Report Information - Report Title: Methanol Polyolefin Morning Report - Report Date: April 1, 2026 - Research Team: Energy and Chemicals Team of the Research Center [1] Methanol Price Information - From March 25 to March 31, 2026, the price of动力煤期货 remained stable at 801. The price of江苏现货 decreased from 3045 to 3365, with a daily change of -150 on March 31. The price of华南现货 decreased from 3140 to 3375, with a daily change of -113 on March 31. The price of鲁南折盘面 increased from 3010 to 3195, with a daily change of -3 on March 31. The price of西南折盘面 remained stable at 2450. The price of河北折盘面 increased from 2985 to 3135, with a daily change of 150 on March 31. The price of西北折盘面 decreased from 2963 to 3245, with a daily change of -20 on March 31. The price of CFR中国 remained stable at 379, and the price of CFR东南亚 remained stable at 590. The进口利润 remained stable at -56, and the主力基差 increased from 40 to 120, with a daily change of -15 on March 31. The盘面MTO利润 remained stable at -1106 [2] Plastic Price Information - From March 25 to March 31, 2026, the price of东北亚乙烯 remained stable at 1400 on March 25 - 27 and increased to 1450 on March 30 - 31. The price of华北LL remained stable at 8550 on March 30 - 31. The price of华东LL decreased from 8850 to 8775, with a daily change of -200 on March 31. The price of华东LD increased from 10800 to 11150, with a daily change of 250 on March 31. The price of华东HD remained stable at 9250 on March 30 - 31. The price of LL美金 remained stable at 1125, and the price of LL美湾 remained stable at 1381 on March 25 - 27 and increased to 1403 on March 30 - 31. The进口利润 increased from -609 to -504, and the主力期货 decreased from 8715 to 8614, with a daily change of -190 on March 31. The基差 increased from -250 to -270, with a daily change of 30 on March 31. The两油库存 remained stable at 77, and the仓单 decreased from 4652 to 0, with a daily change of -2211 on March 31 [13] Propylene and PP Price Information - From March 25 to March 31, 2026, the price of山东丙烯 decreased from 8970 to 8700, with a daily change of -40 on March 31. The price of东北亚丙烯 remained stable at 1250 on March 27 - 31. The price of华东PP decreased from 9450 to 9005, with a daily change of -445 on March 31. The price of华北PP decreased from 9313 to 9150, with a daily change of -163 on March 31. The price of山东粉料 decreased from 9130 to 8930, with a daily change of -200 on March 31. The price of华东共聚 decreased from 9410 to 9330, with a daily change of -80 on March 31. The price of PP美金 remained stable at 1245, and the price of PP美湾 remained stable at 1500. The出口利润 remained stable at 88, and the主力期货 decreased from 9269 to 9103, with a daily change of -166 on March 31. The基差 increased from -150 to -120, with a daily change of 30 on March 31. The两油库存 remained stable at 77, and the仓单 decreased from 1644 to 0, with a daily change of -1644 on March 31 [20] PVC Price Information - From March 25 to March 31, 2026, the price of西北电石 remained stable at 2750. The price of山东烧碱 remained stable at 757 on March 27 - 31. The price of电石法 - 华东 decreased from 5520 to 5280, with a daily change of -190 on March 31. The price of乙烯法 - 华东 remained stable at 5500. The price of电石法 - 华南 remained stable at 5450. The price of电石法 - 西北 decreased from 5450 to 5230, with a daily change of -20 on March 31. The进口美金价 (CFR中国) remained stable at 1060, and the出口利润 remained stable at 2110. The西北综合利润 remained stable at 356, and the华北综合利润 remained stable at -244. The基差 (高端交割品) decreased from -170 to -180, with a daily change of -10 on March 31 [21][22]

Report Information - Report Name: Methanol Polyolefin Morning Report [1] - Date: March 27, 2026 [1] - Research Team: Energy and Chemicals Team of the Research Center [1] Methanol - **Price Data**: From March 20 to March 26, 2026, the price of动力煤期货 remained at 801. The江苏现货 price increased from 3085 to 3265, the华南现货 price from 3090 to 3295, the鲁南折盘面 price from 2880 to 3025, the西北折盘面 price from 2915 to 3020. The日度变化 of江苏 and华南 spot prices were 220 and 155 respectively, and the鲁南折盘面 price increased by 15 [2]. - **Profit Data**: The进口利润 remained unchanged, the主力基差 increased by 40, and the盘面MTO利润 remained at -1106 [2]. Plastic - **Price Data**: From March 20 to March 26, 2026, the东北亚乙烯 price remained at 1400 on March 25 and 26. The华北LL price decreased from 8600 to 8540, the华东LL price from 8650 to 8750, the华东LD price from 10600 to 11000, and the华东HD price from 8700 to 8950. The日度变化 of华北LL and华东LL were -35 and -100 respectively, and the华东LD price increased by 200 [5]. - **Profit and Inventory Data**: The进口利润 remained unchanged, the主力期货 price increased by 52, the基差 decreased by 50, the两油库存 remained at 