Report Industry Investment Rating - Not provided Core Viewpoints - The domestic supply - demand pattern of plastics has improved, and there are still expectations for the chemical industry to counter - involution. The Middle East situation boosts the energy - chemical industry. It is expected that plastic prices will fluctuate strongly. Attention should be paid to the resumption progress of downstream industries after the festival and the development of the Middle East situation [1] Summary by Relevant Catalogs Market Analysis - On March 27, new parking devices such as Qilu Petrochemical's HDPE Line 1 were added, and the plastic operating rate dropped to around 80%, which is at a relatively low level. The downstream operating rate of PE increased by 2.16 percentage points to 39.75% week - on - week. After the Spring Festival, the petrochemical inventory has been reduced and is currently at a neutral level in the same period in recent years. Although the US has sent negotiation signals, the Middle East conflict still exists, and the risk of crude oil supply interruption has not been lifted, leading to a rebound in crude oil prices. New production capacities of 500,000 tons/year of BASF (Guangdong) FDPE and 300,000 tons/year of Yulong Petrochemical LDPE/EVA were put into operation in January 2026, and there are no plans to put new production capacities into operation in the first quarter. The downstream factories have increased their resumption of work after the Lantern Festival, and the rigid demand has been released intensively, causing the prices of agricultural films in North, East, and South China to continue to rise. However, downstream users are resistant to high prices and their procurement is more cautious, with low enthusiasm for spot transactions. The expectation of reduced plastic supply still exists due to the non - resumption of navigation in the Strait of Hormuz [1] Futures and Spot Market Conditions - Futures: The plastic 2605 contract opened higher and then increased positions and fluctuated. The lowest price was 8,716 yuan/ton, the highest was 8,956 yuan/ton, and it finally closed at 8,868 yuan/ton, above the 60 - day moving average, with a gain of 1.71%. The position increased by 4,709 lots to 326,742 lots [2] - Spot: The PE spot market showed a mixed trend, with price changes ranging from - 200 to + 200 yuan/ton. LLDPE was reported at 8,580 - 9,470 yuan/ton, LDPE at 10,300 - 11,610 yuan/ton, and HDPE at 8,600 - 9,940 yuan/ton [3] Fundamental Tracking - Supply: On March 27, new parking devices such as Qilu Petrochemical's HDPE Line 1 were added, and the plastic operating rate dropped to around 80%, at a relatively low level [4] - Demand: As of the week of March 27, the downstream operating rate of PE increased by 2.16 percentage points to 39.75% week - on - week. After the fifth week of the Spring Festival, downstream industries resumed production one after another but have not returned to the normal level before the festival. The overall downstream operating rate of PE shows seasonal changes [4] - Inventory: The petrochemical early inventory on Friday decreased by 35,000 tons week - on - week to 770,000 tons, 25,000 tons lower than the same period in the lunar calendar last year. Currently, the petrochemical inventory is at a neutral level in the same period in recent years [4] - Raw materials: The Brent crude oil 05 contract rose to $108/barrel. The ethylene prices in Northeast Asia and Southeast Asia remained flat week - on - week at $1,400/ton [4]

Report Industry Investment Rating - No relevant information provided Core Viewpoints - The domestic supply - demand pattern of plastics has improved, and there are still expectations for the chemical industry to fight against involution. The situation in the Middle East boosts the energy - chemical industry. The plastics price is expected to fluctuate strongly in the near future. Attention should be paid to the progress of downstream resumption of production after the festival and the development of the Middle East situation [1] Summary by Directory 1.行情分析 - On March 20, new parking devices such as Zhongsha Petrochemical HDPE and Zhongying Petrochemical HDPE were added, and the plastic operating rate dropped to about 85%, which is at a neutral level [1][4] - As of the week of March 20, the downstream operating rate of PE increased by 3.76 percentage points to 37.59% month - on - month. After the Spring Festival holiday, downstream factories gradually resumed production but did not return to the pre - holiday level, showing a seasonal change [1][4] - After the Spring Festival, petrochemical inventories have been reduced, and currently petrochemical inventories are at a neutral level in the same period in recent years [1][4] - Due to the situation in the Middle East, the crude oil price dropped from a high level. The new production capacities of BASF (Guangdong) FDPE (500,000 tons/year) and Yulong Petrochemical LDPE/EVA (300,000 tons/year) were put into production in January 2026, and there are no plans to put new production capacities into operation in the first quarter [1] - After the Lantern Festival, downstream factories resumed work, and the rigid demand was released intensively. The prices of agricultural films in North, East and South China continued to rise. However, downstream customers showed resistance to high prices and procurement became more cautious, with weak spot transactions [1] 2.