Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View The polyolefin market continues to face pressure due to limited demand growth. Both PE and PP are in a situation of loose supply - demand and weak cost support. The market is expected to remain weak in the short - term [2][3]. 3. Summary by Directory Market News and Important Data - **Price and Basis**: L main contract closed at 6883 yuan/ton (+4), PP main contract at 6583 yuan/ton (+18). LL North China spot was 6880 yuan/ton (+0), LL East China spot 6950 yuan/ton (+0), PP East China spot 6560 yuan/ton (-20). LL North China basis was -3 yuan/ton (-4), LL East China basis 67 yuan/ton (-4), PP East China basis -23 yuan/ton (-38) [1]. - **Upstream Supply**: PE开工率 was 81.8% (-2.2%), PP开工率 was 78.2% (+0.5%) [1]. - **Production Profit**: PE oil - based production profit was 515.6 yuan/ton (+23.5), PP oil - based production profit was -94.4 yuan/ton (+23.5), PDH - based PP production profit was 122.3 yuan/ton (+12.1) [1]. - **Import and Export**: LL import profit was -147.2 yuan/ton (+3.0), PP import profit was -560.1 yuan/ton (+13.0), PP export profit was 29.7 dollars/ton (-1.6) [1]. - **Downstream Demand**: PE downstream agricultural film开工率 was 42.9% (+7.3%), PE downstream packaging film开工率 was 52.2% (-0.7%), PP downstream woven开工率 was 44.3% (+0.0%), PP downstream BOPP film开工率 was 61.2% (+0.5%) [1]. Market Analysis - **PE**: Recent continuous decline in PE is due to loose supply - demand, high inventory, and weakening cost support from falling oil prices. Supply is expected to increase with new production and restart of some devices. Demand growth is limited, mainly for rigid needs. Cost support is weakening. Future focus is on cost - side and macro - policy impacts [2]. - **PP**: The weakening of PP is dragged by falling oil and propane prices, and loose supply - demand. Supply is increasing with new production expected. Demand growth is insufficient, inventory is high, and cost support is weak. Attention should be paid to propane supply and PDH marginal device operations [3]. Strategy - **Single - Side**: Adopt a wait - and - see approach; expect short - term weak and volatile market [4]. - **Inter - Period**: Conduct L01 - L05 reverse arbitrage; PP01 - PP05 reverse arbitrage [4]. - **Inter - Variety**: Short PP01 - 3MA01 when the spread is high [4].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The polyolefin market continues to be weak, with PE and PP prices under pressure due to factors such as supply - demand imbalances and weakening cost support [1][2][3] - For PE, the continuous decline is due to loose supply - demand fundamentals, post - holiday inventory accumulation, and weakening cost support from falling crude oil prices. For PP, the weakening is dragged down by falling crude oil and propane prices, along with a loose supply - demand pattern [2][3] - The report suggests a wait - and - see approach for single - side trading, and provides strategies for inter - period and inter - variety trading [4] 3. Summary by Related Catalogs Market News and Important Data - **Price and Basis**: L main contract closed at 6879 yuan/ton (+5), PP main contract at 6565 yuan/ton (+14). LL North China spot was 6880 yuan/ton (+30), LL East China spot at 6950 yuan/ton (+0), PP East China spot at 6580 yuan/ton (+10). LL North China basis was 1 yuan/ton (+25), LL East China basis 71 yuan/ton (-5), PP East China basis 15 yuan/ton (-4) [1] - **Upstream Supply**: PE开工率 was 81.8% (-2.2%), PP开工率 was 78.2% (+0.5%) [1] - **Production Profit**: PE oil - based production profit was 492.1 yuan/ton (-17.4), PP oil - based production profit was - 127.9 yuan/ton (-17.4), PDH - based PP production profit was 110.2 yuan/ton (-21.6) [1] - **Imports and Exports**: LL import profit was - 150.2 yuan/ton (+0.3), PP import profit was - 573.0 yuan/ton (-49.7), PP export profit was 31.3 US dollars/ton (+6.2) [1] - **Downstream Demand**: PE downstream agricultural film开工率 was 42.9% (+7.3%), PE downstream packaging film开工率 was 52.2% (-0.7%), PP downstream plastic weaving开工率 was 44.3% (+0.0%), PP downstream BOPP film开工率 was 61.2% (+0.5%) [1] Market Analysis - **PE**: Recent continuous decline is due to loose supply - demand, post - holiday inventory accumulation, and weakening cost support from falling crude oil prices. Supply is expected to increase with new device startups. Demand follows up limitedly, and cost support weakens. Monitor cost and macro - policy impacts [2] - **PP**: The weakening of the futures market is due to falling crude oil and propane prices and a loose supply - demand pattern. Supply is expected to increase with new device startups. Demand follows up insufficiently, and cost support weakens. Monitor propane supply and PDH device operation [3] Strategy - **Single - side**: Wait and see; short - term weak and volatile, focus on macro - dynamics [4] - **Inter - period**: L01 - L05 reverse spread; PP01 - PP05 reverse spread [4] - **Inter - variety**: Short the spread of PP01 - 3MA01 when it is high [4]