83, and the仓单 remained at 4652 [5]. PP - **Price Data**: From March 20 to March 26, 2026, the东北亚丙烯 price decreased from 9000 to 8800, the山东丙烯 price remained at 1230 on March 25 and 26, the华东PP price increased from 8615 to 8950, the华北PP price from 8700 to 8975, and the山东粉料 price from 8760 to 8830. The日度变化 of东北亚丙烯 was -170, and the华东PP and华北PP prices increased by 335 and 275 respectively [10]. - **Profit and Inventory Data**: The出口利润 remained unchanged, the主力期货 price increased by 145, the基差 remained at -150, the两油库存 decreased by 280, and the仓单 remained at 26 [10]. PVC - **Price Data**: From March 20 to March 26, 2026, the西北电石 price remained at 2750 on March 25 and 26, the山东烧碱 price remained at 742, the电石法 - 华东 price decreased from 5820 to 5510, and the电石法 - 西北 price decreased from 5600 to 5350. The日度变化 of电石法 - 华东 and电石法 - 西北 were -10 and -100 respectively [10][11]. - **Profit Data**: The西北综合利润 and华北综合利润 remained at 356 and -244 respectively, and the基差 (高端交割品) remained at -170 [10][11].

Report Overview - Report Title: Methanol Polyolefin Morning Report - Research Team: Energy and Chemicals Team of the Research Center - Date: March 23, 2026 [1] Methanol Price Data - On March 20, 2026, the prices of methanol in different regions were as follows: Jiangsu spot was 3085, South China spot was 3090, Lunan folded to the market was 2880, Southwest folded to the market was 2450, Hebei folded to the market was 2700, and Northwest folded to the market was 2915. The CFR China was 382, and the CFR Southeast Asia was 550. The import profit was -88, the main contract basis was 10, and the MTO profit on the disk was -1106 [2]. Daily Changes - From March 19 to 20, 2026, the daily changes were as follows: the price of动力煤期货 remained unchanged, the Jiangsu spot decreased by 60, the South China spot decreased by 95, the Lunan folded to the market decreased by 10, the Southwest folded to the market remained unchanged, the Hebei folded to the market remained unchanged, the Northwest folded to the market decreased by 8, the CFR China decreased by 29, the CFR Southeast Asia remained unchanged, the import profit increased by 134, the main contract basis increased by 47, and the MTO profit on the disk remained unchanged [2]. Plastic Price Data - On March 20, 2026, the prices of plastic in different regions were as follows: Northeast Asia ethylene was 1350, North China LL was 8600, East China LL was 8650, East China LD was 10600, East China HD was 8700, LL in US dollars was 1125, and LL in US Gulf was 1293. The import profit was -649, the main contract futures price was 8818, the basis was -50, the inventory of Sinopec and PetroChina was 81, and the warehouse receipts were 6401 [10]. Daily Changes - From March 19 to 20, 2026, the daily changes were as follows: the price of Northeast Asia ethylene remained unchanged, the North China LL decreased by 50, the East China LL decreased by 150, the East China LD remained unchanged, the East China HD decreased by 100, the LL in US dollars remained unchanged, the LL in US Gulf remained unchanged, the import profit remained unchanged, the main contract futures price decreased by 98, the basis remained unchanged, the inventory of Sinopec and PetroChina decreased by 3, and the warehouse receipts decreased by 680 [10]. Propylene and PP Price Data - On March 20, 2026, the prices of propylene and PP in different regions were as follows: Shandong propylene was 8550, Northeast Asia propylene was 1110, East China PP was 9035, North China PP was 8700, Shandong powder was 8450, East China copolymerized PP was 8920, PP in US dollars was 1215, and PP in US Gulf was 1325. The export profit was 137, the main contract futures price was 9019, the basis was 150, the inventory of Sinopec and PetroChina was 81, and the warehouse receipts were 16051 [17]. Daily Changes - From March 19 to 20, 2026, the daily changes were as follows: the price of Shandong propylene increased by 50, the Northeast Asia propylene remained unchanged, the East China PP decreased by 295, the North China PP decreased by 158, the Shandong powder decreased by 160, the East China copolymerized PP decreased by 80, the PP in US dollars remained unchanged, the PP in US Gulf remained unchanged, the export profit remained unchanged, the main contract futures price decreased by 139, the basis remained unchanged, the inventory of Sinopec and PetroChina decreased by 3, and the warehouse receipts increased by 341 [17]. PVC Price Data - On March 20, 2026, the prices of PVC in different regions were as follows: Northwest calcium carbide was 2650, Shandong caustic soda was 702, calcium carbide method in East China was 5730, ethylene method in East China was 5500, calcium carbide method in South China was 5450, calcium carbide method in North China was 5450, the import price in US dollars (CFR China) was 1050, the export profit was 2011, the comprehensive profit in Northwest was 356, the comprehensive profit in North China was -244, and the basis (high - end delivery product) was -30 [18][19]. Daily Changes - From March 19 to 20, 2026, there were no daily changes in the prices and profits of PVC [19].

