positions, closing at 6464 yuan/ton, up 0.19%. The position increased by 2552 lots to 655,336 lots [2] - In the spot market, PP spot prices in different regions showed mixed trends, with drawstring priced at 6260 - 6570 yuan/ton [3] Fundamental Tracking - On the supply side, on November 7, maintenance devices such as the new second line of CNOOC Daxie restarted, and the PP enterprise开工率 rose to around 83.5%, at a moderately low level [4] - On the demand side, as of the week of November 7, the PP downstream开工率 increased by 0.52 percentage points to 53.14% week - on - week, remaining at a relatively low level compared to the same period in previous years [4] - On Tuesday, the petrochemical early - morning inventory decreased by 10,000 tons to 710,000 tons week - on - week, 10,000 tons higher than the same period last year [4] - For raw material crude oil, the Brent crude oil 01 contract fluctuated around $64 per barrel, and the CFR propylene price in China decreased by $20 per ton to $710 per ton week - on - week [4]

Report Industry Investment Rating - No information provided Core View of the Report - The PVC industry is expected to experience weak and volatile trends in the near future due to factors such as increased supply, decreased export expectations, high inventory, and a sluggish real - estate market [1] Summary According to Relevant Catalogs Market Analysis - The calcium carbide price in the upstream northwest region is stable. The PVC operating rate has increased by 2.49 percentage points to 80.75%, remaining at a relatively high level in recent years. The downstream PVC operating rate has started to decline slightly and is still at a low level. India has postponed the BIS policy for six months until December 24, 2025. The price quoted by Formosa Plastics in Taiwan, China in November has been reduced by $30 - 40 per ton. India has raised the anti - dumping tax on imported PVC from the Chinese mainland by about $50 per ton, weakening the export expectations of Chinese PVC in the fourth quarter. Traders are starting to wait and see, and last week's export orders decreased compared to the previous week. The social inventory has increased slightly and is still high. The real - estate market is still in the adjustment stage, and the improvement of the real - estate market still takes time. The comprehensive profit of chlor - alkali is still positive, and the PVC operating rate is higher than in previous years. New production capacities are in operation, and there is no actual policy implementation in the PVC industry yet [1] Futures and Spot Market Conditions - The PVC2601 contract increased in positions while oscillating downward, with a minimum price of 4,570 yuan per ton, a maximum price of 4,613 yuan per ton, and finally closed at 4,572 yuan per ton, below the 20 - day moving average, with a decline of 0.74%. The position volume increased by 63,608 lots to 1,407,131 lots [2] Basis - On November 11, the mainstream price of calcium carbide - based PVC in East China rose to 4,520 yuan per ton, and the futures closing price of the V2601 contract was 4,572 yuan per ton. The current basis was - 52 yuan per ton, weakening by 2 yuan per ton, and the basis was at a relatively low - neutral level [3] Fundamental Tracking Supply Side - The production of devices such as Ningbo Zhenyang and Inner Mongolia Yili has increased. The PVC operating rate has increased by 2.49 percentage points to 80.75%, remaining at a relatively high level in recent years. New production capacities, including Wanhua Chemical with an annual capacity of 500,000 tons, Tianjin Bohua with 400,000 tons, Qingdao Gulf with 200,000 tons, Gansu Yaowang with 300,000 tons, and Jiaxing Jiahua with 300,000 tons, are in different stages of operation [4] Demand Side - The real - estate market is still in the adjustment stage. From January to September 2025, the national real - estate development investment was 677.06 billion yuan, a year - on - year decrease of 13.9%. The commercial housing sales area was 658.35 million square meters, a year - on - year decrease of 5.5%; the residential sales area decreased by 5.6%. The commercial housing sales volume was 630.4 billion yuan, a decrease of 7.9%, and the residential sales volume decreased by 7.6%. The new housing construction area was 453.99 million square meters, a year - on - year decrease of 18.9%; the new residential construction area decreased by 18.3%. The construction area of real - estate development enterprises was 6.4858 billion square meters, a year - on - year decrease of 9.4%. The housing completion area was 311.29 million square meters, a year - on - year decrease of 15.3%; the residential completion area decreased by 18.3%. As of the week of November 9, the commercial housing transaction area in 30 large - and medium - sized cities decreased by 32.15% compared to the previous week, reaching the lowest level in recent years [5] Inventory - As of the week of November 6, the PVC social inventory increased by 1.13% to 1.0416 million tons, a 26.42% increase compared to the same period last year. The social inventory increased slightly and is still high [6]