Report Summary 1. Report Industry Investment Rating - No investment rating information is provided in the report. 2. Core Views - **Methanol**: The current situation remains poor. Iranian plant shutdowns are slower than expected, and imports are likely to remain high in November. The contradiction in the 01 contract is difficult to resolve. Port sanctions are expected to be resolved before the end of gas restrictions, making inventory reduction difficult. Methanol has limited upside potential, and the downside space depends on the situation in the inland region. Recently, coal prices have strengthened, but it does not affect methanol profits [2]. - **Polyethylene (PE)**: The inventory of major producers is neutral year - on - year. Upstream producers and coal - chemical enterprises are reducing inventory, while social inventory remains flat. Downstream raw material and finished - product inventories are also neutral. The 09 contract basis is around - 110 in North China and - 50 in East China. Import profits are around - 200, with no further increase for now. The price of non - standard HD injection molding is stable, and other price differentials are fluctuating. LD is weakening. Domestic linear production has decreased recently. Attention should be paid to the LL - HD conversion and US quotes. New plants in 2025 will bring significant pressure [7]. - **Polypropylene (PP)**: Upstream and mid - stream inventories of major producers are decreasing. The basis is - 60, non - standard price differentials are neutral, and import profits are around - 700. Exports have been performing well this year. PDH profits are around - 400, propylene prices are fluctuating, and powder production starts are stable. Drawing production is at a neutral level. Future supply is expected to increase slightly. Downstream orders are average, and raw material and finished - product inventories are neutral. Under the background of over - capacity, the 01 contract is expected to face moderate to excessive pressure. If exports continue to increase or PDH plants have more maintenance, the supply pressure can be alleviated to a neutral level [7]. - **Polyvinyl Chloride (PVC)**: The basis of the 01 contract is maintained at - 270, and the factory - pickup basis is - 480. Downstream开工率 is seasonally weakening, but the willingness to hold inventory at low prices is strong. Mid - and upstream inventories are continuously accumulating. In summer, Northwest plants have seasonal maintenance, and the load center is between the spring maintenance and the high production in Q1. In Q4, attention should be paid to the implementation of new production capacity and the sustainability of exports. Recent export orders have slightly declined. Coal sentiment is positive, and the cost of semi - coke is stable. Calcium carbide profits are under pressure due to PVC maintenance. The export counter - offer for caustic soda is FOB380. The current static inventory contradiction is accumulating slowly, costs are stabilizing, downstream performance is mediocre, and the macro - environment is neutral. Attention should be paid to exports, coal prices, commercial housing sales, terminal orders, and开工率 [7]. 3. Summary by Related Catalogs Methanol - **Price Data**: From October 14 to October 20, 2025, the power coal futures price remained at 801. The Jiangsu spot price decreased from 2285 to 2278, and the South China spot price decreased from 2270 to 2253. Other regional prices also showed certain fluctuations [2]. Polyethylene (PE) - **Price Data**: From October 14 to October 20, 2025, the Northeast Asian ethylene price remained at 785 on some days. The North China LL price decreased from 6890 to 6840, and the East China LL price remained at 7025 on some days. Other related prices and data also had corresponding changes [7]. Polypropylene (PP) - **Price Data**: From October 14 to October 20, 2025, the Shandong propylene price decreased from 6260 to 6000, and the Northeast Asian propylene price remained at 750. The East China PP price and other related prices also showed fluctuations [7]. Polyvinyl Chloride (PVC) - **Price Data**: From October 14 to October 20, 2025, the Northwest calcium carbide price increased from 2425 to 2450, and the Shandong caustic soda price decreased from 835 to 822. The East China calcium - carbide - based PVC price increased from 4640 to 4680 [7].