期现行情 Futures - The plastic 2605 contract opened lower, reduced positions and fluctuated. The lowest price was 8,542 yuan/ton, the highest price was 8,954 yuan/ton, and it finally closed at 8,818 yuan/ton, above the 60 - day moving average, with a decline of 0.94%. The trading volume decreased by 20,434 lots to 336,310 lots [2] Spot - Most of the PE spot market declined, with the price change ranging from - 300 to + 0 yuan/ton. LLDPE was reported at 8,330 - 8,970 yuan/ton, LDPE at 10,230 - 11,310 yuan/ton, and HDPE at 8,490 - 9,640 yuan/ton [3] 3.基本面跟踪 - Supply: On March 20, new parking devices such as Zhongsha Petrochemical HDPE and Zhongying Petrochemical HDPE were added, and the plastic operating rate dropped to about 85%, at a neutral level [4] - Demand: As of the week of March 20, the downstream operating rate of PE increased by 3.76 percentage points to 37.59% month - on - month. After the Spring Festival holiday, downstream factories gradually resumed production but did not return to the pre - holiday level, showing a seasonal change [4] - Petrochemical inventory: On Friday, the early petrochemical inventory decreased by 30,000 tons to 810,000 tons week - on - week, 10,000 tons higher than the same period in the lunar calendar last year, at a neutral level in the same period in recent years [4] - Raw material: The Brent crude oil 05 contract dropped to $108/barrel. The price of Northeast Asian ethylene increased by $70/ton to $1,350/ton month - on - month, and the price of Southeast Asian ethylene also increased by $70/ton to $1,350/ton month - on - month [4]

Report Industry Investment Rating - Not provided Core Viewpoints - On March 19, 2026, the plastic opening rate dropped to around 87% due to new parking devices, and the domestic supply - demand pattern of plastics improved. However, downstream showed resistance to high prices, and spot transactions were weak. With the high - spirited collective sentiment of chemical products, if the Strait of Hormuz cannot resume navigation, refinery production cuts will increase further. The recent plastic prices are expected to fluctuate strongly. It's necessary to pay attention to the progress of downstream resumption after the festival and the situation in the Middle East [1] Summary by Relevant Catalogs Market Analysis - On March 19, the plastic opening rate dropped to around 87% due to new parking devices like Shanghai Petrochemical's LDPE 2 line. As of the week of March 13, the PE downstream opening rate rose 5.21 percentage points to 33.83% week - on - week. After the Spring Festival, petrochemical inventories decreased, and are currently at a neutral level in the same period in recent years. The attack on Iranian oil and gas facilities caused a sharp rise in crude oil prices. New production capacities of Basf (Guangdong) FDPE and Yulong Petrochemical LDPE/EVA were put into production in January 2026, and there are no new production capacity plans in the first quarter. After the Lantern Festival, downstream factories resumed work, and the prices of agricultural films in North, East and South China continued to rise. Although the domestic supply - demand pattern of plastics improved, downstream showed resistance to high prices, and spot transactions were weak. If the Strait of Hormuz cannot resume navigation, refinery production cuts will increase further, and plastic prices are expected to fluctuate strongly [1] Futures and Spot Market - **Futures**: The plastic 2605 contract opened higher, increased positions and fluctuated upward. The lowest price was 8700 yuan/ton, the highest was 9147 yuan/ton, and it finally closed at 8916 yuan/ton, above the 60 - day moving average, with a gain of 4.49%. The position increased by 12,786 lots to 356,744 lots [2] - **Spot**: Most PE spot markets rose, with price changes ranging from - 100 to + 300 yuan/ton. LLDPE was reported at 8530 - 9170 yuan/ton, LDPE at 10230 - 11260 yuan/ton, and HDPE at 8490 - 9740 yuan/ton [3] Fundamental Tracking - **Supply**: On March 19, new parking devices such as Shanghai Petrochemical's LDPE 2 line led to a drop in the plastic opening rate to around 87%, which is at a neutral level [1][4] - **Demand**: As of the week of March 13, the PE downstream opening rate rose 5.21 percentage points to 33.83% week - on - week. After the Spring Festival, downstream factories resumed work gradually but have not returned to the pre - holiday level, showing seasonal changes [1][4] - **Inventory**: On Thursday, the early petrochemical inventory decreased by 10,000 tons to 840,000 tons week - on - week, 20,000 tons higher than the same period last lunar year, currently at a neutral level in the same period in recent years [4] - **Raw Materials**: The Brent crude oil 05 contract rose above $113 per barrel. The Northeast Asian ethylene price rose $30 per ton to $1280 per ton week - on - week, and the Southeast Asian ethylene price also rose $30 per ton to $1280 per ton week - on - week [4]

