聚烯烃日报 | 2026-02-27 下游复工缓慢，去库压力仍存 市场要闻与重要数据 价格与基差方面，L主力合约收盘价为6668元/吨（-109），PP主力合约收盘价为6675元/吨（-45），LL华北现货为6580 元/吨（-100），LL华东现货为6660元/吨（-120），PP华东现货为6650元/吨（-30），LL华北基差为-88元/吨（+9）， LL华东基差为-8元/吨（-11）， PP华东基差为-25元/吨（+15）。 上游供应方面，PE开工率为88.0%（-0.5%），PP开工率为75.5%（-0.4%）。 生产利润方面，PE油制生产利润为-215.7元/吨（+13.9），PP油制生产利润为-555.7元/吨（+13.9），PDH制PP生产利 润为-467.7元/吨（+20.3）。 进出口方面，LL进口利润为-42.0元/吨（-17.3），PP进口利润为-390.5元/吨（-58.0），PP出口利润为-62.5美元/吨（-8.2）。 下游需求方面，PE下游农膜开工率为10.1%（-14.7%），PE下游包装膜开工率为24.7%（+4.4%），PP下游塑编开工 率为29.3%（+5.2%），PP下 ...

1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The overall macro - sentiment has weakened, and the plastic futures market is in a range - bound oscillation. The geopolitical risk premium has boosted oil prices, strengthening the cost support for plastics. However, the fundamentals of plastics are weak, with strong supply and weak demand, and there is a risk of inventory accumulation in the upper - middle reaches after the holiday. For PP, the cost support exists in the short - term, but the supply - demand structure is still weak, and attention should be paid to the inventory accumulation and macro guidance during the off - season [4][5]. - The strategy suggests a wait - and - see approach for single - sided trading, no operation for inter - period trading, and a cautious shorting of the L - PP spread when it is high [6]. 3. Summary by Directory 3.1 Market News and Important Data - **Price and Basis**: The closing price of the L main contract is 6,734 yuan/ton (-53), and that of the PP main contract is 6,648 yuan/ton (-45). The spot prices and basis of different regions and varieties have also changed [2]. - **Upstream Supply**: The PE operating rate is 87.3% (+1.4%), and the PP operating rate is 75.9% (+2.0%) [2]. - **Production Profit**: The PE oil - based production profit is -211.6 yuan/ton (-46.4), and the PP oil - based production profit is -471.6 yuan/ton (-46.4). The PDH - based PP production profit is -546.4 yuan/ton (-29.4) [2]. - **Import and Export**: The LL import profit is -109.0 yuan/ton (-2.3), the PP import profit is -253.8 yuan/ton (-2.4), and the PP export profit is -53.7 US dollars/ton (+10.3) [3]. - **Downstream Demand**: The PE downstream agricultural film operating rate is 24.7% (-5.4%), the PE downstream packaging film operating rate is 20.3% (-18.5%), the PP downstream plastic weaving operating rate is 27.9% (-8.9%), and the PP downstream BOPP film operating rate is 60.3% (-4.3%) [3]. 3.2 Market Analysis - **PE**: The market is affected by macro - sentiment and fundamentals. The supply pressure remains high due to the high operating rate and more imported resources. The demand is in the off - season, and the inventory in the upper - middle reaches may accumulate after the holiday [4]. - **PP**: The cost support exists in the short - term, but the supply - demand structure is still weak. The supply pressure is acceptable in the short - term, and the demand is expected to decline seasonally, and the inventory accumulation situation should be concerned [5]. 3.3 Strategy - **Single - sided**: Adopt a wait - and - see approach as the oil price and raw material propane are strong, providing cost support, and the short - term futures market will oscillate widely following the cost and macro - sentiment [6]. - **Inter - period**: No operation [6]. - **Inter - variety**: Cautiously short the L - PP spread when it is high [6].

