One, Focus Areas

1 、 3/31: The United States indicated that it does not rule out the option of taking military action against Iran, and the market is concerned about the enhanced potential supply risks, leading to a rise in international oil prices. NYMEXCrude oil futuresThe May contract for WTI crude oil increased by $2.12 to $71.48 per barrel, representing a growth of 3.06%; the ICE Brent crude oil futures contract for May rose by $1.11 to $74.74 per barrel, representing a growth of 1.51%. The main contract for China's INE crude oil futures (May 2505) fell by 4.3 to 537.4 yuan per barrel, but rose by 16.5 to 553.9 yuan per barrel during the night session.

2 、 Acrylic FOB Korea is $800/ton, CFR China is $825/ton.

3 In March 2025, China's total polypropylene production reached 33.227 million tons, an increase of 3.366 million tons compared to 29.861 million tons in February, with a month-on-month increase of 11.27%.

4、 3/31 domestic PP Maintenance Device Change Details: Zhejiang Petrochemical's 450,000 tons/year PP unit has resumed operation. Langang Petrochemical's 110,000 tons/year PP unit has restarted. Yangzi Petrochemical's Line A (100,000 tons/year) PP unit has been shut down for maintenance.

Core logic: Enhanced cost support, increased recent maintenance, and eased supply pressure.

II. Price List Form

Three, Market Outlook

International crude oil prices have risen, enhancing cost support. Recently, there has been a concentrated maintenance of polypropylene facilities, coupled with no new capacity coming online, which has somewhat alleviated supply pressure. Under the constraint of overseas tariff policies, the demand for downstream product orders is cautious, and market sentiment is wary. It is expected that the polypropylene market will stabilize within a range today, with the mainstream price for drawing in East China being 7,280-7,450 yuan/ton.

IV. Data Calendar