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The supply and demand of polyolefins remain under pressure, and the prices continue to fluctuate at the bottom. PE is facing a situation of strong supply and weak demand, with limited cost - side support and short - term price pressure. PP has supply - demand contradictions, weak cost - side support, and short - term prices will continue to fluctuate weakly [1][2][3] 3. Summary According to the Directory I. Polyolefin Basis Structure - The figures include the plastic main contract, LL East China basis, polypropylene main contract, and PP East China basis [8][9] II. Production Profit and Operating Rate - PE production profit from crude oil, PE capacity utilization rate, PP production profit from crude oil, PP production profit from PDH, polypropylene capacity utilization rate, and PP weekly output are presented in the figures [16][19][20] III. Polyolefin Non - Standard Price Difference - The figures show the price differences such as HD injection - LL East China, HD blow - molding - LL East China, etc., as well as the polypropylene maintenance loss volume and PDH capacity utilization rate [27][33] IV. Polyolefin Import and Export Profits - Figures cover LL import profit, LL export - related price differences, PP import profit, and PP export profit (to Southeast Asia) [40][52] V. Polyolefin Downstream Operating Rate and Downstream Profits - The downstream operating rates of PE (agricultural film, packaging film, etc.) and PP (plastic weaving, BOPP, etc.) and the production profits of PP downstream plastic weaving and BOPP are shown in the figures [63][71] VI. Polyolefin Inventory - The inventories of PE (oil - based enterprises, coal - chemical enterprises, traders, ports) and PP (oil - based enterprises, coal - chemical enterprises, traders, ports) are presented in the figures [72][82][84]

1. Report Industry Investment Rating - The investment view is that PVC is expected to fluctuate in the short - term, rated as "oscillating" [3] 2. Core View of the Report - The macro - sentiment has subsided, and the PVC futures price is oscillating at the bottom. The supply - demand fundamentals show a pattern of oversupply. Although downstream demand has slightly improved, it is still at a low level. The cost - side support is insufficient, and the export is affected by policies and competition, making it difficult to increase significantly [3][6] 3. Summary by Relevant Catalogs 3.1 Main Views and Strategy Overview - **Supply**: It is bearish. The domestic PVC spot market has a narrow adjustment, with an oversupply pattern. The PVC supply has increased slightly due to maintenance, and the production enterprise capacity utilization rate is 80.75%, a 2.49% increase from the previous period. The maintenance loss volume is 4.323 tons, a decrease of 0.684 tons from the previous period [3] - **Demand**: It is bearish. The downstream demand has slightly improved, but the downstream start - up is still at a low level. The start - up rate of PVC pipe sample enterprises is 42%, a 0.8% increase from last week. The start - up rate of PVC profile enterprises has increased by 1.96%. The capacity utilization rate of PVC gloves is stable at 41.28%. The export from January to September has increased, with a cumulative export of 292.16 tons [3] - **Inventory**: It is neutral. As of November 6, the PVC social inventory has increased by 1.13% to 104.16 tons, with an increase of 26.42% year - on - year. The inventory in the East China region has increased, while that in the South China region has decreased [3] - **Basis**: It is neutral. The basis has weakened significantly, currently at - 111 yuan/ton [3] - **Profit**: It is bullish. The profits of both PVC production processes have decreased. The average profit of calcium - carbide - based PVC production enterprises is - 769 yuan/ton, a decrease of 6 yuan/ton from the previous period. The average profit of ethylene - based PVC production enterprises is - 465 yuan/ton, a decrease of 20 yuan/ton from the previous period [3] - **Valuation**: It is neutral. The macro - sentiment has temporarily subsided, the disk is oscillating weakly, and the valuation is neutral [3] - **Macro - policy**: It is neutral. The anti - involution sentiment in the energy - chemical sector has temporarily subsided, but there are many subsequent macro - events [3] - **Trading Strategy**: For unilateral trading, it is recommended to short at high levels; for arbitrage, there is no recommendation [3] 3.2 Futures and Spot Market Review - The PVC powder market has oscillated weakly this week. The supply is still at a high level, the demand is weak, and the cost - side support is insufficient. The spot prices in different regions are: 4600 - 4680 yuan/ton in East China, 4650 - 4710 yuan/ton in South China, 4420 - 4550 yuan/ton in Hebei, and 4580 - 4640 yuan/ton in Shandong [6] 3.3 PVC Supply - Demand Fundamental Data - **Production Area Output**: After the end of maintenance, the output in the Northwest has rebounded [35] - **Domestic Inventory**: The factory inventory has decreased, while the social inventory has increased. Factories in various regions have reduced their inventory [43][53] - **Downstream Start - up Rate**: The average downstream start - up rate has increased slightly, with the pipe start - up rate at 42% and the profile start - up rate at 37.83% [3][67] - **Export**: The export peak season is approaching, but the export has slowed down. There is still profit space for PVC exports, but it is difficult to increase the volume due to policies and competition [75][77]