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints - The PE market is under pressure with a weak supply - demand situation. The cost side and macro - sentiment are volatile, and attention should be paid to geopolitical developments and post - holiday inventory accumulation [3] - The PP market also has a weak supply - demand structure. The cost side has short - term support but is also volatile, and the focus is on inventory accumulation during the off - season and macro - level guidance [4] - The recommended trading strategy is to wait and see, as the short - term market will fluctuate widely following the cost side and macro - sentiment [5] 3. Summary by Directory 3.1 Market News and Important Data - **Price and Basis**: The closing price of the L main contract is 6721 yuan/ton (-91), the PP main contract is 6630 yuan/ton (-61). LL North China spot is 6620 yuan/ton (-30), LL East China spot is 6700 yuan/ton (-50), PP East China spot is 6680 yuan/ton (+0). LL North China basis is - 101 yuan/ton (+61), LL East China basis is - 21 yuan/ton (+41), and PP East China basis is 50 yuan/ton (+61) [1] - **Upstream Supply**: PE operating rate is 85.9% (+0.6%), PP operating rate is 73.9% (-0.9%) [1] - **Production Profit**: PE oil - based production profit is - 81.4 yuan/ton (-135.1), PP oil - based production profit is - 391.4 yuan/ton (-135.1), PDH - based PP production profit is - 485.2 yuan/ton (-52.7) [1] - **Import and Export**: LL import profit is - 84.1 yuan/ton (-97.3), PP import profit is - 362.9 yuan/ton (+2.8), PP export profit is - 60.4 US dollars/ton (-0.4) [2] - **Downstream Demand**: PE downstream agricultural film operating rate is 30.2% (-4.4%), PE downstream packaging film operating rate is 38.8% (-3.3%), PP downstream plastic weaving operating rate is 36.7% (-5.3%), PP downstream BOPP film operating rate is 64.6% (+0.4%) [2] 3.2 Market Analysis - **PE**: The macro - sentiment has weakened, and the plastic market is under pressure. The cost side is uncertain due to geopolitical factors. The supply side has increased pressure with many restarting devices and more imported resources, while the demand side is in a off - season with declining downstream operating rates. There may be inventory accumulation pressure in the upper and middle reaches [3] - **PP**: The short - term cost side has support. The supply side pressure is acceptable with some PDH devices under maintenance and limited increase in overall operating rate, and enterprises are actively reducing inventory. The demand side is expected to decline seasonally, and the overall demand is weak [4] 3.3 Strategy - **Single - sided**: Wait and see, as the short - term market will fluctuate widely following the cost side and macro - sentiment [5] - **Inter - period**: No relevant strategy provided - **Inter - variety**: No relevant strategy provided

Group 1: Industry Investment Rating - No information provided Group 2: Core Viewpoints - The supply - demand pattern of polyolefins has limited improvement. Although the spot market followed up limitedly at the end of January, there is still an expectation of anti - involution in the chemical industry, and the upstream petrochemical inventory is low. Currently, the basis has been repaired, and polyolefins are expected to fluctuate within a range. Due to the recent new production capacity of plastics and its higher operating rate than PP, coupled with the fact that the concentrated demand for mulch film has not started, the L - PP spread is expected to decline [4]. Group 3: Summary by Related Catalogs 1. Plastic and PP Operating Rates - Plastic operating rate rose 0.5 percentage points to about 90.5% and is at a moderately high level, as the overhaul devices such as Yulong Petrochemical's full - density line 2 restarted. PP operating rate rose 0.5 percentage points to about 80% and is at a moderately low level, with the restart of overhaul devices like Maoming Petrochemical's second - line [13]. 2. Plastic and PP Downstream Operating Rates - As of the week of February 6, the PE downstream operating rate decreased 4.03 percentage points to 33.73% week - on - week. Entering the Spring Festival holiday, agricultural film orders and raw material inventories continued to decrease, and packaging film orders also decreased, showing a seasonal decline. The PP downstream operating rate dropped 2.24 percentage points to 49.84% week - on - week, at a neutral level in the lunar calendar over the years. Among them, the operating rate of the plastic weaving industry, the main downstream of drawn - wire PP, decreased 5.30 percentage points to 36.74% week - on - week, with orders continuing to decline and slightly lower than last year [4][18]. 3. Plastic Basis - Both spot and futures prices fell, and the basis of the 05 contract slightly rose to - 62 yuan/ton, at a relatively low level [22]. 4. Plastic and PP Inventories - The petrochemical early inventory on Friday increased 0.5 tons week - on - week to 42.5 tons, 8 tons lower than the same period of last year. At the end of January, petrochemical inventory was depleted rapidly, and the current inventory is at a relatively low level compared to the same period in recent years [26][27].