国元期货：预计短期内PVC价格将延续低位震荡 10月20日盘中，PVC期货主力合约震荡运行，最低下探至4696.00元。截止发稿，PVC主力合约报 4703.00元，跌幅0.06%。 PVC期货主力小幅下跌0.06%，对于后市行情如何，相关机构该如何评价？ 机构 核心观点 国元期货 预计短期内PVC价格将延续低位震荡 五矿期货 PVC中期关注逢高空配的机会 华联期货 PVC总体趋势依旧弱势寻底中 基本面上企业综合利润持续下滑至年内低位水平，估值压力有所减小，但供给端检修量偏少，产量位于 历史高位，短期多套新装置将试车，下游方面国内开工回落，内需表现较弱，出口方面印度反倾销税率 近期有落地预期，四季度出口预期较差。成本端电石持稳，烧碱持稳。整体而言，国内供强需弱的现实 下，出口预期转弱，国内需求偏差，难以扭转供给过剩的格局，基本面较差，短期估值下滑至低位，但 仍然难以支撑弱于上半年的供需现状，中期关注逢高空配的机会。 华联期货：PVC总体趋势依旧弱势寻底中 近期，随着供需基本面的边际改善，市场供应压力有所缓解，PVC盘面价格随之止跌回升。展望后市， 行业供需结构虽难现大幅好转，但考虑到成本端煤炭价格支撑仍存，在 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The fundamentals of the PVC industry are poor, with the supply-demand situation being supply - strong and demand - weak. The comprehensive profit of enterprises has declined to a low level for the year, but the supply - side maintenance volume is small, and the output is at a historical high. In the short term, multiple new devices will start trial operations. Domestically, downstream construction has declined, and domestic demand is weak. Regarding exports, the anti - dumping tax rate in India is expected to be implemented soon, and the export outlook for the fourth quarter is poor. Although the short - term valuation has declined to a low level, it still cannot support the supply - demand situation that is weaker than in the first half of the year. In the medium term, pay attention to short - selling opportunities on rallies [11]. 3. Summary by Directory 3.1 Week - to - Week Assessment and Strategy Recommendation - **Cost and Profit**: The price of Wuhai calcium carbide is 2,425 yuan/ton, up 25 yuan/ton week - on - week; the price of Shandong calcium carbide is 2,830 yuan/ton, down 60 yuan/ton week - on - week; the price of medium - grade semi - coke in Shaanxi is 730 yuan/ton, unchanged week - on - week. The comprehensive profit of chlor - alkali integration has slightly recovered, while the profit from ethylene - based production is at a low level, and the current valuation is moderately low [11]. - **Supply**: The PVC capacity utilization rate is 76.7%, a 5.9% decline from the previous week. Among them, the utilization rate of calcium carbide - based production is 74.7%, down 8.2% week - on - week, and that of ethylene - based production is 81.3%, down 0.6% week - on - week. Last week, the supply - side load decreased mainly due to maintenance at enterprises such as Xinfeng, Lutai Chemical, Inner Mongolia Junzheng, Jinyuyuan, Tianye, and Zhongtai. The load is expected to rebound next week. The overall load in October is still expected to be high, and multiple devices are expected to start trial operations, resulting in continuous high supply pressure [11]. - **Demand**: Regarding exports, the anti - dumping tax rate in India is expected to be implemented in October - November, and exports are expected to decline after implementation. The construction rates of the three major downstream sectors decreased last week. The load of the pipe sector is 32.8%, down 7.6% week - on - week; the load of the film sector is 68.9%, up 5% week - on - week; the load of the profile sector is 15.9%, down 23% week - on - week. The overall downstream load is 39.2%, down 8.6% week - on - week, indicating weak overall downstream construction. Last week, the pre - sales volume of PVC was 55.6 tons, a decrease of 