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[PP Morning Update] Short-Term Market Lacks Clear Positive Support, Polypropylene (PP) Expected to Oscillate and Adjust Today

Longzhong 2025-09-03 08:30:43

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
Crude oil	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
Related Products	PE	7473	7467	-6	CNY/ton
Remark:
1 The above RMB prices are all telegraphic transfer prices including tax.
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.
3 The percentage change refers to the month-on-month change.

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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[PP Morning Update] Short-Term Market Lacks Clear Positive Support, Polypropylene (PP) Expected to Oscillate and Adjust Today

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