冠通期货研究报告 --聚烯烃周报 研究咨询部苏妙达 执业资格证号：F03104403/Z0018167 发布时间：2026年1月26日 投资有风险，入市需谨慎，本公司具备期货交易咨询业务资格，请务必阅读最后一页免责声明。 分析师苏妙达：F03104403/Z0018167 投资有风险，入市需谨慎。 行情分析 塑料开工率上涨至90%左右，处于中性偏高水平。PP开工率下跌至80%左右，处于中性偏低水平。截至1月23日当周，PE下游开 工率环比下降1.4个百分点至39.53%，农膜订单基本稳定，处于近年同期中性水平，农膜原料库存基本稳定，包装膜订单小幅回升， 整体PE下游开工率仍处于近年农历同期偏低位水平。PP下游开工率环比回升0.34个百分点至52.87%，处于历年农历同期中性水平。 其中拉丝主力下游塑编开工率环比下跌0.56个百分点至42.04%，塑编订单环比继续小幅下降，略低于去年同期。石化1月上中旬去 库较好，但近日去库一般，目前石化库存处于近年同期中性水平。成本端，寒冷天气推动柴油取暖需求，需求担忧有所缓解，加上 伊朗地缘局势升温，原油价格上涨。另外，新增产能，新增产能50万吨/年的巴斯夫（广东）FDPE ...

Report Industry Investment Rating - Not provided Core Viewpoints - The PP market is expected to experience a weakening oscillatory trend within a certain range due to limited improvement in the supply - demand pattern, shorter downstream order cycles, and shrinking downstream product profits [1] - The L - PP price spread is expected to decline as there is new production capacity for plastics and the L开工率 is higher than that of PP, along with a continuous decline in agricultural film orders [1] Summary by Relevant Catalogs Market Analysis - As of the week of January 16, the downstream operating rate of PP decreased by 0.07 percentage points to 52.53% week - on - week, remaining at a relatively low level compared to the same period in previous years [1][4] - The operating rate of the plastic weaving industry, the main downstream of PP drawstring products, dropped by 0.32 percentage points to 42.6% week - on - week, and plastic weaving orders continued to decline slightly, slightly lower than the same period last year [1][4] - On January 20, new maintenance units such as the first and second lines of Juzhengyuan Phase I were added. The operating rate of PP enterprises decreased to around 80%, at a moderately low level, and the production ratio of standard drawstring products dropped to around 26% [1][4] - Petrochemical inventory reduction was good in the first and middle of January, but it has been average recently. Currently, petrochemical inventory is at a moderate level compared to the same period in recent years [1][4] - The cost of crude oil has decreased as the US has postponed military strikes against Iran and the situation in Iran has cooled down [1] - There is new production capacity of 400,000 tons/year from PetroChina Guangxi Petrochemical, and the number of maintenance units has slightly decreased recently [1] - The price of BOPP film in the downstream has rebounded, but with the approaching Spring Festival holiday, new orders for downstream plastic weaving are limited [1] Futures and Spot Market Conditions - The PP2605 contract decreased by 0.72% in a volatile manner, with a closing price of 6461 yuan/ton, above the 20 - day moving average. The trading volume decreased by 4253 lots to 466,241 lots [2] - Most spot prices of PP in various regions have declined, with drawstring products priced at 6240 - 6680 yuan/ton [3] Fundamental Tracking - On the supply side, on January 20, new maintenance units led to a decrease in the PP enterprise operating rate to around 80%, and the production ratio of standard drawstring products dropped to around 26% [4] - On the demand side, as of the week of January 16, the downstream operating rate of PP decreased by 0.07 percentage points to 52.53% week - on - week, and the operating rate of the plastic weaving industry dropped by 0.32 percentage points to 42.6% week - on - week [4] - Petrochemical inventory in the early morning of Tuesday was flat at 560,000 tons compared to the previous day, 40,000 tons higher than the same period last year [4] Raw Material End - The Brent crude oil 03 contract fell below 64 US dollars per barrel, and the CFR propylene price in China remained flat at 785 US dollars per ton [6]

