聚烯烃日报 | 2025-12-30 成本端支撑与情绪提振，短期小幅反弹 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6453元/吨（-12），PP主力合约收盘价为6274元/吨（-18），LL华北现货为6300 元/吨（+50），LL华东现货为6400元/吨（+0），PP华东现货为6140元/吨（+0），LL华北基差为-153元/吨（+62）， LL华东基差为-53元/吨（+12）， PP华东基差为-134元/吨（+18）。 上游供应方面，PE开工率为82.6%（-1.2%），PP开工率为76.9%（-2.5%）。 生产利润方面，PE油制生产利润为73.7元/吨（+166.3），PP油制生产利润为-426.3元/吨（+166.3），PDH制PP生产 利润为-848.4元/吨（-32.2）。 进出口方面，LL进口利润为90.9元/吨（+16.1），PP进口利润为-295.6元/吨（+16.4），PP出口利润为-18.7美元/吨（-2.1）。 下游需求方面，PE下游农膜开工率为43.9%（-1.3%），PE下游包装膜开工率为48.2%（-0.7%），PP下游塑编开工率 为43.7%（-0.3%），PP ...

Report Information - Report Title: Polyolefin Morning Report [2] - Report Date: December 26, 2025 [2] - Analyst: Zhu Tianyi from Dayue Futures Investment Consulting Department [3] Industry Investment Rating - Not provided in the report Core Viewpoints - The LLDPE market is expected to be volatile today, with a weakening futures contract, oversupply in the fundamentals, neutral industrial inventory, and weakening downstream demand [4] - The PP market is also expected to be volatile today, with a weakening futures contract, oversupply in the fundamentals, neutral industrial inventory, and weakening downstream demand [6] Summary by Content LLDPE Overview - **Fundamentals**: In November, the official PMI was 49.2, up 0.2 points from the previous month, indicating stable manufacturing sentiment. OPEC+ decided to maintain the production plan set in early November, increasing production by 137,000 barrels per day in December and suspending the increase from January to March 2026. Coal prices have fallen, and coal - based profits have stabilized. The demand for agricultural films is gradually weakening, and the packaging film orders have declined after the peak season. The current spot price of LLDPE delivery products is 6320 (+100), and the overall fundamentals are bearish [4] - **Basis**: The basis of the LLDPE 2605 contract is - 70, with a premium - discount ratio of - 1.1%, which is bearish [4] - **Inventory**: The comprehensive PE inventory is 491,000 tons (-32,000), which is bearish [4] - **Market**: The 20 - day moving average of the LLDPE main contract is downward, and the closing price is below the 20 - day line, which is bearish [4] - **Main Position**: The net long position of the LLDPE main contract is decreasing, which is bullish [4] - **Expectation**: The LLDPE main contract is weak, with oversupply in the fundamentals, neutral industrial inventory, and weakening downstream demand. It is expected to be volatile today [4] - **Factors**: Bullish factor is cost support; bearish factors are weak downstream demand year - on - year and many new production projects in the fourth quarter. The main logic is oversupply and domestic macro - policies [5] PP Overview - **Fundamentals**: In November, the official PMI was 49.2, up 0.2 points from the previous month, indicating stable manufacturing sentiment. OPEC+ decided to maintain the production plan set in early November, increasing production by 137,000 barrels per day in December and suspending the increase from January to March 2026. Coal prices have fallen, and coal - based profits have stabilized, while PDH profits have continued to decline due to the strong propane price. The plastic weaving industry has entered the off - season, and the demand for pipes has decreased. The current spot price of PP delivery products is 6220 (+40), and the overall fundamentals are bearish [6] - **Basis**: The basis of the PP 2605 contract is - 46, with a premium - discount ratio of - 0.7%, which is bearish [6] - **Inventory**: The comprehensive PP inventory is 533,000 tons (+5,000), which is bearish [6] - **Market**: The 20 - day moving average of the PP main contract is downward, and the closing price is below the 20 - day line, which is bearish [6] - **Main Position**: The net short position of the PP main contract is increasing, which is bearish [6] - **Expectation**: The PP main contract is weak, with oversupply in the fundamentals, neutral industrial inventory, and weakening downstream demand. It is expected to be volatile today [6] - **Factors**: Bullish factor is cost support; bearish factors are weak downstream demand