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[PP Morning Briefing] Polypropylene Market Expected to Fluctuate Narrowly Today

Longzhong 2025-10-29 08:54:24

I. Focus Points

1 On October 28, the market focused on the continued increase in production plans by OPEC+, combined with the still poor demand outlook, leading to a drop in international oil prices. The NYMEX crude oil futures for the December contract fell by $1.16 per barrel to $60.15, a decrease of 1.89% compared to the previous period. ICE Brent crude oil futures for the December contract fell by $1.22 per barrel to $64.40, a decrease of 1.86% compared to the previous period. China's INE crude oil futures for the 2512 contract fell by 2.0 to 466.4 yuan per barrel, with a further drop of 8.3 to 458.1 yuan per barrel during the night session.

2 On October 28, the FOB Korea price of propylene fell by 10 USD/ton to 730 USD/ton, and the CFR China price fell by 15 USD/ton to 745 USD/ton.

3 、 This week (October 17-23, 2025), the average operating rate of the downstream polypropylene industry in China increased by 0.52 percentage points to 52.37%.

Core logic: Insufficient cost support.E-commerce activities drive demand, and overall market expectations are optimistic. 。

Price List

Product	Category	10 27th of the month	10 28th of the month	Change in percentage	Unit
Crude oil	NYMEX	61.31	60.15	-1.16	USD/barrel
Crude oil	ICE Brent Crude Oil	65.62	64.40	-1.22	USD/barrel
Propylene	Domestic propylene	6025	6010	-15	Yuan/ton
Methanol	Domestic methanol	2330	2330	0	Yuan/ton
PP Main Futures Contract	Closing price	6699	6657	-42	Yuan/ton
Mainstream Price of Wire Drawing	Zibo	6589	6584	-5	Yuan/ton
	Ningbo	6610	6610	0	Yuan/ton
	Guangzhou	6698	6688	-10	Yuan/ton
Related Products	PP Powder	6490	6490	0	yuan/ton
Related Products	PE	7271	7281	+10	Yuan/ton
Note:
1 The prices in the above table are all current exchange rates in RMB, including tax.
2 The prices for the two periods are the snapshot prices from the two working weeks prior to this week, not the weekly average price.
3 The change in the rise and fall is the year-on-year change in magnitude.

3. Market Outlook

The policy support from the Fourth Plenary Session remains, coupled with e-commerce activities boosting demand, leading to an overall positive market outlook. However, the continuous decline in crude oil prices on the cost side is dragging down price increases.The polypropylene market is expected to fluctuate within a narrow range today, with mainstream prices for East China raffia around 6550-6700 yuan/ton.

5. Data Calendar

Data Project	Release date	Previous data	The trend for this period is expected.	Unit
PP Total Inventory	Wednesday 4:30 PM	92.53	↓	10,000 tons
PP Production enterprise capacity utilization rate	Thursday 4:30 PM	75.94%	↓	%
PP Weekly Maintenance Impact	Thursday 4:30 PM	18.276	↑	ten thousand tons
Total Production of Domestic PP Enterprises	Thursday 4:30 PM	77.76	↓	ten thousand tons
Profit of oil-based PP enterprises	Thursday 4:30 PM	-372	↓	CNY/ton
Coal-to-PP Enterprise Profit	Thursday 4:30 PM	-307.87	↓	Yuan/ton
PDH Manufacture PP Enterprise Profit	Thursday 4:30 PM	-538.59	↑	Yuan/ton
PP Import profit	Thursday at 4:30 PM	-416.01	↑	Yuan/ton
PP Export Profit	Thursday 4:30 PM	-23.38	↓	USD/ton
1 Consider large fluctuations as significant changes, highlighting data dimensions where the increase or decrease exceeds 3%. 2 Consider narrow fluctuations as those with price changes within 0-3%.

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[PP Morning Briefing] Polypropylene Market Expected to Fluctuate Narrowly Today

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