Report Information - Report Name: Polyolefin Daily Report [1] - Date: January 22, 2026 [2] Investment Rating - No investment rating information is provided in the report. Core Views - The current polyolefin market is still driven by costs, but the inhibitory effect of high prices on demand is gradually emerging, and the upward space is limited. The polyolefin market has entered a stage of weak shock consolidation [6]. Summary by Section 1. Market Review and Outlook - **Market Performance**: L2605 opened higher, fluctuated upward during the session, and closed up at 6,666 yuan/ton, up 27 yuan/ton (0.41%), with a trading volume of 370,000 lots and an increase of 9,150 lots in positions to 504,362 lots. PP2605 closed at 6,485 yuan/ton, up 27 yuan, an increase of 0.42%, with an increase of 2,082 lots in positions to 468,300 lots [6]. - **Cost Factors**: Some oil fields in Kazakhstan suspended production due to power grid terminals, and the instability of the geopolitical situation has not been eliminated, leading to an increase in international oil prices [6]. - **Fundamentals**: The maintenance loss of PP remained high with limited changes in supply. The maintenance loss of plastics decreased and imported cargoes arrived in a concentrated manner, increasing the overall supply pressure. On the demand side, the demand for plastic film drove a slight increase in the start - up rate of agricultural film production. Other start - up rates were basically stable. The rapid price increase previously led to stronger resistance from downstream customers to high prices. Some downstream factories were rushing to complete annual orders, but the orders lacked sustainability under the high raw material price background, and small - scale enterprises might reduce production or enter the holiday period in advance [6]. 2. Industry News - **Inventory**: On January 21, 2026, the inventory level of major producers was 550,000 tons, a decrease of 10,000 tons (1.79%) from the previous working day. The inventory at the same period last year was 475,000 tons [7]. - **PE Market**: The PE market price continued to decline. The LLDPE price in North China was 6,520 - 6,850 yuan/ton, 6,650 - 7,000 yuan/ton in East China, and 6,750 - 7,100 yuan/ton in South China [7]. - **Propylene Market**: The mainstream price of propylene in the Shandong market was temporarily 6,120 - 6,220 yuan/ton, an increase of 15 yuan/ton from the previous working day. The offers of production enterprises were stable with some increases, the premium of the real - order auctions of major manufacturers continued, and the overall market trading atmosphere remained [7]. - **PP Market**: The price center of the PP market continued to move down. The mainstream price of drawn PP in North China was 6,270 - 6,420 yuan/ton, 6,300 - 6,500 yuan/ton in East China, and 6,300 - 6,570 yuan/ton in South China [7]. 3. Data Overview - No specific data overview content is provided other than the source information. The data sources include Wind and Zhuochuang Information [9][12][13][15][16]

Report Information - Report Name: Polyolefin Daily Report [1] - Date: January 20, 2026 [2] Investment Rating - Not provided Core Viewpoint - Polyolefins showed a weak correction due to the marginal weakening of cost support and their own supply - demand structure. Polypropylene's supply pressure was relieved due to increased temporary maintenance, but it would increase slightly next week. The overall supply pressure of plastics increased month - on - month. Downstream demand was weak, with high - price resistance increasing, and some small - scale enterprises might reduce production or start holidays early. [6] Summary by Directory 1. Market Review and Outlook - LianSu L2605 opened lower, fluctuated down during trading, and closed down at 6,667 yuan/ton, a decrease of 62 yuan/ton (-0.92%), with a trading volume of 410,000 lots and an increase in positions of 13,977 lots to 485,464 lots.PP2605 closed at 6,482 yuan/ton, a decrease of 54 yuan (-0.83%), with a decrease in positions of 15,239 lots to 470,500 lots. [6] 2. Industry News - On January 19, 2026, the inventory level of major producers was 560,000 tons, an increase of 70,000 tons (14.29%) compared with the previous working day. The inventory in the same period last year was 530,000 tons. [7] - Most PE market prices fell, and the PP market was running weakly. The mainstream price of propylene in the Shandong market remained unchanged at 6,120 - 6,170 yuan/ton compared with the previous working day. [7] 3. Data Overview - The report presented multiple data charts, including L basis, PP basis, L - PP spread, crude oil futures settlement price, two - oil inventory, and two - oil inventory year - on - year increase/decrease rate. [9][12][15]

Group 1: Report Overview - Report Name: Polyolefin Daily Report [1] - Date: January 6, 2026 [2] - Research Team: Energy and Chemical Research Team [4] Group 2: Investment Rating - No investment rating information provided Group 3: Core View - Geopolitical conflicts stimulate risk - aversion, but the increase in Venezuelan crude oil production will put long - term pressure on the crude oil fundamentals. The plasticizing sector rose in the morning and fell in the afternoon. The supply pressure of polyolefin has increased, and the demand is in the seasonal off - season. Considering the oversupply in the crude oil market and the inventory digestion cycle, the rebound should be treated bearishly [6] Group 4: Market Quotes - Futures market quotes: For plastics, L2601 closed at 6240 yuan/ton, down 1.72%; L2605 closed at 6449 yuan/ton, down 0.32%; L2609 closed at 6496 yuan/ton, down 0.14%. For PP, PP2601 closed at 6150 yuan/ton, down 0.74%; PP2605 closed at 6330 yuan/ton, down 0.24%; PP2609 closed at 6355 yuan/ton, down 0.20% [5] Group 5: Industry News - On January 5, 2026, the inventory of major producers was 690,000 tons, a decrease of 20,000 tons (2.82%) from the previous working day. The inventory in the same period last year was 590,000 tons - PE market prices partially declined. LLDPE prices in North China were in the range of 6300 - 6500 yuan/ton, in East China 6380 - 6800 yuan/ton, and in South China 6500 - 6800 yuan/ton - The mainstream price of propylene in the Shandong market was temporarily 5730 - 5820 yuan/ton, up 45 yuan/ton from the previous working day. The demand for propylene was good, and the market trading atmosphere was positive - The PP market showed a slight increase. The mainstream prices of North China wire drawing were 6080 - 6200 yuan/ton, in East China 6150 - 6350 yuan/ton, and in South China 6140 - 6400 yuan/ton [7] Group 6: Data Overview - The report includes figures such as L basis, PP basis, L - PP spread, crude oil futures main contract settlement price, two - oil inventory and its year - on - year change, with data sources from Wind and Zhuochuang Information [9][12][17]