1. Report Information - Report Name: Polyolefin Daily Report [1] - Date: March 18, 2026 [2] - Research Team: Energy and Chemical Research Team [4] 2. Market Quotes Summary - **Plastic Futures**: L2601 opened at 8030 yuan/ton, closed at 8014 yuan/ton, down 102 yuan/ton (-1.26%); L2605 opened at 8505 yuan/ton, closed at 8496 yuan/ton, down 136 yuan/ton (-1.58%); L2609 opened at 8294 yuan/ton, closed at 8202 yuan/ton, down 103 yuan/ton (-1.24%) [5] - **PP Futures**: PP2701 opened at 7750 yuan/ton, closed at 7771 yuan/ton, down 81 yuan/ton (-1.03%); PP2605 opened at 8750 yuan/ton, closed at 8671 yuan/ton, down 129 yuan/ton (-1.47%); PP2609 opened at 8198 yuan/ton, closed at 8179 yuan/ton, down 79 yuan/ton (-0.96%) [5] 3. Market Review and Outlook - **Market Performance**: L2605 opened lower, fluctuated during the session, and finally closed at 8496 yuan/ton, down 136 yuan/ton (-1.58%), with a trading volume of 850,000 lots and a decrease in positions by 11,218 to 333,729 lots; PP2605 closed at 8671 yuan/ton, down 129 yuan/ton (-1.47%), with a decrease in positions by 42,481 to 373,300 lots [6] - **Market Drivers**: Concerns about crude oil supply disruptions outweigh the stabilizing signals from the release of oil reserves. Tensions in the Strait of Hormuz persist, and Brent crude remains at a high level of $100. Short - term oil prices will continue to fluctuate at a high level. Tight raw material supply leads upstream enterprises to reduce production. There is a window period for new device commissioning in the first half of the year, and supply contraction during the regular maintenance period from March to April may exceed expectations. Downstream开工率 has increased month - on - month, but the downstream's willingness to chase high prices has cooled, and there is resistance to continuously rising raw material prices [6] - **Market Outlook**: High volatility dilutes the impact of news, and market sentiment has become dull. The polyolefin market will maintain a pattern of strong fluctuations and a rising center of gravity driven by cost support and supply contraction [6] 4. Industry News - **Inventory**: On March 17, 2026, the inventory level of major producers was 865,000 tons, an increase of 5,000 tons (0.58%) from the previous working day, compared with 820,000 tons in the same period last year [7] - **PE Market**: PE market prices partially declined. The price of LLDPE in North China was 8300 - 9100 yuan/ton, in East China was 8450 - 8950 yuan/ton, and in South China was 8550 - 9100 yuan/ton [7] - **Propylene Market**: The mainstream price in the Shandong propylene market was temporarily 8000 - 8050 yuan/ton, unchanged from the previous working day. Downstream factories' wait - and - see sentiment increased, mainly making rigid purchases, and production enterprises had a strong willingness to stabilize the market, with general overall trading performance [7] - **PP Market**: The decline of domestic PP futures suppressed the spot market atmosphere. The mainstream price of drawn PP in North China was 8450 - 8650 yuan/ton, in East China was 8500 - 8700 yuan/ton, and in South China was 8600 - 8850 yuan/ton [7] 5. Data Overview - The report presents multiple 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, with data sources from Wind and Zhuochuang Information [9][13][17]

Report Industry Investment Rating - Not provided Core Viewpoints of the Report - The domestic supply - demand pattern of plastics has improved, and there are still expectations for the chemical industry to counter the involution. The situation in the Middle East boosts the energy - chemical industry. If the Strait of Hormuz cannot resume navigation, the refinery load reduction will further increase, and the plastic price is likely to rise rather than fall in the near future. Pay attention to the progress of downstream resumption after the festival and the situation in the Middle East [1] Summary by Relevant Catalogs Market Analysis - On March 17, the change of parking devices was small, and the plastic operating rate remained at around 87.5%, at a neutral level. As of the week of March 13, the downstream operating rate of PE increased by 5.21 percentage points to 33.83% week - on - week. After the Spring Festival, the petrochemical inventory continued to be destocked and