[Recycled PP Morning Update] Market sentiment remains cautious, overall fluctuations in recycled PP are limited.

One, Focus Areas

On March 31st, the U.S. indicated that it has not ruled out the option of taking military action against Iran, causing the market to worry about potential supply risks, which led to an increase in international oil prices. The NYMEX crude oil futures contract for May rose by $2.12 to $71.48 per barrel, an increase of 3.06%; the ICE Brent crude oil futures contract for May increased by $1.11 to $74.74 per barrel, an increase of 1.51%. China's INE crude oil futures main contract for May 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, PolypropyleneXylene: Futures opened lower and traded in a narrow range in the morning, with offers remaining mainly stable but decreasing by about 20 yuan/ton in some areas. The imposition of additional tariffs by overseas markets is suppressing domestic export orders for certain products, leading industry participants to have a low valuation of future demand. However, the consumption of social inventory at the end of the month and the密集的检修企业为市场提供了支撑，缓解了下行压力。最近，市场在供需和成本之间互相抗衡。截至午盘，华东地区的拉丝主流价格在7280-7430元/吨。 It seems there is a repetition and part of the text is not properly translated due to the structure. Here's the corrected and complete translation: Xylene: Futures opened lower and traded in a narrow range in the morning, with offers remaining mainly stable but decreasing by about 20 yuan/ton in some areas. The imposition of additional tariffs by overseas markets is suppressing domestic export orders for certain products, leading industry participants to have a low valuation of future demand. However, the consumption of social inventory at the end of the month and the intensive maintenance activities of enterprises are providing support to the market, alleviating downward pressure. Recently, the market has been balancing between supply and demand and costs. As of the noon break, the mainstream price for拉丝in East China was 7280-7430 yuan/ton.

3、BOPP ： PP FuturesThe market opened lower and declined, with the spot market steadily falling by 20 yuan/ton. Petrochemical ex-factory prices mostly remained stable, providing steady cost support. Film manufacturers' ex-factory prices also maintained stability, while the mainstream market prices showed a slight downward trend. Inquiry intentions in the market were weak, with only small orders for immediate needs being placed.

Unit: Yuan/Ton

Market Outlook

The overall trend in the recycled PP market has not fluctuated much, with a平淡 trading atmosphere. Downstream inquiries and purchases remain刚需 cautious, and the market观望 sentiment persists. The focus of new material market transactions is weak, and the price difference between new and old materials is in a low and unreasonable range,抑制.The price and trading activity of recycled materials, with recycling companies being cautious in their报价. (Note: It seems there is a missing word in the original Chinese sentence, possibly "报价" (quotations) was intended to be included but was omitted. The provided translation reflects an attempt to include this element.)The market trend today is expected to remain stable, and it is recommended to closely monitor changes in upstream supply and downstream demand.