year - on - year and many new production projects in the fourth quarter. The main logic is oversupply and domestic macro - policies [7] Market Data - **LLDPE**: The current spot price of the delivery product is 6320 (+100), the 05 - contract price is 6390 (-18), the basis is - 70, the import price in US dollars is 755 (unchanged), the import conversion price is 6532 (-4), and the import price difference is - 212 (+104). The warehouse receipt is 11,265 (unchanged), the PE comprehensive factory inventory is 491,000 tons (-32,000), and the social inventory is 472,000 tons (+3,000) [8] - **PP**: The current spot price of the delivery product is 6220 (+40), the 05 - contract price is 6266 (-12), the basis is - 46, the import price in US dollars is 750 (unchanged), the import conversion price is 6490 (-4), and the import price difference is - 270 (+44). The warehouse receipt is 14,935 (+3,000), the PP comprehensive factory inventory is 533,000 tons (+5,000), and the social inventory is 293,000 tons (-12,000) [8] Supply - Demand Balance Sheets - **Polyethylene**: From 2018 to 2024, the production capacity, output, net import volume, and apparent consumption have generally shown an upward trend, with fluctuations in the growth rate. The import dependence has gradually decreased. In 2025E, the production capacity is expected to reach 43.195 million tons, with a growth rate of 20.5% [13] - **Polypropylene**: From 2018 to 2024, the production capacity, output, net import volume, and apparent consumption have generally increased, with fluctuations in the growth rate. The import dependence has gradually decreased. In 2025E, the production capacity is expected to reach 4.906 million tons, with a growth rate of 11.0% [15]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - For PE, the supply is continuously abundant, the demand is in the off - season, the inventory is accumulating, and the price is under pressure from supply - demand contradiction, although the cost support has increased [3]. - For PP, the supply pressure is expected to be less than that of PE, the demand is weak, the inventory is high, and the short - term price rebound drive is limited, with the cost support increasing [4]. - The strategy suggests to cautiously short - sell LLDPE for hedging at high prices, to wait and see for PP with short - term weak bottom - side fluctuations, and to shrink the L05 - PP05 spread when it is high [5]. 3. Summary According to the Directory 3.1 Market News and Important Data - **Price and Basis**: L主力合约收盘价为6296元/吨（+56），PP主力合约收盘价为6158元/吨（+39），LL华北现货为6200元/吨（-50），LL华东现货为6370元/吨（-30），PP华东现货为6120元/吨（-30），LL华北基差为-96元/吨（-106），LL华东基差为74元/吨（-86），PP华东基差为-38元/吨（-69） [1]. - **Upstream Supply**: PE开工率为83.9%（-0.2%），PP开工率为79.4%（+1.1%） [1]. - **Production Profit**: PE油制生产利润为-55.9元/吨（-117.5），PP油制生产利润为-545.9元/吨（-117.5），PDH制PP生产利润为-714.1元/吨（-84.3） [1]. - **Import and Export**: LL进口利润为-127.5元/吨（+4.3），PP进口利润为-271.6元/吨（-55.8），PP出口利润为-6.4美元/吨（+7.0） [2]. - **Downstream Demand**: PE下游农膜开工率为45.2%（-1.2%），PE下游包装膜开工率为49.0%（-0.6%），PP下游塑编开工率为44.0%（-0.1%），PP下游BOPP膜开工率为63.2%（+0.3%） [2]. 3.2 Market Analysis - **PE**: Supply remains high with limited planned maintenance at the end of the year and low maintenance in Q1 next year, and new capacity is expected to be put into operation. Demand enters the off - season with declining downstream开工率. Inventory is accumulating, and the de - stocking pressure is large. The cost support has increased, but the supply - demand contradiction suppresses the price [3]. - **PP**: Short - term supply - demand fundamentals have limited changes. Supply is still under pressure, but there may be a slow reduction in supply due to potential production cuts. Demand has limited order follow - up, and only BOPP provides some support. Inventory is high. The cost support has increased, and the short - term price rebound drive is limited [4]. 3.3 Strategy - **Single - sided**: Cautiously short - sell LLDPE for hedging at high prices; wait and see for PP with short - term weak bottom - side fluctuations [5]. - **Inter - period**: No strategy [5]. - **Inter - variety**: Shrink the L05 - PP05 spread when it is high [5].