is currently at a neutral level in the same period in recent years. The cost of crude oil rebounded. The new production capacities of BASF (Guangdong) FDPE and Yulong Petrochemical LDPE/EVA have been put into operation in January 2026, and no new production capacity is planned to be put into operation in the first quarter. After the Lantern Festival, the downstream factories resumed work, and the rigid demand was released intensively. The domestic supply - demand pattern of plastics has improved, but the downstream has a resistance to high prices, and the spot trading is weak [1] Futures and Spot Market Conditions - Futures: The plastic 2605 contract opened lower, reduced positions and fluctuated. The lowest price was 8340 yuan/ton, the highest price was 8616 yuan/ton, and it finally closed at 8496 yuan/ton, above the 60 - day moving average, with a decline of 1.58%. The position decreased by 11231 lots to 333716 lots [2] - Spot: The PE spot market showed mixed trends, with the increase or decrease ranging from - 200 to + 200 yuan/ton. LLDPE was reported at 8370 - 8970 yuan/ton, LDPE at 10550 - 11310 yuan/ton, and HDPE at 8370 - 9490 yuan/ton [3] Fundamental Tracking - Supply: On March 17, the plastic operating rate remained at around 87.5%, at a neutral level [1][4] - Demand: As of the week of March 13, the downstream operating rate of PE increased by 5.21 percentage points to 33.83% week - on - week. The downstream gradually resumed production but has not returned to the pre - festival level, showing a seasonal change [1][4] - Inventory: On Tuesday, the petrochemical early - morning inventory increased by 0.5 tons to 86.5 tons week - on - week, 2 tons higher than the same period of last lunar year, at a neutral level in the same period in recent years [4] - Raw materials: The Brent crude oil 05 contract rose above $103/barrel. The price of Northeast Asian ethylene increased by $50/ton to $1200/ton week - on - week, and the price of Southeast Asian ethylene also increased by $50/ton to $1200/ton week - on - week [4]

Report Industry Investment Rating - Not provided Core Viewpoints - The domestic supply - demand pattern of plastics has improved, and there are still expectations for the chemical industry to counter - involution. The Middle East situation boosts the energy - chemical industry. If the Strait of Hormuz cannot resume navigation, plastic prices are likely to rise in the near term. Attention should be paid to the progress of downstream resumption of production after the festival and the Middle East situation [1] Summary by Relevant Catalogs Market Analysis - On March 12, new shutdown devices such as Shanghai Petrochemical's full - density were added, and the plastic operating rate dropped to about 88%, currently at a neutral level. As of the week of March 6, the downstream operating rate of PE increased by 10.4 percentage points to 28.62% week - on - week. After the Spring Festival, downstream factories gradually resumed production but have not returned to pre - holiday levels. Petrochemical inventory increased by 480,000 tons to 940,000 tons during the Spring Festival and has been continuously decreasing. The cost of crude oil has rebounded significantly. New production capacities of 500,000 tons/year of BASF (Guangdong) FDPE and 300,000 tons/year of Yulong Petrochemical LDPE/EVA were put into operation in January 2026, and there are no plans for new production capacity in the first quarter. After the Lantern Festival, downstream factories resumed work, and the prices of agricultural films in North, East, and South China increased. However, downstream resistance to high prices led to weak spot transactions [1] Futures and Spot Market Conditions - Futures: The plastic 2605 contract opened higher, increased positions, and fluctuated. The lowest price was 8,190 yuan/ton, the highest was 8,617 yuan/ton, and it closed at 8,236 yuan/ton, up 4.17%. The position increased by 4,435 lots to 327,108 lots [2] - Spot: The PE spot market showed mixed trends, with price changes ranging from - 200 to + 200 yuan/ton. LLDPE was reported at 7,880 - 8,470 yuan/ton, LDPE at 9,980 - 11,010 yuan/ton, and HDPE at 8,040 - 8,800 yuan/ton [3] Fundamental Tracking - Supply: On March 12, new shutdown devices such as Shanghai Petrochemical's full - density were added, and the plastic operating rate dropped to about 88%, currently at a neutral level [4] - Demand: As of the week of March 6, the downstream operating rate of PE increased by 10.4 percentage points to 28.62% week - on - week. After the Spring Festival, downstream factories gradually resumed production but have not returned to pre - holiday levels [4] - Inventory: On Thursday, the early petrochemical inventory decreased by 40,000 tons to 800,000 tons, 20,000 tons higher than the same period last lunar year, currently at a neutral level in recent years [4] - Raw materials: The Brent crude oil 05 contract rose to $98/barrel. The price of Northeast Asian ethylene remained flat at $970/ton week - on - week, and the price of Southeast Asian ethylene remained flat at $940/ton week - on - week [4]

