Summary: March 28thGeneral-purpose plasticsMarket Morning Commentary! The US sanctions on some oil-producing countries continue, and the market is concerned about potential supply risks, leading to an increase in international oil prices. Short-term market momentum is insufficient, and it is expected that PP will remain sluggish.MarketThe interval is being organized; PE and PS are operating with weak fluctuations; the PVC market is stagnant with limited upward and downward movement; ABS continues to maintain a partial downward trend; EVA may stabilize or remain unchanged due to weak supply and demand.

PP

1. Points of interest

The continuation of U.S. sanctions on some oil-producing countries has raised concerns about potential supply risks, leading to a rise in international oil prices. NYMEXCrude oil futuresThe May contract increased by $0.27 to $69.92 per barrel, up 0.39% week-over-week; ICE Brent futures for May increased by $0.24 to $74.03 per barrel, up 0.33% week-over-week. China's INE crude oil futures main contract for May rose by 4.0 to 543.4 yuan per barrel, with the overnight session falling by 0.4 to 543 yuan per barrel.

The FOB price of propylene in South Korea remains stable at $800/ton, and the CFR price in China remains stable at $830/ton.

During this period (March 21, 2025 - March 27, 2025), the capacity utilization rate of polypropylene decreased by 0.56% month-on-month to 76.42%, while Sinopec's capacity utilization rate dropped by 1.63% month-on-month to 85.49%.

This week, the domestic polypropylene production in China was 732,000 tons, a decrease of 600 tons compared to last week's 732,600 tons, with a decline of 0.08%. Compared with 623,800 tons in the same period last year, it increased by 108,200 tons, with a growth rate of 17.35%.

Core logic:Demand performance is mediocre, and market momentum is insufficient.

Price List

III. Market Outlook

Recently, the consecutive rise in international oil prices has strengthened the cost support for PP, which is beneficial to the plastic spot quotations. The maintenance of production facilities in upstream enterprises is relatively concentrated, and the weekly output data continues to decline. Coupled with the limited short-term release of new production capacity, the supply pressure is still manageable. The downstream start-up rate maintains a slow increase, but procurement remains relatively cautious. It is expected that today...Polypropylene marketOr interval sorting.

PE

I. Focus Points

1Cost side:The continuation of U.S. sanctions on some oil-producing countries has raised concerns about potential supply risks, leading to a rise in international oil prices. NYMEXCrude oil futuresThe May contract rose to $69.92, increasing by $0.27 per barrel, with a sequential increase of 0.39%; ICE Brent oil futures for May rose to $74.03, increasing by $0.24 per barrel, with a sequential increase of 0.33%.

2Currently available parking facilities:Currently, the parking devices involve 23 sets of polyethylene units, and there are no new units scheduled for maintenance.

3Yesterday's market review:Domestic previous dayPolyethylene MarketMostly declining, with a range of 1-12/ton. The market has sufficient spot supply, and it's hard to make transactions at high prices. Most traders are offering small discounts to sell, and the atmosphere is relatively subdued.

Core logic: Translate the above content from Chinese to English and output the translation result directly without any explanation. Translation result: Core logic:The spot market for polyethylene is fluctuating with a weak trend.

Price List

Three, Market Outlook

Maintenance volumes have decreased, while production has slightly increased; agricultural film demand has not met expectations, and packaging film enterprises are making essential purchases. In the short term, there are no signs of improvement in supply and demand dynamics, and the polyethylene market is expected to remain weak and volatile.

PVC

1. Points of interest

1. On March 27, continued sanctions by the U.S. against certain oil-producing countries raised concerns about potential supply risks in the market, leading to an increase in international oil prices. NYMEXCrude oil futuresMay contract rose by $0.27 to $69.92 per barrel, up 0.39% month-on-month; ICE Brent crude May contract rose by $0.24 to $74.03 per barrel, up 0.33% month-on-month. China's INE crude oil futures main contract 2505 increased by 4.0 to 543.4 yuan per barrel, while the night session dropped by 0.4 to 543 yuan per barrel.

2. Calcium carbide: This week in ChinaCalcium carbide marketSupply has shown a significant increase, with the impact of power restrictions weakening and production from previously maintained facilities gradually recovering, leading to a notable rise in supply. PVC maintenance in Sichuan has been implemented, resulting in weakened regional demand. Currently, downstream unloading volumes remain low, but with the recovery in supply, active inventory replenishment is underway across regions. Demand in Sichuan is expected to recover next week, though supply remains unstable due to potential power restrictions. The calcium carbide market is projected to stabilize with regional variations becoming more pronounced.

3. PVC: Domestic yesterdayPVC marketPrices remained stable. During the week, there was limited improvement in PVC fundamentals; supply remained high, domestic demand continued to be flat, and inquiries for exports showed slightly better sentiment. Current raw material prices remained firm, providing some cost support. Under the博弈of supply and demand, market prices appeared somewhat stagnant. As of March 27th, the spot price range for alkali-calcium method Type V PVC at warehouse delivery in the East China region was between 4900-5050 yuan/ton, while for ethylene method it was between 5000-5200 yuan/ton.