聚烯烃日报 | 2025-12-18 供需两端持续承压，价格反弹乏力 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6479元/吨（-64），PP主力合约收盘价为6254元/吨（-2），LL华北现货为6450 元/吨（-50），LL华东现货为6580元/吨（+0），PP华东现货为6200元/吨（+0），LL华北基差为-29元/吨（+14），LL 华东基差为101元/吨（+64）， PP华东基差为-54元/吨（+2）。 进出口方面，LL进口利润为-100.0元/吨（+5.1），PP进口利润为-268.1元/吨（+4.9），PP出口利润为-12.1美元/吨（-0.6）。 下游需求方面，PE下游农膜开工率为46.4%（-1.7%），PE下游包装膜开工率为49.6%（-0.6%），PP下游塑编开工率 为44.1%（+0.0%），PP下游BOPP膜开工率为62.9%（+0.3%）。 市场分析 PE方面，供应端12月PE总体检修量级不高，后期计划检修量亦相对有限，PE开工预期持续回升，且巴斯夫50万吨 FDPE新装置预期年底投产，供应宽松压力持续；需求端，PE下游整体开工继续下滑，其中农膜开工进入淡季，棚 膜需求 ...

交易咨询业务资格：证监许可【2012】1091号 聚烯烃早报 2025-12-16 大越期货投资咨询部 金泽彬 从业资格证号：F3048432 投资咨询证号： Z0015557 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我 司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 • 主要逻辑：供过于求，国内宏观政策 • 主要风险点：原油大幅波动、国际政策博弈 • LLDPE概述： • 1. 基本面：宏观方面，11月份，官方PMI为49.2，比上月回升0.2个百分点，制造业景气度平 稳。OPEC+11 月 30 日会议决定维持 11 月初制定的产量计划，12 月份增产 13.7 万桶 / 日， 在 2026 年 1 月、2 月和 3 月暂停增产计划。煤炭价格回落，煤制利润企稳。供需端，农膜需 求较稳，旺季结束包装膜需求转弱。当前LL交割品现货价6580（+40），基本面整体偏空； • 2. 基差： LLDPE 2601合约基差23，升贴水比例0.4%，中性； • 3. 库存：PE综合库存5 ...

1. Industry Investment Rating No investment rating provided in the report. 2. Core Viewpoints - The demand in the polyolefin market continues to be weak, and the market is oscillating weakly. For PE, the supply pressure remains due to the expected increase in the start - up rate and the approaching of the demand off - season, leading to a pattern of increasing supply and weakening demand. For PP, the weak supply - demand situation persists in the short term, with inventory accumulating and the demand side lacking follow - up [1][2][3]. - The recommended strategy is to remain on the sidelines for single - side trading, with the market expected to be weakly oscillating in the short term. For inter - period trading, conduct a reverse spread on the L01 - 05 contract when the price is high. For inter - variety trading, narrow the L - P price spread when it is high [4]. 3. Summary by Directory 3.1 Polyolefin Basis Structure - L主力合约收盘价为6643元/吨（-31），PP主力合约收盘价为6275元/吨（-12）；LL华北现货为6620元/吨（-40），LL华东现货为6750元/吨（-60），PP华东现货为6310元/吨（-40）；LL华北基差为 - 23元/吨（-9），LL华东基差为107元/吨（-29），PP华东基差为35元/吨（-28） [1] 3.2 Production Profit and Operating Rate - PE开工率为84.1%（-0.5%），PP开工率为77.6%（-0.5%）；PE油制生产利润为202.2元/吨（-107.2），PP油制生产利润为 - 497.8元/吨（-107.2），PDH制PP生产利润为 - 568.5元/吨（+0.0） [1] 3.3 Polyolefin Non - Standard Price Difference No specific data summary provided for this section in the given content. 3.4 Polyolefin Import and Export Profits - LL进口利润为59.3元/吨（-70.0），PP进口利润为 - 273.0元/吨（+0.0），PP出口利润为 - 22.4美元/吨（+0.0） [1] 3.5 Polyolefin Downstream Operating Rate and Downstream Profits - PE下游农膜开工率为48.1%（-0.9%），PE下游包装膜开工率为50.2%（-0.5%），PP下游塑编开工率为44.1%（+0.0%），PP下游BOPP膜开工率为62.6%（+0.0%） [1] 3.6 Polyolefin Inventory - For PE, the social inventory increased slightly month - on - month, and the absolute inventory level was relatively high compared to the same period. The LLDPE social inventory also increased further during the week. For PP, the inventory continued to accumulate [2][3]

交易咨询业务资格：证监许可【2012】1091号 聚烯烃早报 2025-12-5 大越期货投资咨询部 金泽彬 从业资格证号：F3048432 投资咨询证号： Z0015557 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我 司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 • LLDPE概述： • 1. 基本面：宏观方面，10月份，官方PMI为49，比上月下降0.8个百分点，制造业景气度有所 回落。OPEC+11 月 30 日会议决定维持 11 月初制定的产量计划，12 月份增产 13.7 万桶 / 日， 在 2026 年 1 月、2 月和 3 月暂停增产计划。近日丙烷价格走强带动聚烯烃价格。供需端，农 膜需求逐步回落，包装膜仍以刚需为主，部分地区有所转好。当前LL交割品现货价6740（-80）， 基本面整体偏空； • 2. 基差： LLDPE 2601合约基差-36，升贴水比例-0.5%，中性； • 3. 库存：PE综合库存49.7万吨（-0.4），偏空； • 4. 盘面： LLD ...