2.8 tons from the previous week [11]. - **Inventory**: Last week, the in - factory inventory was 36 tons, a decrease of 2.3 tons from the previous week; the social inventory was 103.4 tons, a decrease of 0.3 tons from the previous week; the total inventory was 139.4 tons, a decrease of 2.6 tons from the previous week; the number of warehouse receipts remained at a high level. The industry is still in the inventory accumulation cycle, with upstream inventory gradually shifting to the mid - stream. Given the supply - strong and demand - weak situation, the inventory accumulation is expected to continue [11]. 3.2 Futures and Spot Market - Multiple graphs are presented, including those showing the PVC term structure, the price of East China SG - 5 PVC, the PVC spot basis, the 1 - 5 spread of PVC, the positions and trading volumes of active PVC contracts, and the total positions and trading volumes of PVC. These graphs are sourced from WIND, Steel Union, and the research center of Wukang Futures [15][16][25][27]. 3.3 Profit and Inventory - **Inventory**: The overall inventory decreased this week, and the number of warehouse receipts was at a high level. Graphs show the in - factory inventory of calcium carbide - based PVC, the social inventory of PVC, the combined in - factory and social inventory of PVC, and the number of PVC warehouse receipts [32][39]. - **Profit**: Graphs show the comprehensive profit of chlor - alkali integration with externally purchased calcium carbide in Shandong, the profit of calcium carbide - based PVC production, the profit of ethylene - based PVC production, and the profit of calcium carbide production in Inner Mongolia [40]. 3.4 Cost Side - **Calcium Carbide**: Calcium carbide prices have stabilized. Graphs show the prices of Wuhai and Shandong calcium carbide, calcium carbide inventory, and calcium carbide production start - up rate [46][47]. - **Semi - coke and Caustic Soda**: The prices of semi - coke and caustic soda have remained stable. Graphs show the market price of medium - grade semi - coke in Shaanxi, the self - pick - up price of 32% liquid caustic soda in Shandong, and the market price of liquid chlorine in Shandong [48][49]. - **Ethylene**: The graph shows the CFR spot price of Northeast Asian ethylene [52]. 3.5 Supply Side - In 2025, the capacity expansion of PVC is significant, mainly concentrated in the third quarter. Graphs show the historical trend of PVC capacity, the newly - added PVC production capacity in 2025, and the raw materials consumed by the newly - added PVC production capacity in 2025 [57][60][62]. 3.6 Demand Side - **Downstream Construction**: The construction rates of the three major downstream sectors of PVC have declined. Graphs show the construction rates of PVC downstream sectors, including film, profile, and pipe sectors [73][75][77]. - **Exports**: The anti - dumping tax rate in India is expected to be implemented soon, which may lead to a decline in exports. Graphs show the export volume of PVC and the export volume of PVC to India [82][85]. - **Pre - sales**: The pre - sales volume of PVC has decreased. The graph shows the pre - sales volume of PVC [87]. - **Real Estate Indicator**: The graph shows the rolling cumulative year - on - year change in China's housing completion area [89].