Core Viewpoint - The PVC market has experienced a significant decline, with prices dropping to around 4600 yuan/ton, nearing a ten-year low, primarily driven by weak demand and unfavorable fundamental factors rather than seasonal expectations [1] Supply and Production - The PVC industry is facing a substantial increase in production capacity, with nine new plants expected to be operational in 2025, adding nearly 2.5 million tons of capacity, which is projected to exceed a 10% growth rate [1] - New production facilities have already been launched in 2023, including 200,000 tons/year from Qingdao Bay and 250,000 tons/year from Xinpu Chemical, with more significant plants scheduled to come online in the second half of the year [1] Demand Dynamics - Weak demand has become a norm in the PVC market, heavily influenced by the sluggish real estate and infrastructure sectors, which account for 80% of PVC's downstream demand [2] - Despite government policies aimed at stimulating the market, core data such as new construction starts remain low, limiting effective demand growth [2] - PVC exports have increased significantly, with over 2.6 million tons expected in 2024, but recent trade barriers, particularly from India, have complicated export dynamics [2] Operating Rates and Financial Health - The operating rate for PVC has decreased to around 76%, reflecting a historical low, with production temporarily dropping to approximately 470,000 tons per week [3] - The industry has faced ongoing financial pressure, with losses in PVC production reaching around 800 yuan/ton, leading to some companies reducing production loads [4] - The combined profitability of PVC and caustic soda has been negative for a month, indicating a challenging financial environment for producers [3][4] Market Outlook - The continuous decline in PVC prices has absorbed current market negative factors, and while the industry is experiencing heightened losses, the potential for further price drops appears limited [4] - If measures to address overcapacity and improve supply-demand dynamics are implemented, there may be a fundamental shift in the PVC market's long-term performance [4]

1. Report Industry Investment Rating - No relevant content provided. 2. Core Viewpoints of the Report - OPEC+ plans to suspend production growth in Q1 2026, potentially marking the bottom of crude oil prices. Polyolefin overall profit has declined, and the high inventory in the upstream and midstream has started to decrease. The main contradiction in the polyolefin fundamentals lies in the low valuation. Once the cost - end crude oil begins to rebound, polyolefins may rise significantly. [16][17] - The recommended strategy is to go long on the LL - PP spread at low prices. [18] 3. Summary by Directory 3.1 Monthly Assessment and Strategy Recommendation - **Valuation**: OPEC+ plans to suspend production growth in Q1 2026, potentially indicating the bottom of crude oil prices. [16] - **Cost - end**: WTI crude oil dropped by 3.45%, Brent crude oil by 2.95%, coal price remained unchanged (0.00%), methanol by 6.73%, ethylene by 8.75%, propylene by 10.23%, and propane remained unchanged (0.00%). The low - level rebound of oil prices has a significant impact on the cost - end under the background of weak supply and demand. [16] - **Supply - end**: PE capacity utilization was 83.3%, down 0.76% month - on - month, up 4.75% year - on - year, and down 5.42% compared to the 5 - year average. PP capacity utilization was 78.55%, up 1.76% month - on - month, up 5.46% year - on - year, and down 5.87% compared to the 5 - year average. There was a divergence in the supply - end of the polyolefin 2601 contract. PE had only 400,000 tons of planned capacity, while PP faced greater pressure with 1.45 million tons of planned capacity. [16] - **Import and Export**: In September, domestic PE imports were 1.0222 million tons, up 7.58% month - on - month and down 10.04% year - on - year. PP imports were 177,400 tons, down 6.18% month - on - month and year - on - year. The export season for both PE and PP arrived. In September, PE exports were 99,200 tons, down 14.48% month - on - month and up 63.54% year - on - year. PP exports were 208,200 tons, down 16.82% month - on - month and up 21.14% year - on - year. [16] - **Demand - end**: PE downstream operating rate was 45%, up 1.44% month - on - month and down 0.09% year - on - year. PP downstream operating rate was 52.61%, up 1.74% month - on - month and up 1.23% year - on - year. During the seasonal peak season, the overall operating rate reached the same level as previous years, but the demand for PE agricultural film raw materials was strong. [17] - **Inventory**: PE production enterprise inventory was 490,200 tons, with a month - on - month inventory increase of 0.33% and a year - on - year increase of 20.44%. PE trader inventory was 50,100 tons, with a month - on - month inventory decrease of 7.28% and a year - on - year increase of 0.58%. PP production enterprise inventory was 599,900 tons, with a month - on - month inventory decrease of 11.96% and a year - on - year increase of 12.11%. PP trader inventory was 228,600 tons, with a month - on - month inventory decrease of 12.45% and a year - on - year increase of 87.68%. PP port inventory was 64,600 tons, with a month - on - month inventory decrease of 5.97% and a year - on - year increase of 5.04%. [17] - **Next - month Forecast**: The reference trading range for