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Report's Core Views - For glass and soda ash, the supply - demand pattern of soda ash is bearish, with expected bottom - side oscillations. Glass prices may face pressure in the medium - to - long term, especially after December [1]. - For PVC and caustic soda, the caustic soda price is expected to be weak, and PVC is likely to continue its bottom - weakening trend due to supply - demand imbalances [2]. - For LLDPE and PP, the fundamentals show a pattern of increasing supply and weakening demand, with cost support and inventory pressure coexisting [4]. - For methanol, port destocking expectations are strengthened, and the price has bottom - side support [6]. - For crude oil, short - term oil prices are expected to continue range - bound oscillations between $60 - 65 per barrel [11]. - For natural rubber, the short - term fundamentals are weak, and rubber prices are expected to be weakly volatile [12]. - For pure benzene and styrene, pure benzene prices may face upward pressure, and styrene is expected to be in a wide - range oscillation in the short term [13]. - For the polyester industry chain, PX, PTA, ethylene glycol, short - fiber, and bottle - chip all have their own supply - demand situations and price trends, with corresponding trading strategies proposed [14]. - For urea, no clear core view on price trends is provided, but supply and inventory data are presented [15]. Group 3: Summary by Relevant Catalogs Glass and Soda Ash - **Prices and Spreads**: Glass and soda ash spot prices in different regions remained stable on December 4, 2025. Futures prices of glass 2601 and soda ash 2601 decreased, while the basis of 01 contracts for both increased [1]. - **Supply**: Soda ash production and float - glass daily melting volume decreased, and photovoltaic daily melting volume also declined [1]. - **Inventory**: Glass factory inventories and soda ash factory and delivery - warehouse inventories decreased [1]. - **Real Estate Data**: New - construction area, construction area, and sales area declined year - on - year, while the completion area increased [1]. PVC and Caustic Soda - **Prices and Spreads**: Some PVC and caustic soda prices decreased on December 3, 2025, and the basis and spread of some contracts changed [2]. - **Export**: The export profit of caustic soda increased, while that of PVC decreased [2]. - **Supply**: The caustic soda industry's overall开工 rate decreased slightly, and the PVC开工 rate increased [2]. - **Demand**: The开工 rate of some downstream industries of caustic soda and PVC changed, with some increasing and some decreasing [2]. - **Inventory**: The inventories of liquid caustic soda in some regions and PVC upstream factories increased [2]. LLDPE and PP - **Prices and Spreads**: The closing prices of LLDPE and PP futures contracts decreased on December 3, 2025, and the spreads between some contracts changed [4]. - **Supply and Demand**: The PE装置开工率 increased, and the PP粉料开工率 increased, while the downstream weighted开工 rate of PE decreased slightly, and that of PP increased slightly [4]. - **Inventory**: The enterprise and social inventories of PE and PP decreased [4]. Methanol - **Prices and Spreads**: Methanol futures prices decreased on December 3, 2025, and the basis and spread of some contracts changed [6]. - **Inventory**: Methanol enterprise, port, and social inventories decreased [6]. - **Supply and Demand**: The upstream domestic enterprise开工率 and overseas enterprise开工率 decreased, while some downstream开工率 increased [6]. Crude Oil - **Prices and Spreads**: Brent and WTI crude oil prices increased on December 3, 2025, while SC crude oil prices decreased. The spreads between different contracts of crude oil and refined oil changed [11]. - **Market Situation**: Due to the Ukraine - Russia situation and EIA data, oil prices first rose and then fell, and short - term oil prices are expected to range - bound oscillate [11]. Natural Rubber - **Prices and Spreads**: Some natural rubber spot prices decreased on December 3, 2025, and the basis and spread of some contracts