1. Focus Points

1、On 3/28, the market was concerned that the U.S. might impose additional tariffs, which could increase trade risks and potentially lead to a global economic recession, causing international oil prices to fall. NYMEXCrude Oil FuturesThe May contract fell to $69.36, down $0.56 per barrel, a decrease of -0.80% compared to the previous period; ICE Brent crude oil futures for May fell to $73.63, down $0.40 per barrel, a decrease of -0.54%. China's INE crude oil futures主力contract for May fell by 1.7 to 541.7 yuan per barrel, and during the overnight session, it fell by 3.7 to 538 yuan per barrel.

2, UpWeekPolypropylene MarketMaintain stable operation, Crude oil In the context of the clarity in the Russia-Ukraine negotiation situation and the increase in production range by OPEC+, market trends are weak, and the cost side has formed negative feedback on market sentiment. In terms of fundamentals, the peak maintenance season is approaching, and with several units such as Jineng Chemical and Zhongjing Petrochemical undergoing maintenance, the operating rate of polypropylene production is at a low level. However, Inner Mongolia Baofeng's third line has been successfully put into production, making it difficult to alleviate the supply pressure of polypropylene. Demand support remains acceptable, with favorable demand from fast-moving consumer goods and a rebound in downstream operating rates leading to good consumption of polypropylene raw materials. This week, both production enterprises and social inventories have been reduced. Therefore, the current contradictions in the polypropylene market are not prominent, and the price direction is unclear, with the market continuing in a consolidation trend.

3, Upper partWeek During the week due toPP futuresUpward exploration, some film enterprises appropriately replenish raw material inventory, increasing slightly from last week. According to the feedback from the film enterprises, there is insufficient guidance from market news, and under the game of supply and demand, BOPP is mainly stable with adjustments. The relocation facilities in East China that were in the early stage have now entered the trial run phase, and the supply in the market will continue to increase later.

Unit: Yuan/Ton

III. Market Outlook

Regenerated PP The market price trend remains stable and consolidating, with a lackluster atmosphere in purchasing and sales. Downstream procurement enthusiasm is moderate, and the increase in orders for finished product enterprises is limited.Entering the market maintains cautious demand.The new material market price fluctuates, with an unreasonable price difference between new and old materials. The regeneration material shipment speed is slow, and regenerative enterprises adopt a cautious strategy. Actual transactions mainly involve negotiated deals. The market is expected to remain stable with narrow fluctuations in the short term, and it is necessary to closely monitor the downstream demand situation.