Report Industry Investment Rating - Not provided Core Viewpoints - The domestic supply - demand pattern of plastics has improved, and there is still an expectation of anti - involution in the chemical industry. The Middle East situation boosts the energy and chemical industry. If the Strait of Hormuz cannot resume navigation, the plastic price is likely to rise in the near future. Attention should be paid to the progress of downstream resumption of production after the Spring Festival and the Middle East situation [1] Summary by Directory Market Analysis - On March 11, the number of maintenance devices changed little, and the plastic operating rate remained at around 89%, which is at a neutral level. As of the week of March 6, the downstream operating rate of PE increased by 10.4 percentage points to 28.62% week - on - week. After the Spring Festival, downstream factories gradually resumed production but did not return to the pre - holiday level. The petrochemical inventory increased by 480,000 tons to 940,000 tons during the Spring Festival and has been decreasing since then, currently at a neutral level in the same period in recent years. The Strait of Hormuz has been almost closed for many days, causing Middle - Eastern oil - producing countries to cut production. However, with the G7 countries discussing the release of strategic oil reserves and Trump's statement, the crude oil price has dropped significantly from a high level. New production capacities of 500,000 tons/year of BASF (Guangdong) FDPE and 300,000 tons/year of Yulong Petrochemical LDPE/EVA were put into operation in January 2026, and there are no plans to put new production capacities into operation in the first quarter. After the Lantern Festival, downstream factories resumed work, and the rigid demand was released intensively. The prices of agricultural films in North and East China increased, while those in South China remained stable. Although the spot trading was weak due to the downstream's resistance to high prices, the plastic price is likely to rise if the Strait of Hormuz cannot resume navigation [1] Futures and Spot Market Conditions - **Futures**: The plastic 2605 contract increased in position and fluctuated upwards, with a minimum price of 7,550 yuan/ton, a maximum price of 8,245 yuan/ton, and a final closing price of 8,154 yuan/ton, above the 60 - day moving average, with a gain of 2.18%. The position increased by 9,286 lots to 322,673 lots [2] - **Spot**: The PE spot market showed mixed trends, with price changes ranging from - 900 to + 200 yuan/ton. LLDPE was reported at 7,880 - 8,470 yuan/ton, LDPE at 9,980 - 11,010 yuan/ton, and HDPE at 8,040 - 8,800 yuan/ton [3] Fundamental Tracking - **Supply**: On March 11, the number of maintenance devices changed little, and the plastic operating rate remained at around 89%, at a neutral level [1][4] - **Demand**: As of the week of March 6, the downstream operating rate of PE increased by 10.4 percentage points to 28.62% week - on - week. After the Spring Festival, downstream factories gradually resumed production but did not return to the pre - holiday level, showing a seasonal change [1][4] - **Inventory**: The petrochemical inventory increased by 480,000 tons to 940,000 tons during the Spring Festival. On Wednesday, the early petrochemical inventory increased by 40,000 tons to 840,000 tons, 25,000 tons higher than the same period last lunar year, currently at a neutral level in the same period in recent years [1][4] - **Raw Materials**: The Brent crude oil 05 contract fell below $90/barrel. The price of Northeast Asian ethylene increased by $20/ton to $970/ton week - on - week, and the price of Southeast Asian ethylene increased by $20/ton to $940/ton week - on - week [4]

Report Information - Report Name: Polyolefin Daily Report [1] - Date: March 10, 2026 [2] - Research Team: Energy and Chemical Research Team [4] Investment Rating - No investment rating information provided in the report. Core Viewpoints - The current market trading core has shifted from its own fundamentals to the cost and sentiment logic driven by geopolitics, with the weight of fundamental factors decreasing periodically [6]. - The escalating situation in the Strait of Hormuz and high oil prices provide cost - side support for the polyolefin market. The expected reduction in raw material imports and unexpected device maintenance give polyolefin prices upward momentum in the short - term [6]. - Due to frequent geopolitical risks and volatile energy prices, polyolefins will operate at a high level under strong cost support [6]. Summary by Directory 1. Market Review and Outlook - Affected by the rise in crude oil prices, plastics and PP were locked at the daily limit after opening. L2605 closed at 7,944 yuan/ton, up 449 yuan/ton (5.99%), with a trading volume of 498,000 lots and an increase in open interest of 1,367 lots to 410,391 lots. PP2605 closed at 8,034 yuan/ton, up 454 yuan (5.99%), with a decrease in open interest of 13,379 lots to 480,000 lots [6]. 