Summary: On March 26, a summary of the prices and forecasts for general and engineering plastics in the market. General materials showed a fluctuating decline, with PP and PE mainly experiencing slight decreases; PVC and ABS fell by 20-50; PS dropped by as much as 100. Engineering materials had mixed results, with PC decreasing by 50; PET mostly increased by 20; POM was down by 100-200; PA6 increased by up to 100; PMMA, PBT, and PA66 had no fluctuations in the spot market.

General material

PP: Insufficient market momentum, polypropylene prices fluctuate.

1Today's summary

① China Petroleum & Chemical Corporation (Sinopec) Central China PP prices adjustment: Zhongyuan Luoyang granular material rises by 50; Luoyang MN70 rises by 50, fiber rises by 30; Zhongyuan low melt copolymer and some transparent grades rise by 50; Sino-Korean 8003, 8009 fall by 50.

②, The impact of polypropylene shutdowns in China today decreased by 0.42% to 17.52% compared to yesterday, mainly due to the restart of the PP facility with a capacity of 300,000 tons/year owned by Hebei Haiwei. The daily production ratio of拉丝 increased by 2.92% to 28.20% compared to yesterday, and the daily production ratio of low melt copolymer increased by 0.81% to 11.16%. Note: "拉丝" is left untranslated as it appears to be a specific term in the context of polypropylene production which may not have a direct English equivalent. It should be clarified within the document or glossary.

③ The supply-demand gap narrowed significantly to 40,000 tons this week (20250307-0314). This was mainly due to an increase in plant maintenance leading to a notable decrease in supply, coupled with slow demand recovery, resulting in an improvement in the supply-demand gap.

Spot Overview

As of today, the closing price for polypropylene fiber grade in the East China region was 7349 yuan per ton, a decrease of 3 yuan per ton from the previous day, which is in line with the early expectation.

Today, the futures opened high and fluctuated downwards. With the lack of cost support from propylene and others, traders' offers have loosened. In terms of receiving goods, due to the small peak in demand in March not meeting expectations, downstream factories' willingness to take goods is lacking, resulting in weak actual transactions. As of midday, the mainstream price for East China drawn wire is between 7280-7430 yuan/ton.

3Price Forecasting

Since entering the peak season, the overall performance on the demand side remains weak, with insufficient follow-up on new orders. Although downstream operations have slightly increased, it is difficult to provide strong support for the spot market. On the supply side, most new installations have been delayed while maintenance remains high, leading to low capacity utilization. The supply-demand game continues. It is expected that short-term transactions will revolve around 7280-7420 yuan/ton, with a focus on changes in supply-demand and cost factors.

PE: Downstream purchasing on dips, primarily a decline in polyethylene prices.

1Today's Summary

① On March 25, peace talks between Russia and Ukraine continued to progress, but the situation in the Middle East remained uncertain, leading to mixed movements in international oil prices. The NYMEX May contract fell by $0.11 per barrel to $69.00, a decrease of -0.16%; the ICE Brent crude futures May contract rose by $0.02 per barrel to $73.02, an increase of +0.03%. China's INE crude oil futures主力合约2505 increased by 4.0 yuan to 537.3 yuan per barrel, and during the night session, it increased by 1.3 yuan to 538.6 yuan per barrel.

② Today, the HD price adjustment is between 2-10 yuan per ton; the LDPE market price has fallen by 6 yuan per ton; the price has fallen by 10 yuan per ton. （注：最后一部分似乎缺少了商品名称，上述翻译基于提供的文字。）

2Spot Overview

Today, the domestic polyethylene spot market prices mainly declined. Although some enterprises have maintenance plans, easing the supply pressure somewhat, demand has not followed suit, and downstream purchasing enthusiasm is low, leading to pressure on merchants to lower prices for sales. Meanwhile, some resources have seen price increases due to tight supply, but the overall market sentiment remains bearish, lacking strong positive factors to boost market confidence, resulting in a generally quiet trading atmosphere. The HDPE market price adjusted down by 2-10 yuan/ton; the LDPE market price decreased by 6 yuan/ton; the LLDPE market price dropped by 10 yuan/ton.

3Price Forecasting

LLDPE and HDPE are adjusting in the same direction, while LDPE products are supported by low inventory replenishment from end-users. As the maintenance season approaches in April, market confidence is recovering, and prices remain high. In the short term, at the end-of-month stage, inventory levels are declining, and the negative impact of new capacity additions is being digested. The benefits of maintenance are also expected to be realized, providing support at the bottom of the market. On the demand side, cost considerations lead to purchases at lower levels. It is expected that polyethylene prices will maintain their current situation tomorrow.