changed [12]. - **Production and Consumption**: The production of natural rubber in some regions decreased, and the开工率 of some downstream industries changed [12]. - **Inventory**: The bonded - area inventory and the factory - warehouse futures inventory of natural rubber increased [12]. Pure Benzene and Styrene - **Prices and Spreads**: The prices of upstream products and styrene - related products changed on December 3, 2025, and the basis, spread, and cash - flow of some contracts changed [13]. - **Inventory**: The pure benzene inventory in Jiangsu ports increased, and the styrene inventory decreased [13]. - **Supply and Demand**: The开工 rate of some industries in the pure benzene and styrene industry chains changed [13]. Polyester Industry Chain - **Prices and Spreads**: The prices of upstream products, polyester products, and related spreads and cash - flows changed on December 3, 2025 [14]. - **Inventory**: The MEG port inventory increased, and the arrival expectation also increased [14]. - **Supply and Demand**: The开工 rate of some industries in the polyester industry chain changed, with some increasing and some decreasing [14]. Urea - **Prices and Spreads**: Urea futures prices and spot prices in different regions changed slightly on December 3, 2025, and the basis, spread, and cross - regional spread changed [15]. - **Supply and Demand**: The domestic urea daily output and the production enterprise开工率 increased, and the factory - warehouse inventory decreased [15].

交易咨询业务资格：证监许可【2012】1091号 聚烯烃早报 2025-11-27 大越期货投资咨询部 金泽彬 从业资格证号：F3048432 投资咨询证号： Z0015557 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我 司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 • LLDPE概述： • 1. 基本面：宏观方面，10月份，官方PMI为49，比上月下降0.8个百分点，制造业景气度有所 回落。10 月 30 日，中美两国领导人在韩国釜山举行面对面会晤，美方取消针对中国商品的部 分限制措施，暂停对华海事、物流等领域 301 调查措施一年，中方同步调整反制措施，OPEC + 11 月12日将原油市场供不应求调整为供过于求，引发油价下跌。供需端，农膜需求有所回落， 其余膜类以刚需为主。当前LL交割品现货价6810（-30），基本面整体偏空； • 2. 基差： LLDPE 2601合约基差103，升贴水比例1.5%，偏多； • 3. 库存：PE综合库存55.4万吨（-2.5），偏空； ...

Report Industry Investment Ratings No information provided regarding industry investment ratings in the given reports. Core Views Methanol - Market is currently following a "weak reality" trading logic, with the core contradiction centered on high port inventories. The 01 contract faces challenges in inventory digestion, and the weak reality pattern may continue until the implementation of gas restrictions in Iran. The 05 contract is expected to see significant inventory reduction, and opportunities for MTO profit contraction in the 05 contract can be focused on later [3]. Polyester - PX supply is generally stable, but demand may be affected by potential PTA production cuts. The price rebound space is limited, and strategies include reducing long positions on rallies and short - selling above 6800, as well as attempting to narrow the PX - SC spread. - PTA is expected to have a slightly loose supply - demand situation with a small inventory build - up. The price rebound space is limited, and strategies include reducing long positions and short - selling on rallies, and treating TA1 - 5 as a rolling reverse spread. - Ethylene glycol is expected to face high inventory build - up in November - December, with significant upward pressure. Strategies include selling out - of - the - money call options on rallies and reverse - spreading EG1 - 5 on rallies. - Short - fiber supply is relatively high in the short term, but demand may weaken seasonally. The price rebound space is limited, and strategies are similar to PTA, with the focus on narrowing the processing margin on rallies. - Bottle - chip supply and demand remain in a loose pattern, and it is likely to enter a seasonal inventory build - up period. Strategies are similar to PTA, and the main contract processing margin is expected to fluctuate between 300 - 450 yuan/ton [6]. Polyolefins - PP supply increase is slowing down due to more unplanned maintenance, while PE supply is expected to increase as maintenance peaks. Demand has improved, but there is still significant pressure with increasing supply and decreasing demand. The 