2. Industry News - On March 9, 2026, the inventory level of major producers was 795,000 tons, a decrease of 25,000 tons (3.05%) from the previous working day. The inventory in the same period last year was 865,000 tons [7]. - PE market prices continued to rise. LLDPE prices in North China were 9,200 - 10,000 yuan/ton, in East China were 9,500 - 10,080 yuan/ton, and in South China were 9,700 - 10,200 yuan/ton [7]. - The mainstream price of propylene in the Shandong market was temporarily 9,500 - 10,000 yuan/ton, an increase of 2,200 yuan/ton from the previous working day. Downstream factories were more cautious in purchasing, and the overall market trading volume decreased [7]. - After PP futures opened, they were locked at the daily limit. The spot market was bullish, and downstream purchasing sentiment was boosted due to supply - side reduction expectations. However, due to price fluctuations and the daily limit, some producers raised prices, others suspended sales, and most traders suspended quoting. Downstream buyers were mostly cautious, and the market trading was average [7][8]. 3. Data Overview - The report presents multiple data graphs, 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, with data sources from Wind, Zhuochuang Information, and the Research and Development Department of CCB Futures [9][13][14]

Report Summary 1) Report Industry Investment Rating No investment rating information is provided in the report. 2) Core View - The domestic supply - demand pattern of plastics has improved. With expectations of the chemical industry counter - involution and the situation in the Middle East boosting the energy - chemical sector, plastics are expected to show a moderately strong oscillation. Attention should be paid to the post - holiday resumption of production progress of downstream industries [1]. 3) Summary by Relevant Catalogs [Market Analysis] - On March 6, new maintenance devices such as Fujian United's full - density line 1 were added, and the plastic operating rate dropped to around 90%, which is at a moderately high level. The new capacities of BASF (Guangdong) FDPE (500,000 tons/year) and Yulong Petrochemical LDPE/EVA (300,000 tons/year) were put into production in January 2026, and there are no new capacity plans for the first quarter. The downstream resumption of production is slow, and the procurement intention is weak. The prices of agricultural films in North and East China have risen, while those in South China are stable [1]. - The conflict between the US, Israel and Iran has led to blocked navigation in the Strait of Hormuz, causing a sharp increase in crude oil prices, which significantly boosts plastics. Iran's PE imports account for about 8% of China's total imports and about 3% of domestic production, while the entire Middle East region's imports account for about 20% of domestic production [1]. [Futures and Spot Market Quotes] - Futures: The 2605 plastic futures contract increased in positions and oscillated upward, with a minimum price of 7,360 yuan/ton, a maximum price of 7,695 yuan/ton, and a final closing price of 7,691 yuan/ton, above the 60 - day moving average, with a gain of 3.88%. The open interest increased by 18,481 lots to 409,024 lots [2]. - Spot: Most PE spot markets rose, with price changes ranging from +0 to +400 yuan/ton. LLDPE was quoted at 7,470 - 8,170 yuan/ton, LDPE at 9,980 - 10,780 yuan/ton, and HDPE at 7,600 - 9,000 yuan/ton [3]. [Fundamental Tracking] - Supply: On March 6, new maintenance devices were added, and the plastic operating rate dropped to around 90%, which is at a moderately high level [1][4]. - Demand: As of the week of March 6, the PE downstream operating rate increased by 10.4 percentage points to 28.62% week - on - week. After the Spring Festival, downstream industries gradually resumed production but have not returned to pre - holiday levels, showing seasonal changes [1][4]. - Inventory: During the Spring Festival, petrochemical inventory increased by 480,000 tons to 940,000 tons. After the Spring Festival, inventory has been decreasing. As of Friday, petrochemical early - morning inventory decreased by 5,000 tons to 820,000 tons, 60,000 tons lower than the same period of last lunar year, and is currently at a neutral level compared to recent years [1][4]. - Raw Materials: The Brent crude oil 05 contract rose above $85 per barrel. The price of Northeast Asian ethylene increased by $50 per ton to $850 per ton week - on - week, and the price of Southeast Asian ethylene increased by $50 per ton to $820 per ton week - on - week [4].