Report Industry Investment Rating - Not provided Core Viewpoints - PP is expected to move in a volatile manner with limited upside potential due to limited improvement in the supply - demand pattern and shortened downstream order cycles, and the L - PP spread is expected to decline [1] Summary by Relevant Catalogs Market Analysis - As of the week ending January 9, after the New Year's Day holiday, the downstream PP operating rate decreased by 0.10 percentage points to 52.6% week - on - week, at a relatively low level in the same period over the years. The operating rate of the main downstream plastic weaving for drawstring decreased by 0.22 percentage points to 42.92% week - on - week, and plastic weaving orders continued to decline slightly, slightly lower than the same period last year [1][4] - On January 15, there were few changes in the overhauled units, and the PP enterprise operating rate remained at around 81%, at a moderately low level, and the production ratio of standard drawstring decreased to around 24.5% [1][4] - The inventory accumulation during the New Year's Day this year was not significant, and the current petrochemical inventory is at a neutral level in the same period in recent years [1][4] - Due to the escalating turmoil in Iran, Trump's threat to interfere, the lack of progress in Russia - Ukraine negotiations, and the sanction bill on Russia, the crude oil price rebounded slightly. There is new production capacity of 400,000 tons/year from PetroChina Guangxi Petrochemical put into operation in mid - October, and the number of overhauled units has slightly decreased recently [1] - The price of downstream BOPP film rebounded, but with the approaching Spring Festival holiday, new orders for downstream plastic weaving are limited. The macro - environment is positive, but the improvement in the PP supply - demand pattern is limited [1] Futures and Spot Market Conditions - Futures: The PP2605 contract increased in position and moved in a volatile manner, with a low of 6552 yuan/ton, a high of 6664 yuan/ton, and finally closed at 6592 yuan/ton, above the 20 - day moving average, up 0.24%. The open interest increased by 7306 lots to 491,662 lots [2] - Spot: Most of the PP spot prices in various regions were stable. The drawstring was quoted at 6180 - 6680 yuan/ton [3] Fundamental Tracking - Supply: On January 15, there were few changes in the overhauled units, and the PP enterprise operating rate remained at around 81%, at a moderately low level, and the production ratio of standard drawstring decreased to around 24.5% [1][4] - Demand: As of the week ending January 9, after the New Year's Day holiday, the downstream PP operating rate decreased by 0.10 percentage points to 52.6% week - on - week, at a relatively low level in the same period over the years. The operating rate of the main downstream plastic weaving for drawstring decreased by 0.22 percentage points to 42.92% week - on - week, and plastic weaving orders continued to decline slightly, slightly lower than the same period last year [1][4] - Inventory: On Thursday, the petrochemical morning inventory decreased by 30,000 tons to 530,000 tons week - on - week, 5,000 tons higher than the same period last year. The inventory accumulation during the New Year's Day this year was not significant, and the current petrochemical inventory is at a neutral level in the same period in recent years [4] Raw Material End - The Brent crude oil 03 contract fell below $65 per barrel, and the CFR propylene price in China remained flat week - on - week at $750 per ton [6]

Report Industry Investment Rating - Not provided Report's Core View - As of the week of January 9th, after the New Year's Day holiday, the downstream PP operating rate decreased by 0.10 percentage points to 52.6%, at a relatively low level in the same period over the years. The operating rate of plastic weaving, the main downstream of drawstring PP, dropped by 0.22 percentage points to 42.92%, and orders continued to decline slightly, slightly lower than the same period last year. On January 13th, maintenance devices such as the second line of Jingbo Polyolefin restarted, and the operating rate of PP enterprises rose to around 81%, at a relatively low level, with the production ratio of standard drawstring PP remaining at around 27%. The inventory accumulation during the New Year's Day this year was not significant, and the current petrochemical inventory is at a neutral level in the same period over the years. On the cost side, due to recent events in the Middle East and Russia-Ukraine situation, the crude oil price rebounded slightly. In terms of supply, new production