Group 1: Methanol - Daily data from March 4 - 10, 2026 includes prices of动力煤期货, various regional spot prices, CFR prices, import profit, main contract basis, and MTO profit. For example, on March 4, 2026, the动力煤期货 price was 801, and the Jiangsu spot price was 2465 [2] - The daily changes show that动力煤期货 remained unchanged, while prices of other items had different degrees of change, such as a -285 change in Jiangsu spot price [2] Group 2: Plastic - Daily data from March 4 - 10, 2026 includes prices of Northeast Asia ethylene, various regional LL, LD, HD prices, LL in US dollars, LL in US Gulf, import profit, main contract futures, basis, two - oil inventories, and warehouse receipts. For example, on March 4, 2026, the Northeast Asia ethylene price was 800, and the North China LL price was 7230 [13] - The daily changes show that Northeast Asia ethylene remained unchanged, while prices of other items had different degrees of change, such as a -1700 change in East China LL price [13] Group 3: PP - Daily data from March 4 - 10, 2026 includes prices of Shandong propylene, Northeast Asia propylene, various regional PP prices, PP in US dollars, PP in US Gulf, export profit, main contract futures, basis, two - oil inventories, and warehouse receipts. For example, on March 4, 2026, the Shandong propylene price was 6980, and the East China PP price was 7125 [20] - The daily changes show that Shandong propylene decreased by 700, Northeast Asia propylene decreased by 10, and other prices also had different degrees of change [20] Group 4: PVC - Daily data from March 4 - 10, 2026 includes prices of Northwest calcium carbide, Shandong caustic soda, various regional PVC prices, import US dollar price (CFR China), export profit, Northwest comprehensive profit, North China comprehensive profit, and basis. For example, on March 4, 2026, the Northwest calcium carbide price was 2100, and the Shandong caustic soda price was 657 [21] - The daily changes show that the Northwest calcium carbide price increased by 150, and the East China PVC price decreased by 660 [22]

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - For PVC, the V basis is -330, a week-on-week increase of 10. This week's trading volume is average. The FOB price of ethylene method is 575, and that of calcium carbide method is 570, and the sustainability needs further observation. Coal price is 600 with no change, and semi-coke price is 820 with no change. Semi-coke profit is poor, and calcium carbide profit is also poor. The ex-factory price of Shandong spot is 4560, and the comprehensive profit of purchased calcium carbide chlor-alkali is around -600. Ethylene and calcium carbide prices are stable. Upstream prices are stable this week, with an operating rate of 79.7%, a week-on-week increase of 1.1%. This week, the operating rate of calcium carbide method is 79.7%, a week-on-week increase of 1.3%, and that of ethylene method is 79.6%, a week-on-week increase of 0.3%. Downstream demand is stable. Upstream factory inventory is 30.9, a week-on-week increase of 0.4w, PVC social inventory is 111.4w, a week-on-week increase of 5w, 106 in East China with a week-on-week increase of 5w, and 5.4 tons in South China with no week-on-week change. The overall inventory level is still moderately high, and exports are flat week-on-week. Currently, the comprehensive profit of PVC is low. In the short term, seasonal production resumes. Pay attention to downstream restocking. Overall, export volume is relatively large this year. Observe the sustainability of subsequent exports. In the long term, the new construction demand in the domestic and international real estate markets is still weak. Comprehensively, in the medium and long term, the expected pattern of PVC is still poor [20] Summary by Related Catalogs Methanol and Polyolefin - Methanol data includes Hebei discount price, Northwest discount price, CFR China, CFR Southeast Asia, import profit, main contract basis, and MTO profit on the futures market. For example, on March 6, 2026, the Hebei discount price is 801, the Northwest discount price is 