polyethylene (L2601) is 6,600 - 6,900, and for polypropylene (PP2601) is 6,300 - 6,600. [17] 3.2 Futures and Spot Market - Multiple charts are presented to show the term structure, price, basis, spread, trading volume, open interest, and registered warehouse receipts of LLDPE and PP contracts from 2021 - 2025, as well as the spreads between different varieties such as LL - PP, PP - 1.2PG, etc. [34][49] 3.3 Cost - end - The cost - end shows that crude oil prices are bottom - oscillating. Multiple cost - related price charts are provided, including WTI crude oil,动力煤, methanol, propane, etc., as well as relevant data on LPG such as domestic LPG supply, production, import, inventory, and production margins of related devices. [85][94] 3.4 Polyethylene Supply - end - The production raw material proportion of PE includes oil - based, coal - based, methanol - based, and light - hydrocarbon - based PE. In 2025, there were multiple PE production projects put into operation, with a total of 463,000 tons of projects already in operation and 40,000 tons yet to be put into operation. The charts show PE capacity, capacity utilization, and maintenance loss volume. [131][137] 3.5 Polyethylene Inventory & Import and Export - Charts display the total inventory, production enterprise inventory, two - oil inventory, trader inventory, import volume, and export volume of PE from 2021 - 2025. [146][156] 3.6 Polyethylene Demand - end - The downstream demand for polyethylene is mainly concentrated in packaging film, hollow products, pipes, injection molding, agricultural film, etc. Charts show the downstream demand proportion, CPI changes, downstream operating rates of different products, etc. [163][168]

Core Viewpoint - The Dalian Commodity Exchange (DCE) has officially approved the launch of monthly average futures contracts for LLDPE, PVC, and PP, set to take effect on July 25, 2025, marking a significant upgrade in pricing mechanisms for these essential materials [16][32]. Group 1: Introduction of Monthly Average Futures - The new monthly average futures contracts will not involve physical delivery but will settle based on the arithmetic average of the settlement prices of the corresponding physical delivery futures over the month [16][32]. - This innovation aims to provide enterprises with a more stable pricing reference, aligning with the continuous production and batch purchasing needs of businesses [17][19]. Group 2: Operational Details - The trading codes for the new contracts will be structured as follows: L for LLDPE, V for PVC, and PP for PP, followed by the contract month and an "F" to denote the monthly average [21][23]. - For example, the contract L2509F represents the LLDPE monthly average futures for September 2025 [23]. Group 3: Market Demand and Benefits - There is a growing market demand for a transparent and authoritative monthly average pricing reference system, which the DCE's new futures contracts aim to fulfill [32]. - The introduction of these contracts is expected to stabilize costs for companies, allowing them to lock in monthly prices and reduce the anxiety associated with daily price fluctuations [19][32]. Group 4: Risk Management and Settlement Mechanism - The DCE has designed a detailed settlement and risk management mechanism to ensure the smooth operation of the monthly average futures [34][40]. - The settlement price will be calculated based on the average of the daily settlement prices of the corresponding physical delivery futures, with more recent prices given higher weight [38][40]. Group 5: Broader Implications - The launch of monthly average futures is not just a tool upgrade but represents a deeper evolution in futures services for the real economy, enhancing the stability of the entire industrial chain [42][45]. - This development signifies a step towards a more mature pricing system in the Chinese market, reflecting the growing importance of these materials in everyday life and their role in market pricing dynamics [45].

Core Viewpoint - The Guangzhou landmark building, Guangzhou Round Tower, is being auctioned due to the bankruptcy restructuring of Guangdong Xingye International Industrial Co., Ltd, with a starting price of 1.36 billion yuan [1][3]. Group 1: Auction Details - The auction for the restructuring investment rights of Guangdong Xingye International will take place on November 13-14, with a starting price set at 1.36 billion yuan [1][3]. - The auctioned assets include two land use rights, three real estate properties, and fixed assets, with an estimated value of nearly 1.7 billion yuan [3]. - The Guangzhou Round Tower, a prominent building in Guangzhou, is included in the auction and has been a subject of public debate regarding its aesthetic appeal [2][4]. Group 2: Company Background - Guangdong Xingye International was established primarily for the investment in the Guangzhou Round Tower project, with a registered capital of 50 million yuan, and is 96% owned by Hongda Xingye Group [5]. - The Guangzhou Round Tower project aimed to create a large plastic storage and logistics center, with a total investment of 1 billion yuan, completed in 2013 [5][7]. - Hongda Xingye Group has faced significant financial difficulties since 2020, leading to multiple bond defaults and ultimately declaring bankruptcy in April 2024, with total assets of 9.964 billion yuan and liabilities of 33.845 billion yuan [10].