capacity was put into operation, and the number of maintenance devices decreased slightly. The downstream is entering the end of the peak season, orders continue to decline, and the market lacks large-scale centralized procurement, with limited support for the market. Although the macro environment is positive, the improvement in the supply-demand pattern of PP is limited, and the downstream order cycle is shortened. It is expected that the upside space for PP is limited. Due to new production capacity of plastics being put into operation recently and a higher operating rate compared to PP, combined with the gradual exit of the peak season for agricultural film, the L-PP price spread is expected to narrow [1]. Summary of Relevant Catalogs Market Analysis - As of the week of January 9th, the downstream PP operating rate decreased by 0.10 percentage points to 52.6%, at a relatively low level in the same period over the years. The operating rate of plastic weaving, the main downstream of drawstring PP, dropped by 0.22 percentage points to 42.92%, and orders continued to decline slightly, slightly lower than the same period last year. On January 13th, maintenance devices such as the second line of Jingbo Polyolefin restarted, and the operating rate of PP enterprises rose to around 81%, at a relatively low level, with the production ratio of standard drawstring PP remaining at around 27%. The inventory accumulation during the New Year's Day this year was not significant, and the current petrochemical inventory is at a neutral level in the same period over the years. On the cost side, due to recent events in the Middle East and Russia-Ukraine situation, the crude oil price rebounded slightly. New production capacity of 400,000 tons/year of PetroChina Guangxi Petrochemical was put into operation in mid-October, and the number of maintenance devices decreased slightly. The downstream is entering the end of the peak season, orders continue to decline, and the market lacks large-scale centralized procurement, with limited support for the market. Although the macro environment is positive, the improvement in the supply-demand pattern of PP is limited, and the downstream order cycle is shortened. It is expected that the upside space for PP is limited. Due to new production capacity of plastics being put into operation recently and a higher operating rate compared to PP, combined with the gradual exit of the peak season for agricultural film, the L-PP price spread is expected to narrow [1]. Futures and Spot Market Quotes - Futures: The PP2605 contract fluctuated with reduced positions, with a minimum price of 6,456 yuan/ton, a maximum price of 6,532 yuan/ton, and finally closed at 6,484 yuan/ton, above the 20-day moving average, with a gain of 0.31%. The open interest decreased by 8,586 lots to 511,792 lots [2]. - Spot: The spot prices of PP in various regions partially increased. The drawstring PP was quoted at 6,120 - 6,680 yuan/ton [3]. Fundamental Tracking - Supply: On January 13th, maintenance devices such as the second line of Jingbo Polyolefin restarted, and the operating rate of PP enterprises rose to around 81%, at a relatively low level, with the production ratio of standard drawstring PP remaining at around 27% [4]. - Demand: As of the week of January 9th, after the New Year's Day holiday, the downstream PP operating rate decreased by 0.10 percentage points to 52.6%, at a relatively low level in the same period over the years. The operating rate of plastic weaving, the main downstream of drawstring PP, dropped by 0.22 percentage points to 42.92%, and orders continued to decline slightly, slightly lower than the same period last year [4]. - Inventory: The petrochemical morning inventory on Tuesday decreased by 10,000 tons to 590,000 tons, 10,000 tons higher than the same period last year. The inventory accumulation during the New Year's Day this year was not significant, and the current petrochemical inventory is at a neutral level in the same period over the years [4]. Raw Material End - Crude oil: The Brent crude oil 03 contract rose to $64 per barrel, and the CFR propylene price in China remained flat at $750 per ton [6].

