[PP Morning Update] Short-Term Market Lacks Clear Positive Support, Polypropylene (PP) Expected to Oscillate and Adjust Today
Focus Points
1 、 9/2: The Russia-Ukraine conflict has not yet ceased, bringing potential supply risks. Coupled with the continuation of U.S. sanctions on some oil-producing countries, international oil prices have risen. The NYMEX crude oil futures October contract closed at $65.59 per barrel, up $1.58 (+2.47% week-on-week); the ICE Brent crude oil futures November contract closed at $69.14 per barrel, up $0.99 (+1.45% week-on-week). China's INE crude oil futures contract 2510 rose 6.2 yuan to 489.8 yuan per barrel, with the night session up 5.6 yuan to 495.4 yuan per barrel.
2 On September 2, the FOB Korea price of propylene remained stable at $760/ton, and the CFR China price remained stable at $790/ton.
3 This week (20250822-0828), the average operating rate of the domestic downstream polypropylene industry increased by 0.21 percentage points compared to last week, reaching 49.74%.
Core logic: Supply and demand increase simultaneously, polypropylene prices remain in range-bound consolidation.
2. Price List
|
Product |
Category |
9 January 1st |
9 February 2nd |
Change in value |
Unit |
|
Crude oil |
NYMEX |
-- |
65.59 |
+1.58 |
USD/barrel |
|
ICE Cloth oil |
68.15 (monthly rollover) |
69.14 (Change month) |
+0.99 |
USD/barrel |
|
|
Propylene |
Domestic propylene |
6615 |
6635 |
+20 |
Yuan/ton |
|
Methanol |
Domestic Methanol |
2340 |
2350 |
+10 |
Yuan/ton |
|
PP Main Futures Contract |
Closing price |
6965 |
6943 |
-22 |
Yuan/ton |
|
Mainstream Price of Wire Drawing |
Zibo |
6988 |
6969 |
-19 |
Yuan/ton |
|
Ningbo |
6895 |
6891 |
-4 |
Yuan/ton |
|
|
Guangzhou |
7030 |
7018 |
-12 |
Yuan/ton |
|
|
Related Products |
PP Powder |
6780 |
6780 |
0 |
Yuan/ton |
|
PE |
7473 |
7467 |
-6 |
CNY/ton |
|
|
Remark: |
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|
1 The above RMB prices are all telegraphic transfer prices including tax. |
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|
2 The prices for the two periods refer to the point-in-time prices of the previous two working weeks before this week, not the weekly average prices. |
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|
3 The percentage change refers to the month-on-month change. |
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3. Market Outlook
Currently, the polypropylene market is primarily driven by strong supply and weak demand, which are the main factors influencing price trends. As the peak season arrives, demand is increasing, but the growth rate of demand is far behind the supply growth rate. The daily capacity utilization rate of PP remains above 80%, highlighting the supply pressure. In the short term, the market lacks significant positive support. It is expected that today's polypropylene prices will be tested around 6,850-7,050 yuan/ton.
4. Data Calendar
|
Data Project |
Release Date |
Previous Data |
This period's trend is expected |
Unit |
|
PP Total Inventory |
Wednesday 4:30 PM |
76.701 |
↓ |
Metric tons |
|
PP Capacity utilization rate of manufacturing enterprises |
Thursday 4:30 PM |
80.00% |
↑ |
% |
|
PP Weekly Maintenance Impact Quantity |
Thursday 4:30 PM |
13.41 |
↓ |
Ten thousand tons |
|
Domestic PP Enterprise Total Output |
Thursday 4:30 PM |
80.88 |
↑ |
Ten thousand tons |
|
Profit of oil-based PP enterprises |
Thursday 4:30 PM |
-330.28 |
↓ |
Yuan/ton |
|
Profit of coal-to-PP enterprises |
Thursday 4:30 PM |
576.53 |
↑ |
CNY/ton |
|
PDH PP manufacturing enterprise profit |
Thursday 4:30 PM |
-487.46 |
↑ |
Yuan/ton |
|
PP Import Profit |
Thursday 4:30 PM |
-519.46 |
↑ |
Yuan/ton |
|
PP Export Profit |
Thursday 4:30 PM |
-9.68 |
↓ |
USD/ton |
|
1 Treat "", "↓", and "↑" as significant fluctuations, highlighting data dimensions with a price change exceeding 3%. 2 Considered as narrow fluctuations, highlighting data with a rise or fall within 0-3%. |
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