PVC Market Overview - The domestic PVC powder market prices are stabilizing with slight fluctuations, with price changes mostly within 0-10 yuan/ton [1] - The futures market showed weakness, but overall trading remained slightly strong, with traders' prices remaining stable [1] - Downstream purchasing activity is generally moderate, leading to a subdued overall spot transaction volume [1] PVC Production and Inventory - The overall PVC powder operating rate is at 80.8%, an increase of 1.63 percentage points from the previous week [2] - The operating rate for calcium carbide-based PVC is 81.76%, up 1.75 percentage points, while the ethylene-based PVC rate is 78.54%, up 1.33 percentage points [2] - As of October 9, PVC social inventory increased by 5.58% to 1.0363 million tons, a year-on-year increase of 23.53% [2] - Inventory in East China is 973,100 tons, up 4.74% week-on-week, and 22.73% year-on-year; South China inventory is 63,200 tons, up 20.52% week-on-week, and 37.34% year-on-year [2] PVC Market Outlook - The PVC operating rate has declined significantly, with increased maintenance among production companies, slightly easing market supply pressure [3] - Despite a gradual recovery in domestic and foreign trade exports post-holiday, the industry still faces inventory accumulation pressure, although the rate of accumulation is slowing [3] - The external macroeconomic environment is expected to remain unfavorable in the short term, potentially impacting market trends [3] - Demand during the peak season has not shown significant improvement, with a noticeable contraction in profile demand [3] - Overall, upstream inventory willingness is decreasing, but export benefits are alleviating some excess pressure [3]

Core Viewpoint - The PVC market is experiencing a significant supply pressure due to continuous new capacity additions, while demand remains weak, particularly influenced by the real estate sector's downturn. The overall market outlook for PVC remains bearish, with high inventory levels and low prices persisting [1][27]. Supply Side Analysis - As of 2025, a total of 1.45 million tons of new PVC capacity has been added, with major contributions from companies like Xinpu Chemical and Wanhu Fujian. The total new capacity for the year is expected to reach 1.95 million tons, reflecting a year-on-year growth rate of approximately 7% [4][5]. - From January to September 2025, the cumulative PVC production reached 18.11 million tons, marking a year-on-year increase of 4.11%. The increase is primarily driven by the ethylene method, which saw a 9.78% rise [4][5]. Demand Side Analysis - The domestic demand for PVC is heavily influenced by the real estate sector, which has seen a significant decline in investment and construction activities. From January to August 2025, real estate development investment dropped by 12.9%, and new construction area decreased by 19.5% [7]. - Exports of PVC from January to August 2025 totaled 2.5752 million tons, a year-on-year increase of 55%. However, there are concerns about potential declines in exports due to rising anti-dumping measures in key markets like India [8]. Inventory Levels - As of last week, the domestic PVC social inventory reached 1.0364 million tons, an increase of 5.58% month-on-month and 23.54% year-on-year. The overall industry inventory has also risen, indicating a prolonged period of oversupply [15][16]. Price and Cost Dynamics - The prices of raw materials such as calcium carbide and ethylene remain low, contributing to a weak pricing environment for PVC. Despite ongoing losses in production methods, the overall profit margins in the chlor-alkali sector remain acceptable [21][22]. Technical Analysis - The PVC market has been in a downward trend since reaching historical highs in 2021. The market is currently seeking support levels after breaking below key price thresholds [24][27]. Summary - The PVC market is characterized by significant supply pressures from new capacity additions, weak domestic demand due to the real estate sector's struggles, and high inventory levels. The overall outlook remains bearish, with cautious trading strategies recommended as the market seeks stability [27].