Report Summary 1. Report Industry Investment Rating No investment rating is provided in the report. 2. Report's Core View - PP is expected to have limited upside potential due to limited improvement in the supply - demand pattern and shorter downstream order cycles, despite a warm macro - atmosphere [1]. - The L - PP spread is expected to decline as there is new plastic production capacity coming online and the agricultural film peak season is ending [1]. 3. Summary by Relevant Catalogs 3.1. Market Analysis - As of the week ending January 2nd, the PP downstream operating rate decreased by 0.48 percentage points to 52.76% week - on - week, at a relatively low level in the same period over the years. The operating rate of plastic weaving, the main downstream of拉丝, dropped by 0.60 percentage points to 43.14%, and orders continued to decline slightly, slightly lower than the same period last year [1][4]. - On January 8th, new maintenance units such as Fujian United's second - line were added. The PP enterprise operating rate dropped to around 78.5%, at a low level, and the production ratio of standard product拉丝 decreased to around 22.5% [1][4]. - The inventory accumulation during the New Year's Day this year was not significant, and the current petrochemical inventory is at a neutral level in the same period in recent years [1][4]. - On the cost side, although the US military raid on Venezuela has caused geopolitical concerns, the key oil facilities in the country are intact, and its production accounts for less than 1% of the global supply. Trump said Venezuela will transfer 30 - 50 million barrels of oil to the US, and the crude oil price remains weak [1]. - There is new production capacity of 400,000 tons/year from PetroChina Guangxi Petrochemical put into operation in mid - October, and the number of maintenance units has increased recently. The downstream is at the end of the peak season, orders continue to decline, and the market lacks large - scale centralized procurement [1]. - In December, China's manufacturing PMI, non - manufacturing business activity index, and comprehensive PMI output index all rose to the expansion range. The Ministry of Finance has pre - allocated the 2026 trade - in and "two - heavy" quotas, which warms the macro - atmosphere and boosts market sentiment [1]. 3.2. Futures and Spot Market Conditions - Futures: The PP2605 contract oscillated with a reduction in positions. The lowest price was 6456 yuan/ton, the highest was 6532 yuan/ton, and it finally closed at 6484 yuan/ton, above the 20 - day moving average, with a gain of 0.31%. The open interest decreased by 8586 lots to 511,792 lots [2]. - Spot: Most PP spot prices in various regions were stable. The price of拉丝 was reported at 6020 - 6480 yuan/ton [3]. 3.3. Fundamental Tracking - Supply: On January 8th, new maintenance units were added, the PP enterprise operating rate dropped to around 78.5%, and the production ratio of standard product拉丝 decreased to around 22.5% [1][4]. - Demand: As of the week ending January 2nd, the PP downstream operating rate decreased by 0.48 percentage points to 52.76% week - on - week, at a relatively low level in the same period over the years. The operating rate of plastic weaving, the main downstream of拉丝, dropped by 0.60 percentage points to 43.14%, and orders continued to decline slightly, slightly lower than the same period last year [1][4]. - Inventory: On Thursday, the petrochemical morning inventory decreased by 35,000 tons to 575,000 tons week - on - week, the same as the same period last year. The current petrochemical inventory is at a neutral level in the same period in recent years [4]. - Raw materials: The Brent crude oil 03 contract dropped to $60/barrel, and the CFR propylene price in China increased by $5/ton to $745/ton week - on - week [4].