PVC: PVC Weakens with Cost Support Steady

1. Today's Summary

① Domestic PVC producers' ex-factory prices remain stable, with some ethylene-based methods lowering their high prices by 50 yuan per ton.

② Qinzhou Huaya has not started operation yet;

③ The discount for India in April will be canceled, and the price is expected to increase by $35 per ton.

2Spot Overview

In the Huadong market with Changzhou as the benchmark, the spot cash warehouse delivery price of electric calcined lime method PVC Type V today in the Huadong region is at 4920 yuan per ton, unchanged from the previous trading day.。

The domestic PVC market is weakly consolidating, with no changes in the supply and demand fundamentals. The market transaction atmosphere is flat, and the sentiment in the bulk commodity market is not optimistic. The market mainly seeks low-price transactions. In the East China region, the cash price for calcium carbide method PVC is in the range of 4900-5050 RMB/ton, while for ethylene method it is in the range of 5000-5200 RMB/ton.

3. Price ForecastTest

The supply and demand fundamentals of PVC have recently shown insufficient improvement. Upstream PVC production enterprises have limited maintenance efforts recently, with only new additions from Tianyuan and Salt Lake, while the ethylene-based processes in Huasu and Qinzhou are expected to recover, resulting in little change in market supply. Domestic demand remains flat, with just-in-time demand stabilizing, and overall growth potential for foreign trade exports is lacking, leading to a continued situation of weak supply and demand fundamentals. Short-term macro expectations and cost support are weak, with the cash price of the calcium carbide method for PVC in East China fluctuating weakly in the range of 4850-5000 yuan/ton.

PS: Styrene is consolidating at a low level, and market prices are declining.

1Today's Summary

① Today, the华东GPPS fell by 50 to close at 8,400 yuan per ton, in line with the morning expectation. (Note: "华东" likely refers to "East China" and may need to be adjusted based on context.)

② On Tuesday, the East China market for styrene fell by 55 to 8000 CNY/ton, the South China market fell by 60 to 8100 CNY/ton, and the Shandong market rose by 25 to 8030 CNY/ton.

2Spot Overview

Today, East China GPPS dropped by 50, closing at 8450 yuan/ton.The upstream styrene is consolidating at a low level, and market sentiment is slightly more cautious. Downstream demand is average, and the industry is under significant supply pressure, leading sellers to primarily focus on lowering prices to clear inventory.

3Price Forecasting

Spot benzene styrene is weak at the low end, mainly due to bearish costs. High supply and sales pressure, as well as demand falling short of expectations, suggest it may trend lower in the near term. The East China market for modified styrene is expected to trade between 8,400 and 10,300 yuan per ton.

ABS: The market lacks any significant positive support, and prices continued to decline today.

1Today's summary:

1. Today, the South China market is experiencing a decline; the East China market prices are falling, with overall transactions primarily driven by necessary demand.

② The ABS production in March is expected to increase.

2Spot Overview

Based on the Yuyao and Dongguan regions, market prices are declining.Today, prices in Dongguan have dropped, and the overall market transactions are weak, with poor terminal demand. Prices in the East China market are declining.

3Price Prediction:

The prices in South China fell today, while those in East China struggled to rise; terminal demand was average, and there was no significant利好支撑in the market, so it is expected that prices will remain slightly lower tomorrow. Note: The term "利好支撑" seems out of place in the original sentence as it's in Chinese while the rest is in English. If you meant to include a different term or phrase, please provide clarification.

Engineering materials

PC: The market is weak at low levels, with trading remains sluggish.

1Today's Summary

① On Tuesday, there was a slight increase, with the ICE Brent crude oil futures contract for May rising 0.02 USD to 73.02 USD per barrel.

② The closing price of bisphenol A in the East China market was 8,825 yuan per ton, down 75 yuan per ton compared to the previous period.

No domestic PC manufacturers have announced any recent changes in factory pricing.