2165, etc. There are also daily changes in these data, such as a 50 increase in the Northwest discount price [1][2] Plastic - Data includes Northeast Asia ethylene, North China LL, East China LL, East China LD, East China HD, LL in US dollars, LL in US Gulf, import profit, main futures, basis, two major oil inventories, and warehouse receipts. For example, on February 27, 2026, Northeast Asia ethylene is 710, North China LL is 6430, etc. There are also daily changes, such as a 70 increase in North China LL [12] PVC - Data includes Northwest calcium carbide, Shandong caustic soda, calcium carbide method in East China, ethylene method in East China, calcium carbide method in South China, calcium carbide method in Northwest, import US dollar price (CFR China), export profit, Northwest comprehensive profit, North China comprehensive profit, and basis (high-end delivery product). For example, on February 27, 2026, Northwest calcium carbide is 2250, Shandong caustic soda is 657, etc. There are also daily changes, such as a 150 increase in the calcium carbide method in East China [18][19][20]

Report Overview - The report is a methanol polyolefin morning report released by the Energy and Chemicals Team of the Research Center on March 5, 2026 [1] Methanol Price Data - From February 26 to March 4, 2026, the price of动力煤期货 remained at 801. The prices of江苏现货, 华南现货, 鲁南折盘面, 西南折盘面, 河北折盘面, 西北折盘面, CFR中国, and CFR东南亚 showed various changes. For example, the江苏 spot price increased from 2200 on February 26 to 2450 on March 4, with a daily change of -65 on March 4 compared to the previous day [2] Key Figures - The import profit,主力基差, and 盘面MTO利润 on March 4 were -31, -33, and -1106 respectively, with daily changes of 0, -23, and 0 respectively [2] Plastic Price Data - From February 26 to March 4, 2026, the price of东北亚乙烯 increased from 700 to 780. The prices of华北LL, 华东LL, 华东LD, and 华东HD also showed an upward trend. For example, the华东LL price increased from 6825 on February 26 to 7425 on March 4, with a daily change of 100 on March 4 compared to the previous day [12] Key Figures - The进口利润, 主力期货, 基差, 两油库存, and 仓单 on March 4 were -68, 7355, -120, 87, and 8950 respectively, with daily changes of 0, 155, 30, 0, and -60 respectively [12] PVC Price Data - From February 26 to March 4, 2026, the price of西北电石 decreased from 2300 to 2100. The prices of电石法 - 华东, 电石法 - 华南, and 电石法 - 西北 showed some fluctuations. For example, the电石法 - 华东 price increased from 4730 on February 26 to 4810 on March 4, with a daily change of 20 on March 4 compared to the previous day [20] Key Figures - The进口美金价 (CFR中国) remained at 720 from February 26 to March 4. The西北综合利润 and 华北综合利润 remained at 356 and -244 respectively. The基差 (高端交割品) remained at -180 [20] Market Analysis - The V基差 was -330, a 10-point increase from the previous period. This week's trading volume was average. The FOB price of the ethylene method was 575, and that of the calcium carbide method was 570, and the sustainability needs further observation. The price of coal was 600 (unchanged), and the price of semi - coke was 820 (unchanged). The profit of semi - coke was poor, and the profit of calcium carbide was also poor. The ex - factory price of Shandong's spot was 4560, and the comprehensive profit of the purchased calcium carbide chlor - alkali was around - 600. The prices of ethylene and calcium carbide remained stable [21] - The upstream prices remained stable this week, with an operating rate of 79.7%, a 1.1% increase from the previous period. This week, the operating rate of the calcium carbide method was 79.7%, a 1.3% increase from the previous period, and that of the ethylene method was 79.6%, a 0.3% increase from the previous period. Downstream demand remained stable [21] - The upstream factory inventory was 30.9 (an increase of 0.4w from the previous period), the PVC social inventory was 111.4w (an increase of 5w from the previous period), the inventory in East China was 106 (an increase of 5w from the previous period), and the inventory in South China was 5.4w (unchanged from the previous period). The total inventory level was still moderately high, and exports remained unchanged compared to the previous period [21] - Currently, the comprehensive profit of PVC is relatively low. There is a short - term seasonal recovery in the operating rate. Attention should be paid to the restocking situation of downstream enterprises. Overall, the export volume this year is relatively large. The sustainability of subsequent exports needs to be observed. In the long run, the new construction demand in the domestic and international real estate markets remains weak. In general, the medium - and long - term outlook for PVC remains poor [21]

