【PP Morning Brief】With an increase in plant maintenance, the polypropylene market continues to consolidate today.
I. Focus Points
3/19: The US EIA inventory data was mixed, and with the Fed announcing in March that it would not cut interest rates for the time being, international oil prices ultimately rose slightly. NYMEX crude oil futures 04 contract at $67.16 increased by $0.26 per barrel, up +0.39% month-over-month; ICE Brent crude oil futures 05 contract at $70.78 increased by $0.22 per barrel, up +0.31% month-over-month. China's INE crude oil futures main contract 2505 fell by 2.0 to 521.4 yuan per barrel, and in the night session, it fell by 0.3 to 521.1 yuan per barrel.
2, 3/19: Propylene FOB Korea steady at $810/ton, CFR China steady at $830/ton.
3, 3/19: Hainan ethylene STPP line (300,000 tons/year) PP unit shutdown for maintenance.
Core logic: The market lacks significant positive factors to boost, and the平淡的需求制约了现货的涨幅。 Correction: Core logic: The market lacks significant positive factors for a boost, and tepid demand constrains the increase in spot prices.
II. Price List
Market Outlook
Recent capacity utilization rates have continued to decline, with more facility maintenance, slightly easing supply pressure. Downstream demand is flat, with limited order increases, constraining spot price increases. Trading within the market is moderate, and there is a lack of clear positive drivers. Therefore, it is expected that today's polypropylene market will continue to be mainly characterized by fluctuation and consolidation, with the mainstream operating range for drawing in East China being 7260-7400 yuan/ton.
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