Price List

III. Market Outlook

Recently, the improvement of the PVC supply and demand fundamentals has been lackluster. On the supply side, the maintenance efforts of upstream PVC enterprises are limited in the short term. Although a relatively large number of companies plan to undergo maintenance in April, most of it will be concentrated in the second half of the month. Next week, facilities such as Yibin Tianyuan and Qinzhou Huayi are expected to resume operations, and production is projected to decrease only slightly. On the demand side, domestic demand remains subdued, and the overall growth potential for foreign trade exports is limited. The short-term PVC fundamentals lack the momentum to significantly drive market increases, and it is expected that the domestic PVC market will remain at a stalemate, with limited fluctuation in either direction.

PS

1. Focus points

1. 3/27: The U.S. extended sanctions on some oil-producing countries, raising market concerns about potential supply risks, leading to a rise in international oil prices. NYMEXCrude oil futuresMay contract rose by $0.27 to $69.92 per barrel, up 0.39% month-on-month; ICE Brent crude futures for May rose by $0.24 to $74.03 per barrel, up 0.33% month-on-month. China's INE crude oil futures main contract 2505 increased by 4.0 to 543.4 yuan per barrel, while the night session dropped by 0.4 to 543 yuan per barrel.

Core Logic: The supply of PS will increase, but due to the rebound in raw material prices, the short-term market is expected to remain stable.

II. Price List

III. Market Outlook

Yesterday's materialsBenjamin price Rebound, cost side has some support. However, the high PS supply and shipment pressure, demand is lower than expected, it is expected recently...PS MarketThe market may experience weak fluctuations. It is expected that the price of transparent modified benzene in East China could range from 8,400 to 10,300 yuan per ton.

ABS

1. Focus Points

1、crude oilOn March 26, U.S. crude oil and refined oil inventories decreased, coupled with unstable geopolitical situations, leading to an increase in international oil prices. NYMEXCrude oil futuresThe May contract for WTI crude oil increased by $0.65 to $69.65 per barrel, rising 0.94% month-over-month; the ICE Brent crude oil futures contract for May increased by $0.77 to $73.79 per barrel, rising 1.05% month-over-month. The main contract for China's INE crude oil futures, contract 2505, increased by 2.1 to 539.4 yuan per barrel, and in the overnight session, it increased by 3.5 to 542.9 yuan per barrel.

II. Price List:

III. Market Outlook

Yesterday, the prices in the South China market saw a slight decline, while the East China market remained stable. The recovery of terminal demand is slow, and demand is weak. Today, it is expected that market prices will continue to maintain a slight downward trend in certain areas.

EVA

1. Focus Points

On March 27, the U.S. extended sanctions on some oil-producing countries, raising market concerns about potential supply risks, leading to an increase in international oil prices. NYMEXCrude oil futuresThe 05 contract rose by $0.27 to $69.92 per barrel, a month-on-month increase of 0.39%; ICE Brent crude futures for May rose by $0.24 to $74.03 per barrel, a month-on-month increase of 0.33%. China's INE crude oil futures main contract 2505 increased by 4.0 to 543.4 yuan per barrel, and fell by 0.4 to 543 yuan per barrel in the night session.

2. Ethylene: The current market supply and demand are relatively loose, with bargaining power tilting towards buyers. However, as ethylene prices soften, market inquiry sentiment has slightly improved. Taking all the above factors into consideration, it is expected that there may still be a narrow downward adjustment in the short term, but the room for decline is relatively limited. In the USD-denominated market, imported supplies are relatively abundant, and there are low-priced domestic sources, reducing the advantage of USD-denominated cargoes. A narrow price concession in the later period cannot be ruled out. The transaction range is expected to remain between 7,000-7,150 yuan/ton; the USD-denominated market is projected to range between 840-860 USD/ton.

Vinyl acetate: acetic acidEthylene marketFrequent low prices for small orders have emerged, leading to increased bearish concerns in the market influenced by low prices. Additionally, the expected reduction in maintenance output in the later period is lower than anticipated, raising expectations for a relatively ample supply. Some previous stockpilers still have a willingness to sell, and coupled with a slight decrease in downstream large order demand, the overall supply appears to be relatively ample. Regarding the market trend for vinyl acetate next week, industry sentiment is bearish, and it is expected that there is a high possibility of continued slight price declines in the market. Attention should be paid to the flow of goods and changes in supply-side operating loads.

Core logic:The cost side of ethylene and vinyl acetate is weak, with reduced support from cost factors. The EVA supply side maintains firm market prices without pressure, while downstream foaming demand follows at a steady pace. The market may stabilize or consolidate amid weak supply and demand.

Price List

III. Market Outlook

Next week, the domestic EVA market is expected to stabilize with a consolidating trend. Supported by relatively strong photovoltaic demand, petrochemical producers will likely maintain firm pricing. However, downstream foam sector orders remain average, and weak demand persists, making it difficult to improve. Market participants are cautious and adopt a wait-and-see attitude, leaving the market with limited room for significant fluctuations. It is anticipated that the domestic EVA market will consolidate with a weak and steady tone. Mainstream market prices: hard materials may fluctuate between 11,200–11,600 yuan/ton, soft materials between 11,400–11,700 yuan/ton, and photovoltaic materials between 11,500–11,900 yuan/ton.