Group 1: Methanol - The report provides daily data from February 24 to March 2, 2026, including power coal futures, spot prices in different regions, CFR prices, import profit, main contract basis, and MTO profit [2] - The daily changes on March 2, 2026, show that power coal futures remained unchanged, while most spot prices increased, with the largest increase of 163 in some regions [2] Group 2: Plastic - It presents daily data from February 24 to March 2, 2026, including Northeast Asian ethylene, prices of different types of plastics in various regions, import profit, main contract futures, basis, two - oil inventories, and warehouse receipts [11] - On March 2, 2026, the daily changes indicate that most prices increased, with the largest increase of 370 in Northeast LL price, and the warehouse receipts decreased by 85 [11] Group 3: PVC - The report offers daily data from February 24 to March 2, 2026, on Northwest calcium carbide, Shandong caustic soda, prices of different production methods in different regions, import US dollar price, export profit, comprehensive profits in Northwest and North China, and basis [19] - The daily changes on March 2, 2026, show a decrease of 50 in Northwest calcium carbide price and an increase of 50 in East China calcium - carbide method price [19][20] - The V basis is - 330, a week - on - week increase of 10. This week's trading volume is average. The upstream is stable this week with an operating rate of 79.7%, a week - on - week increase of 1.1%. The calcium - carbide method operating rate is 79.7%, a week - on - week increase of 1.3%, and the ethylene method is 79.6%, a week - on - week increase of 0.3%. Downstream demand is stable. The upstream factory inventory is 30.9 (in ten thousand units), a week - on - week increase of 0.4, and the PVC social inventory is 111.4 (in ten thousand units), a week - on - week increase of 5. The overall inventory level is still moderately high, and exports are flat week - on - week. Currently, the comprehensive profit of PVC is low, with short - term seasonal operating rate recovery. Attention should be paid to downstream restocking. Overall, this year's export volume is relatively large, and the subsequent export sustainability should be observed. In the long - term, the new construction demand in the domestic and foreign real estate markets is still weak. In the medium - to - long - term, the expected pattern of PVC is still poor [20]

Report Summary 1. Report Industry Investment Rating - Not mentioned in the provided content 2. Report Core Views - **Methanol**: With the ongoing conflict in Iran, MTO shows resistance. Some plants like Xingxing and Shenghong have stopped production, and Luxi will stop next week. Methanol is difficult to move up or down as MTO profit caps the upside. Unless other downstream products increase in price, it is currently more appropriate to be bearish or sell call options [2] - **Plastic**: The futures market fluctuates, while spot prices remain stable with a weak basis. Oil - and coal - based profits deteriorate. Upstream coal - chemical industries and Sinopec/CNPC reduce inventories, but social inventories increase this week. The supply of standard products is growing fast, and the expected supply - demand pressure on LL in the 05 contract remains high [3] - **PP**: The futures market remains stable with a weak basis. Import and export profits are negative, and export volume declines slightly. Upstream oil - based profits are stable, and PDH comprehensive profit improves. Downstream profits of BOPP and plastic weaving improve. Temporary maintenance plans increase, and overall inventory is neutral. The supply - demand pressure in the 05 contract and subsequent periods is slightly high [4] - **PVC**: The basis of V increases by 10. This week's trading volume is average. Coal and semi - coke prices remain unchanged, and the profits of semi - coke and calcium carbide are poor. Upstream开工率 increases slightly, and downstream demand is stable. Total inventory is still relatively high, and export volume remains flat. The comprehensive profit of PVC is low in the short term, and long - term demand from the real estate industry is weak, so the overall outlook is poor [6] 3. Summary by Related Catalogs Methanol - **Price Data**: From February 1 to February 25, 2026, prices of Jiangsu and South China spot, and other regional prices show certain fluctuations, with a daily change of - 6 for Jiangsu spot and - 22 for South China spot [2] - **Market Situation**: The