News Summary Core Viewpoint - The PVC market is experiencing an increase in inventory levels and a mixed outlook on supply and demand, with expectations of price declines due to weak demand and rising supply pressures [1][2][3]. Group 1: Inventory and Production - As of October 9, the total inventory of PVC in sample warehouses in East and South China reached 937,500 tons, an increase of 4.81% from the previous period and a year-on-year increase of 17.73% [1]. - The PVC operating rate increased by 3.66 percentage points to 82.63% compared to the period before the National Day holiday, indicating a higher-than-usual production level for this time of year [1]. - The average profit margin for PVC production using the calcium carbide method is -622 yuan/ton, while the ethylene method has an average profit margin of -538 yuan/ton [1]. Group 2: Supply and Demand Outlook - Domestic PVC production enterprises are planning fewer maintenance shutdowns this week, leading to an expected increase in overall supply [2]. - Downstream product manufacturers are maintaining low operating rates, with no signs of improvement in orders, leading to a recommendation for low-price procurement [2]. - The PVC market is facing downward price pressure due to weak demand and increased supply, with expectations of continued price declines [2][3]. Group 3: Market Dynamics - New production facilities in Qingdao and Gansu are expected to increase supply pressure in the market [3]. - The domestic demand for PVC remains stable but weak, and escalating trade tensions may negatively impact exports of PVC products [3]. - The chlor-alkali integration still shows profitability, but cost support is not evident, leading to a weak market outlook for PVC [3].

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The supply and demand of polyolefins remain in a loose pattern, and the polyolefin market continues to be weak. For PE, post - holiday inventory accumulation, weakened cost support from falling crude oil, and new device production increases drive the price down. For PP, it is mainly dragged down by the weakening of crude oil and propane prices. The overall supply - demand situation is loose, and the cost support is weak [1][2][3]. - Suggested strategies include cautious short - selling hedging for both L and PP in the single - side trading; L01 - L05 and PP01 - PP05 reverse spreads in the inter - period trading; and narrowing the spread of PP01 - 3MA01 when it is high in the inter - variety trading [4]. Summary by Directory 1. Polyolefin Basis Structure - The closing price of the L main contract is 6918 yuan/ton (-65), and the closing price of the PP main contract is 6602 yuan/ton (-91). The LL North China spot price is 6970 yuan/ton (-30), the LL East China spot price is 7000 yuan/ton (-80), and the PP East China spot price is 6640 yuan/ton (-30). The LL North China basis is 52 yuan/ton (+35), the LL East China basis is 82 yuan/ton (-15), and the PP East China basis is 38 yuan/ton (+61) [1]. 2. Production Profit and Operating Rate - PE operating rate is 83.9% (+1.9%), and PP operating rate is 77.7% (+1.1%). PE oil - based production profit is 461.2 yuan/ton (-81.6), PP oil - based production profit is -188.8 yuan/ton (-81.6), and PDH - based PP production profit is 110.3 yuan/ton (+209.4) [1]. 3. Non - standard Price Difference of Polyolefins No specific data analysis provided in the given text. 4. Import and Export Profits of Polyolefins - LL import profit is -28.2 yuan/ton (-39.0), PP import profit is -524.0 yuan/ton (+23.8), and PP export profit is 19.9 US dollars/ton (+2.3) [1]. 5. Downstream Operating Rate and Downstream Profits of Polyolefins - PE downstream agricultural film operating rate is 35.6% (+2.8%), PE downstream packaging film operating rate is 52.9% (+0.5%), PP downstream plastic weaving operating rate is 44.3% (+0.4%), and PP downstream BOPP film operating rate is 60.7% (+0.5%) [1]. 6. Polyolefin Inventory - For PE, post - holiday inventory of major plastic producers has accumulated significantly. For PP, there is an expectation of inventory digestion after the holiday, and traders are actively selling at discounted prices [2][3].

