I. Points of Focus

1. On March 25, the Russia-Ukraine negotiations continue to advance, but the situation in the Middle East remains uncertain, leading to fluctuations in international oil prices. NYMEX crude oil futures for May contract are at $69.00, down $0.11 per barrel, a decrease of 0.16%; ICE Brent crude oil futures for May contract are at $73.02, up $0.02 per barrel, an increase of 0.03%. The main contract for China's INE crude oil futures, 2505, rose by 4.0 to 537.3 yuan per barrel, with a night session increase of 1.3 to 538.6 yuan per barrel.

Polypropylene: Futures rebounded slightly, with the morning market's quote focus moving up by 10-30 yuan/ton. Merchants in the spot market attempted to follow the increase. Higher crude oil prices provided solid cost support, but demand showed no significant improvement; downstream buyers continued with their essential purchases. Trading activities remained cautious. By noon, the mainstream price for华东拉丝 (East China pull-trusion material) was between 7,280-7,430 yuan/ton.

3. BOPP: PP futures are consolidating at high levels, while the spot market is steadily rising by 10-30 RMB/ton. Petrochemical factory prices are basically stable, providing limited support from the cost side. Most film manufacturers maintain stable ex-factory prices, while mainstream market prices are gradually declining. The overall market inquiry atmosphere is relatively weak, with downstream maintaining just-in-time small orders for replenishment.

Market Outlook

The recycled PP market shows stable pricing trends, with general trading atmosphere being average. Downstream sentiment remains cautious, leading to low inquiry and procurement activity, primarily focused on just-in-time small orders. New order growth in the market is slow, and the trading atmosphere is not very active. The prices in the new material market are weakly consolidating, which restrains the sales speed of recycled materials. Companies are selling according to the market. It is expected that today's market may be stagnant and consolidate. It is advisable to closely monitor changes in upstream supply and downstream demand.