conflict in Iran affects the market. MTO profit restricts the upward movement of methanol prices [2] Plastic - **Price Data**: From February 1 to February 25, 2026, prices of Northeast Asia ethylene, North China LL, and other products change. The daily change of North China LL is - 30, and that of East China LD is + 75 [3] - **Market Situation**: The futures market fluctuates, and the basis is weak. The supply of standard products grows fast, and social inventories increase [3] PP - **Price Data**: From February 1 to February 25, 2026, prices of Shandong propylene, Northeast Asia propylene, and other products change. The daily change of East China PP is + 40, and that of North China PP is + 47 [4] - **Market Situation**: The futures market is stable, and the basis is weak. Import and export profits are negative, and downstream profits improve [4] PVC - **Price Data**: From February 1 to February 25, 2026, prices of Northwest calcium carbide, Shandong caustic soda, and other products change. The daily change of Northwest calcium carbide is - 50, and that of Shandong caustic soda is + 5 [5][6] - **Market Situation**: The basis of V increases. Upstream开工率 increases slightly, and downstream demand is stable. Total inventory is relatively high [6]

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report - Polyolefins have been boosted since the beginning of the year, but the fundamental support is not solid. The supply pressure of polypropylene has eased due to more temporary maintenance, while the overall supply pressure of plastics has slightly increased. The demand for mulch film has driven a slight increase in the start - up of agricultural film, and the start - up of other sectors is basically stable. The replenishment of some downstream factories has slightly increased, but the increase is limited. Enterprises' resistance to high prices restricts the price increase. In the short term, international oil prices have risen due to the Iranian protest activities threatening supply, but overseas geopolitical conflicts cannot change the oversupply pattern of crude oil. Polyolefins are expected to rise first and then fall driven by supply recovery, demand entering the off - season inventory digestion cycle [4]. 3. Summary by Relevant Catalogs 3.1 Market Review and Outlook - **Plastic Futures**: L2605 opened lower, fluctuated upward during the session, and closed up at 6737 yuan/ton, up 90 yuan/ton (1.35%), with a trading volume of 500,000 lots and a decrease of 509 lots in positions to 490,780 lots. - **PP Futures**: PP2605 closed at 6560 yuan/ton, up 68 yuan, with a gain of 1.05%, and a decrease of 614 lots in positions to 502,700 lots [3][4]. 3.2 Industry News - **Inventory**: On January 12, 2026, the inventory level of major producers was 575,000 tons, a decrease of 35,000 tons (5.74%) from the previous working day, compared with 560,000 tons in the same period last year. - **PE Market**: Most PE market prices rose. Linear futures opened higher and fluctuated. The market trading atmosphere was average. As some ex - factory prices were raised, traders followed suit and raised their quotes, and downstream buyers were cautious in purchasing. The LLDPE prices in North China, East China, and South China were 6430 - 6600 yuan/ton, 6450 - 6800 yuan/ton, and 6600 - 6850 yuan/ton respectively. - **Propylene Market**: The mainstream price of the Shandong propylene market was temporarily referred to as 5770 - 5820 yuan/ton, unchanged from the previous working day. The overall shipment of production enterprises was smooth, the propylene offer was adjusted steadily, and there was still a premium situation in the actual order auction of some enterprises. The purchasing enthusiasm of downstream factories remained high, and the overall market trading atmosphere was good. - **PP Market**: The PP market showed an obvious upward trend, and the price center of some markets rose by 50 - 70 yuan/ton. Traders' quotes followed the upward trend significantly, and the market center rose. Downstream factories were cautious in purchasing and still resisted high - priced goods, resulting in poor market transactions. The regional price ranges were 6130 - 6250 yuan/ton in North China, 6230 - 6400 yuan/ton in East China, and 6150 - 6450 yuan/ton in South China [5][6]. 3.3 Data Overview - The report presents multiple data charts, including L basis, PP basis, L - PP spread, settlement price of the main crude oil futures contract, two - oil inventory, and two - oil inventory year - on - year increase/decrease rate, with data sources from Wind and Zhuochuang Information [8][10][11].