1. Report Industry Investment Rating - Not provided 2. Core Viewpoints - The PP market shows an upward trend in a volatile manner, but the improvement in the supply - demand pattern is limited, with expected limited upside space for PP, and the L - PP spread is expected to narrow [1] 3. Summary by Relevant Catalogs 3.1 Market Analysis - As of the week ending January 2nd, the downstream PP utilization rate decreased by 0.48 percentage points to 52.76% week - on - week, at a relatively low level in the same period over the years. The utilization rate of the plastic woven industry, the main downstream of drawstring PP, dropped by 0.60 percentage points to 43.14% week - on - week, and the plastic woven orders continued to decline slightly, slightly lower than the same period last year [1][4] - On January 7th, there were few changes in the maintenance devices, and the PP enterprise utilization rate remained at around 79%, at a relatively low level. The production ratio of standard drawstring PP rose to around 23.5% [1] - The inventory accumulation during the New Year's Day this year was not significant, and the current petrochemical inventory is at a neutral level in the same period in recent years [1][4] - On the cost side, due to the oversupply of crude oil, the US military's surprise attack on Venezuela has triggered geopolitical concerns, but the key oil facilities in the country have not been damaged, and its production accounts for less than 1% of the global supply. Trump said that Venezuela would transfer 30 - 50 million barrels of oil to the US, and the crude oil price remained weak [1] - In terms of supply, the new 400,000 - ton/year capacity of PetroChina Guangxi Petrochemical was put into production in mid - October, and the number of maintenance devices has increased recently [1] - The downstream has entered the end of the peak season, orders such as in the plastic woven industry continue to decline, the price of BOPP film has dropped again, and the market lacks large - scale centralized purchases, which has limited support for the market. Traders generally offer discounts to stimulate sales [1] - In December, China's manufacturing PMI, non - manufacturing business activity index, and comprehensive PMI output index all rose to the expansion range. The Ministry of Finance has pre - allocated the quotas for the "old - for - new" and "two - important" programs for 2026, creating a positive macro environment that boosts market sentiment [1] 3.2 Futures and Spot Market - Futures: The PP2605 contract fluctuated upward with reduced positions. The lowest price was 6425 yuan/ton, the highest was 6510 yuan/ton, and it finally closed at 6486 yuan/ton, above the 20 - day moving average, with a gain of 1.60%. The open interest decreased by 1191 lots to 520,378 lots [2] - Spot: The spot prices of PP in most regions increased. The drawstring PP was quoted at 6020 - 6480 yuan/ton [3] 3.3 Fundamental Tracking - Supply: On January 6th, new maintenance devices such as Lihezhixin were added. The PP enterprise utilization rate dropped to around 79%, at a relatively low level, and the production ratio of standard drawstring PP dropped to around 22% [4] - Demand: As of the week ending January 2nd, the downstream PP utilization rate decreased by 0.48 percentage points to 52.76% week - on - week, at a relatively low level in the same period over the years. The utilization rate of the plastic woven industry, the main downstream of drawstring PP, dropped by 0.60 percentage points to 43.14% week - on - week, and the plastic woven orders continued to decline slightly, slightly lower than the same period last year [1][4] - Inventory: On Wednesday, the early petrochemical inventory decreased by 50,000 tons to 610,000 tons week - on - week, 30,000 tons higher than the same period last year. The inventory accumulation during the New Year's Day this year was not significant, and the current petrochemical inventory is at a neutral level in the same period in recent years [4] 3.4 Raw Material End - Brent crude oil's March contract dropped to $60 per barrel, and the CFR propylene price in China remained flat week - on - week at $740 per ton [6]