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - **Methanol**: The market is trading on the logic of port pressure being transmitted to the inland. Although there is seasonal stocking demand and new device stocking increment in the inland later, the port will continuously cause reverse flow impact. Currently, the price is benchmarked against the inland price, and the inland's actions are crucial. Xingxing is expected to start operation in early September, but inventory is still accumulating. Reverse flow can relieve port pressure but will impact inland valuation. With average valuation, inventory, and weak drivers, it's necessary to wait before bottom - fishing [2]. - **Plastic**: For polyethylene, the inventory of the two major oil companies is neutral year - on - year. Upstream and coal - chemical industries are destocking, while social inventory remains flat. Downstream raw material and finished - product inventories are also neutral. Overall inventory is neutral. The 09 basis is around - 110 in North China and - 50 in East China. Import profit is around - 200 with no further increment for now. Pay attention to LL - HD conversion and US quotes. New device pressure is high in 2025, so focus on new device commissioning [6]. - **PP**: For polypropylene, upstream and mid - stream inventories are decreasing. In terms of valuation, the basis is - 60, non - standard price difference is neutral, and import profit is around - 700. Exports have been good this year. Non - standard price difference is neutral. PDH profit is around - 400, propylene is fluctuating, and powder production start - up is stable. Subsequent supply is expected to increase slightly. Downstream orders are average, and raw material and finished - product inventories are neutral. Under the background of over - capacity, the 01 contract is under moderate to excessive pressure. If exports continue to increase or there are many PDH device overhauls, supply pressure can be relieved to a neutral level [8]. - **PVC**: The basis of the 01 contract is maintained at - 270, and the factory - delivery basis is - 480. Downstream start - up is seasonally weakening, but the willingness to hold goods at low prices is strong. Mid - and upstream inventories are continuously accumulating. In summer, Northwest devices have seasonal overhauls, and the load center is between the spring overhaul and Q1 high - production levels. In Q4, focus on production capacity commissioning and export continuity. Near - term export orders have slightly declined. Coal sentiment is positive, and the cost of semi - coke is stable. Calcium carbide's profit is under pressure due to PVC overhauls. The FOB counter - offer for caustic soda exports is 380. PVC's comprehensive profit is - 100. Currently, the static inventory contradiction is accumulating slowly, cost is stable, downstream performance is average, and the macro - environment is neutral. Pay attention to exports, coal prices, commercial housing sales, terminal orders, and start - up [8]. 3. Summary by Product Methanol - **Price Data**: From September 30, 2025, to October 14, 2025, the price of动力煤期货 remained at 801. The price of江苏现货 decreased from 2261 to 2285, 华南现货 decreased from 2248 to 2270, 鲁南折盘面 decreased from 2545 to 2500, 西南折盘面 decreased from 2525 to 2500, 西北折盘面 decreased from 2695 to 2683. The import profit remained at 326, and the盘面MTO profit remained at - 1255 [2]. Plastic - **Price Data**: From September 30, 2025, to October 14, 2025, the price of东北亚乙烯 decreased from 810 to 785, 华北LL decreased from 7080 to 6890, 华东LL decreased from 7215 to 7075, 华东LD remained at 9500 (except for a short - term increase to 9525), 华东HD remained at 7350 (except for a decrease to 7250 on October 14). The import profit was - 6 on September 30 and - 6 on October 14, with fluctuations in between. The主力期货 decreased from 7153 to 6918, and the仓 single decreased from 12736 to 12717 [6]. PP - **Price Data**: From September 30, 2025, to October 14, 2025, the price of山东丙烯 increased from 6350 to 6260 (with fluctuations), 华东PP decreased from 6720 to 6540, 华北PP decreased from 6740 to 6570, 山东粉料 decreased from 6670 to 6520, 华东共聚 decreased from 7002 to 6916. The export profit remained at - 21 on September 30 and October 14, with fluctuations in between. The主力期货 decreased from 6852 to 6602, and the仓 single decreased from 14098 to 13814 [8]. PVC - **Price Data**: From September 30, 2025, to October 14, 2025, the price of西北电石 decreased from 2550 to 2425, 山东烧碱 decreased from 807 to 835 (with fluctuations). The price of电石法 - 华东 remained at 4640 (except for an increase to 4660 on October 10), 乙烯法 - 华东 remained at 5500, 电石法 - 华南 remained at 5450, 电石法 - 西北 decreased from 4400 to 4370. The进口美金价 (CFR中国) remained at 700, and the出口 profit remained at 419 on October 13 and 14 [8].