1. Report Information - Report Name: Polyolefin Daily Report [1] - Report Date: March 6, 2026 [2] 2. Research Team - Energy Chemical Research Team Members: Peng Jinglin (Polyolefins), Li Jie (Crude Oil and Fuel Oil), Ren Junchi (PTA, MEG), Liu Youran (Pulp), Feng Zeren (Glass and Soda Ash) [4] 3. Market Quotes Futures Market Quotes | Variety | Opening Price (yuan/ton) | Closing Price (yuan/ton) | Highest Price (yuan/ton) | Lowest Price (yuan/ton) | Change (yuan/ton) | Change Rate (%) | Open Interest | Open Interest Change | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Plastic 2701 | 7217 | 7236 | 7300 | 7077 | 139 | 1.96 | 1960 | -248 | | Plastic 2605 | 7350 | 7355 | 7529 | 7140 | 262 | 3.69 | 381697 | -55231 | | Plastic 2609 | 7250 | 7270 | 7354 | 7095 | 169 | 2.38 | 97714 | -5101 | | PP2701 | 7158 | 7104 | 7197 | 6970 | 92 | 1.31 | 4321 | 61 | | PP2605 | 7450 | 7506 | 7646 | 7188 | 376 | 5.27 | 464543 | -38423 | | PP2609 | 7243 | 7226 | 7326 | 7046 | 145 | 2.05 | 136754 | 2123 | [5] Spot Market Quotes - On March 5, 2026, the inventory level of major producers was 825,000 tons, a decrease of 25,000 tons (2.94%) from the previous working day. The inventory at the same time last year was 820,000 tons. - PE market prices mostly increased. The LLDPE price in North China was 7,300 - 7,800 yuan/ton, in East China was 7,350 - 8,000 yuan/ton, and in South China was 7,700 - 8,000 yuan/ton. - The mainstream price of propylene in the Shandong market was temporarily referred to as 7,340 - 7,400 yuan/ton, an increase of 355 yuan/ton from the previous working day. - The PP futures market continued to operate strongly at a high level, supporting market sentiment. The mainstream price of drawn PP in North China was 7,150 - 7,280 yuan/ton, in East China was 7,150 - 7,300 yuan/ton, and in South China was 7,350 - 7,500 yuan/ton. [7] 4. Market Analysis and Outlook - The trading core of the current market has shifted from its own fundamentals to the cost and sentiment logic driven by geopolitics, and the weight of fundamental factors has decreased temporarily. - The situation in the Strait of Hormuz has further escalated. The high - level crude oil price will support the polyolefin futures market from the cost side. Coupled with the expected reduction in imports of raw materials such as methanol and propane, which will compress profits and lead to more - than - expected plant maintenance, polyolefin prices are expected to gain short - term upward momentum. - The spot - end price center continued to rise. Downstream buyers replenished stocks due to fear of price increases, and traders stopped selling. - There were frequent and repeated news about the passage situation in the Strait of Hormuz during the day, and market sentiment fluctuated rapidly with the news. The sustainability of geopolitical risk premium faces great uncertainty. [6]