[PP Morning Insight] Polypropylene (PP) Market Expected to Trade in a Range Today

I. Points of Attention

1 The bearish sentiment from OPEC+ production increases continues, and the U.S. sanctions plan has yet to trigger significant concerns, resulting in six consecutive declines in international oil prices. NYMEX crude oil futures September contract closed at $63.88 per barrel, down $0.47, a decrease of 0.73% from the previous session; ICE Brent crude oil futures October contract closed at $66.43 per barrel, down $0.46, a decrease of 0.69% from the previous session. China's INE crude oil futures main contract 2510 rose by 0.4 to 499.9 yuan per barrel, but fell by 6.1 to 493.8 yuan per barrel in the night session.

2 Propylene FOB Korea rises 5 to 740 dollars. / ton CFR China rises 5 points 775 US Dollar / ton.

3 The average polypropylene capacity utilization rate for this period is 77.31%, an increase of 0.37% compared to the previous period; Sinopec's capacity utilization rate is 79.57%, a decrease of 0.16% compared to the previous period.

4 This week, the domestic polypropylene output was 777,100 tons, an increase of 3,800 tons (0.49%) compared to last week's 773,300 tons. Compared to the same period last year (662,800 tons), it increased by 114,300 tons, a rise of 17.25%.

Core logic: The downstream market participation is weak, and sluggish demand follow-up is putting pressure on PP prices. 。

2. Price List

3. Market Outlook

OPEC+ The bearish atmosphere of increased production continues, with international oil prices falling for six consecutive sessions, weakening support from the cost side. On the supply side, production companies are still densely conducting equipment maintenance, but due to the impact of new capacity, supply pressure remains. Downstream factories have limited follow-up on new orders, showing weak market participation enthusiasm. The sluggish demand follow-up is putting pressure on PP prices, and it is expected that the polypropylene market today may...Range oscillation.

4. Data Calendar