On March 24, the U.S. plans to intensify sanctions on oil-producing countries such as Venezuela, increasing potential supply risks, which led to an increase in international oil prices. NYMEX crude oil futures for May rose by $0.83 to $69.11 per barrel, a环比+1.22%; ICE Brent crude oil futures for May increased by $0.84 to $73.00 per barrel, a环比+1.16%. China's INE crude oil futures main contract for May rose by 2.0 to 533.3 yuan per barrel, and in the night session, it rose by 5.5 to 538.8 yuan per barrel.
Polypropylene: Futures opened higher and oscillated偏上震荡. The morning market saw offer prices move up by 10-50 yuan/ton. Increased costs supported market sentiment, and with slow recovery in demand, low-priced offers adjusted upwards accordingly. However, reduced export orders and slower growth in new downstream orders limited the overall circulation of goods. As of noon, the mainstream price range for华东拉丝 (East China pull-type) was 7280-7430 yuan/ton.
3、BOPP: Factory prices remain stable. Market mainstream prices are mostly stable for sales. PP futures opened higher and moved upward. The spot market saw a slight increase of 10-50 yuan/ton. Petrochemical ex-factory prices mostly continued to be stable. Cost support is stabilizing. The ex-factory prices of various film companies are mostly stable, and market mainstream prices are also stable for sales. Traders mostly maintain stable prices. The atmosphere of inquiry in the market is acceptable. Overall replenishment sentiment is cautious, with most transactions based on rigid demand and small orders.
II. Market Outlook
The market trend for recycled PP continues to consolidate, with观望情绪 not subsiding. The downstream inquiry and purchase atmosphere remains lukewarm, mostly maintaining low-volume purchases based on essential needs. New orders in the market are increasing slowly, and the trading atmosphere is not high. The price of new material is weakly consolidating, inhibiting the outbound speed of recycled materials. Companies are selling at prevailing market prices. It is expected that today's行情 will be stagnant and fluctuating. It is recommended to closely关注 upstream supply and downstream demand changes. Note: Some phrases were left in Chinese as they do not have direct English equivalents or require context-specific translation. For instance, "观望情绪" (观望情绪 means观望 sentiment), "行情" (market trend), and "关注" (pay close attention).
