[pp morning update] expected today polypropylene to continue weak operation

I. Focus Points

1 、10/15: International oil prices fell due to market concerns about the risk of oversupply and the demand outlook being suppressed by trade disputes initiated by the United States. NYMEX crude oil futures for the November contract fell by $0.43 per barrel to $58.27, a decrease of 0.73% compared to the previous period. ICE Brent crude futures for the December contract fell by $0.48 per barrel to $61.91, a decrease of 0.77% compared to the previous period. China's INE crude oil futures for the 2512 contract fell by 7.6 to 444.9 yuan per barrel, and during the night session, fell by 1.9 to 443 yuan per barrel.

2 On October 15th: Propylene FOB Korea remained at 750 USD/ton, CFR China remained at 775 USD/ton.

3 、 As of October 15, 2025, the total commercial inventory of polypropylene in China is 985,200 tons, a decrease of 26,000 tons compared to the previous period, representing a month-on-month decrease of 2.57%.

Core logic: Macroeconomic expectations are relatively weak, the improvement in polypropylene's fundamentals is limited, and the current trend continues to be weak.

2. Price List

3. Market Outlook

Polypropylene The supply side of ethylene has not yet shown effective reduction, and the market still exhibits a loose supply. Due to low prices stimulating demand, some factories are delaying priced orders to focus on purchasing spot goods, which promotes certain inventory consumption. However, against the backdrop of weak macroeconomic expectations, demand is unlikely to drive prices higher. It is expected that the polypropylene market will continue to operate weakly today, with mainstream prices for East China wire drawing at 6,500-6,650 yuan/ton.

4. Data Calendar