[PP Weekly Outlook] Market Expected to Test Transactions Around 6,800–7,000 RMB/Ton Today

1. Focus points

1 、 9/5: The market continues to focus on the OPEC+ meeting this Sunday, concerned about the introduction of a new production increase plan, leading to a drop in international oil prices. NYMEX crude oil futures contract for October fell by $1.61 to $61.87 per barrel, a decrease of 2.54% compared to the previous period; ICE Brent crude futures contract for November fell by $1.49 to $65.50 per barrel, a decrease of 2.22% compared to the previous period. China's INE crude oil futures contract 2510 fell by 1.3 to 482.3 yuan per barrel, and the night session fell by 10.4 to 471.9 yuan per barrel. 。

2 This week (20250829-0904), the average operating rate of the domestic polypropylene downstream industry increased by 0.49 percentage points to 50.23% compared to last week.

3 September 8:The polyolefin inventory of the two major oil companies is 700,000 tons, an increase of 30,000 tons compared to last week. 。

Core logic: Incremental release on the supply side, slow improvement on the demand side, and significant difficulty in passing costs along the industry chain.

2. Price List Form

3. Data Forms

IV. Market Outlook

During the supply-side incremental release period, demand is rising slowly, but the main increase in new orders remains limited. The destocking of existing market inventory is sluggish, leading industry participants to hold a weak outlook on future demand. Cost-side expectations are losing support, but increased maintenance activities will temporarily ease supply-demand pressures in the market. On the policy front, continued efforts are being made, with much hope pinned on a potential Fed rate cut to boost market liquidity. In the short term, there is fierce competition between supply-demand and cost factors. It is expected that today’s market will focus on verifying transactions in the range of 6,800-7,000 yuan/ton.

5. Data Calendar