01 contract has inventory pressure, while the 05 contract may have long - term low - buying opportunities, and the monthly spread is suitable for reverse - spreading [8]. PVC and Caustic Soda - Caustic soda supply is expected to increase in November, with weak demand support. The price is expected to be weak and stable, and the overall trend is bearish. - PVC supply - demand remains in an oversupply situation, with continuous supply pressure from new capacity and weak demand in the traditional off - season. The price is expected to continue to oscillate weakly at the bottom, and the trading strategy is to short on rebounds [11]. Pure Benzene and Styrene - Pure benzene supply is expected to be loose in November, with limited demand support and increasing port inventories. The price driving force is weak, but attention should be paid to device changes due to low valuation. - Styrene supply may slightly decrease in November, with overall stable demand. The cost support is weakening, and the price driving force is limited. The strategy is to be bearish on EB12 price rebounds [12]. Summary by Relevant Catalogs Methanol Price and Spread - MA2601 closed at 2125 on November 6, down 0.75% from the previous day; MA2605 closed at 2226, down 0.45%. The MA15 spread was - 101, up 6.32%. The Taicang basis was - 30, up 25%. Spot prices in Inner Mongolia, Henan, and Taicang showed different changes, with the Taicang - Inner Mongolia and Taicang - Luoyang regional spreads also changing [1]. Inventory - Methanol enterprise inventory was 38.641%, up 2.75%; port inventory was 151.7 million tons, up 0.71%; social inventory was 190.4%, up 1.11% [2]. Upstream and Downstream Operating Rates - Upstream domestic enterprise operating rate was 76.09%, up 0.31%; overseas enterprise operating rate was 70.7%, down 2.68%. Downstream, the MTO device operating rate was 84.98%, up 1.09%, while the acetic acid operating rate was 72.3%, down 1.15% [3]. Polyester Upstream and Downstream Prices - Upstream crude oil, naphtha, and other prices showed different changes. Downstream polyester product prices and cash flows also had various fluctuations, such as POY150/48 cash flow down 31.2% [6]. Inventory and Operating Rates - MEG port inventory was 56.2 million tons, up 7.5%. The comprehensive operating rate of polyester was 91.7%, up 0.3%. Different products' operating rates also showed different trends [6]. Polyolefins Price and Spread - L2601 closed at 6805 on November 6, down 0.13%; L2605 closed at 6886, down 0.22%. PP2601 closed at 6471, down 0.31%; PP2605 closed at 6592, down 0.20%. The L15 spread was - 81, down 6.90%; the PP15 spread was - 121, up 6.14% [8]. Inventory and Operating Rates - PE enterprise inventory was 49.0 million tons, up 17.84%; social inventory was 52.7 million tons, down 3.30%. PP enterprise inventory was 60.0 million tons, up 0.81%; trader inventory was 22.9 million tons, up 3.91%. PE device operating rate was 82.6%, up 2.13%; PP device operating rate was 77.8%, up 0.9% [8]. PVC and Caustic Soda Price and Spread - Shandong 32% liquid caustic soda equivalent price was 2500, unchanged; Shandong 50% liquid caustic soda equivalent price was 2500, unchanged. The price of PVC in East China showed a decline [11]. Supply and Demand - Caustic soda industry operating rate was 88.3%, up 3.3%; PVC total operating rate was 77.1%, up 4.5%. The downstream operating rates of caustic soda and PVC also had different changes [11]. Inventory - Liquid caustic soda inventory in East China factories and Shandong increased, while PVC total social inventory decreased slightly [11]. Pure Benzene and Styrene Upstream and Downstream Prices - Upstream crude oil, naphtha, and other prices changed. Pure benzene and styrene prices also showed different trends, such as pure benzene East China spot price down 0.4% [12]. Inventory and Operating Rates - Pure benzene Jiangsu port inventory was 12.10 million tons, up 42.4%; styrene Jiangsu port inventory was 17.93 million tons, down 7.1%. The operating rates of pure benzene and styrene and their downstream industries also had various changes [12].