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The polyolefin market is facing increasing supply - side pressure and a general decline in downstream开工率. PE and PP spot prices are weakening, with supply increasing and demand remaining sluggish, and inventory pressure is still relatively large [4]. - For trading strategies, it is recommended to hold short positions in the L main 01 contract and the PP main 01 contract, and to take a wait - and - see approach for arbitrage and options [6]. 3. Summary by Relevant Catalogs 3.1 Comprehensive Analysis and Trading Strategies 3.1.1 Comprehensive Analysis - **Spot market**: Domestic PE market continued to be weak this week, with linear mainstream prices falling to 6780 - 7450 yuan/ton, high - pressure prices at 8750 - 9600 yuan/ton, and most low - pressure varieties falling. PP was also weak, with the average weekly price of East China拉丝 at about 6540 yuan/ton, a month - on - month decrease of about 60 yuan, a decline of 0.9%. The foreign market also followed the downward trend [4]. - **Supply**: PE maintenance capacity was 6.318 million tons, with a loss of 100,700 tons, a month - on - month decrease of 19,100 tons. Next week, the planned maintenance loss will further drop to 80,800 tons, and new production capacity will continue to be released. PP开工负荷率 was 78.8%, a month - on - month increase of 1.6 percentage points and a year - on - year increase of 1.2 percentage points. The parking loss this week was 158,000 tons, a month - on - month decrease of 13,000 tons [4]. - **Demand**: PE downstream开工普遍 declined, with the开工 rates of agricultural film, packaging, monofilament, and pipes at 50%, 53%, 48%, and 34% respectively. PP downstream开工 showed a differentiated trend, with the开工 rates of plastic weaving and BOPP film slightly increasing, while those of injection molding and modification remained basically the same as last week [4][16]. - **Inventory**: PE petrochemical synthetic resin inventory was 690,000 tons, a month - on - month decrease of 0.7%. PP two - oil synthetic resin inventory was 690,000 tons, a month - on - month slight decrease of 0.7%, but a year - on - year increase of 1.5%. The de - stocking rhythm of the middle and upper reaches was slow, and some production enterprises had finished product overstocking [5]. 3.1.2 Strategy Recommendation - **Single - side trading**: Hold short positions in the L main 01 contract, and it is advisable to lower the stop - loss to the recent low of 6850 points; hold short positions in the PP main 01 contract, and it is advisable to lower the stop - loss to the previous low of 6530 points [6]. - **Arbitrage**: Take a wait - and - see approach [6]. - **Options**: Take a wait - and - see approach [6]. 3.2 Core Logic Analysis - Not provided in the given content 3.3 PE Weekly Data Tracking - **Price**: The report presents data on PE futures and spot prices, non - standard price differences, cost - profit curves, US dollar prices, import profits, and downstream profits [20][23][26]. - **Inventory**: It includes data on total PE inventory, oil - based PE inventory, coal - based PE inventory, trader PE inventory, port PE inventory, and PE warehouse receipts [51]. - **New device commissioning**: Multiple new PE devices are scheduled to be commissioned in 2025, with a total planned commissioning capacity of 6.13 million tons [59]. - **Production and sales**: Data on PE monthly and weekly production,开工率, imports, and exports are provided [62][65][68][71]. - **Downstream situation**: Information on PE downstream开工率, orders, and raw material inventory is presented [74][79]. 3.4 PP Weekly Data Tracking - **Price**: The report provides data on PP futures and spot prices, non - standard price differences, cost - profit curves, import and export prices, and profits [84][87][93]. - **Inventory**: It includes data on total PP inventory, two - oil PP inventory, coal - chemical enterprise PP inventory, trader PP inventory, port PP inventory, and PP warehouse receipts [106]. - **New capacity situation**: Multiple new PP devices are scheduled to be commissioned in 2025, with a total planned commissioning capacity of 5.66 million tons [108]. - **Production and sales**: Data on PP monthly and weekly production,开工率, and imports and exports are provided [111][114][122]. - **Downstream situation**: Information on PP downstream product开工率, orders, and raw material inventory is presented [125][128].