2Spot Overview

Today's domestic PC market showed weak consolidation at low levels. As of the close in the afternoon, the mainstream trading reference for injection-grade lower-end materials in East China was between 11,950 to 15,300 yuan per ton, while mid-to-high-end materials were quoted between 15,200 to 16,400 yuan per ton, with some prices slightly lower by 50 yuan per ton compared to yesterday. Domestic PC factories have not made any recent adjustments to their ex-factory prices; manufacturers generally adopted a wait-and-see approach with stable operations. From the perspective of the spot market, both East and South China maintained narrow fluctuations at low levels. Supply-side support was limited, and downstream consumption showed no improvement. High industry inventory levels persisted, leaving participants cautious and depressed. Stable quotations and sales on an as-needed basis prevailed, while downstream purchases remained limited, resulting in a lukewarm market atmosphere.

3Price Forecast

Currently, the fundamentals of the PC market in the domestic market are difficult to improve. Although some facilities have maintenance plans in April, most of these downtimes are relatively short and factories have inventory. Recently, downstream demand has been weak and difficult to boost, and market trading activities remain sluggish. Additionally, the continuous decline in the upstream industry also puts pressure on the cost side for PC. Overall, it is expected that the domestic PC market will remain weak and fluctuate in the short term.

PET: Polyester bottle chip market shows strong fluctuations.

1Today's Summary

① Wan Kai increased by 30, China Resources, Yizheng, and Hanjiang increased by 50, while other factories remained stable (Unit: yuan per ton)

② The domestic PET bottle chip capacity utilization rate in China reached 75.02% today.

2Spot Overview

Taking East China as the benchmark, today's spot price for PET bottle-grade chip closed at 6110 CNY/ton, up 20 CNY/ton from the previous working day, which is inconsistent with the morning expectation.

Continuing to move upward, pushing the raw material side up. Supported by costs, the prices of polyester bottle flakes have been partially adjusted upwards by 30-50, with most factories reporting stable prices. Low-priced sources in the market are converging, and it is heard that the transaction price for goods in March-April is around 6070-6150, with downstream just-in-time replenishment. The basis remains stable, with the 2505 contract at a discount of 20 to a premium of 70, and there is a strong wait-and-see sentiment in the industry, awaiting new news for guidance. (Unit: yuan/ton)

3. Price Prediction

Due to external uncertainties, international oil prices are experiencing strong fluctuations. There is certain support from the raw material side. However, downstream demand remains sluggish, primarily focusing on inventory digestion, with low intentions to restock. As maintenance units restart, the supply side sees a significant increase, resulting in weak upward momentum in the polyester bottle chip market. It is expected that the spot price of polyester bottle-grade chips will operate in the range of 6070-6150 tomorrow.

PMMA: Little change in supply and demand, market transitioning into consolidation.

1. Today's Summary

The factory prices are stable today.

The current utilization rate of PMMA particles in the country is 64%.

2Spot Overview

Taking East China as the benchmark, today's PMMA particle closing price stood at 16,800 yuan per ton, unchanged from the previous day and below early expectations.Today, the PMMA particle market remains in a transitional state of consolidation. The raw material MMA is experiencing a weak downward trend, but this has no significant impact on the PMMA particle market. There is ongoing negotiation between upstream and downstream, with market transactions primarily based on necessary demand, and actual deals are being made through direct negotiation.

3Price Forecasting

The short-term PMMA particle market price fluctuations are limited, with holders primarily maintaining stable pricing. There is still a desire to sell, but end-user purchasing sentiment remains tepid, leading to moderate buying activity. In summary, there are no significant changes in supply and demand; therefore, the short-term PMMA particle market is expected to operate in a consolidating manner, with little chance of notable improvement. Actual transaction volume will depend on the follow-up of genuine demand.

POM: Factory prices lowered,报价重心走跌.

1. Today's Summary

① Some POM manufacturers have lowered their ex-factory prices by 500 RMB per ton.

② The market sentiment of观望情绪加重， trade players are adopting a more cautious approach, and traders are offering discounts to facilitate trades. Note: "观望情绪加重" is translated as "trade players are adopting a more cautious approach" because 监望 directly translates to "watching" or "observing," and 情绪加重 suggests an increase in this behavior, implying a more cautious stance. However, this phrasing might not be the most natural in English, so alternative translations like "Market watchfulness intensifies" could also be considered depending on the context.

2Spot Overview

Based on the Yuyao region, today Yun Tianhua M90 is priced at 14,100 yuan/ton, a decrease of 100 yuan/ton.Today, the POM market showed a downward trend. Some POM manufacturers reduced their ex-factory prices by 500 yuan per ton, which had a depressing effect on market sentiment. Trade merchants continued to offer discounts, with mainstream quotations decreasing by 100-400 yuan per ton. Downstream buyers remained cautious and观望, leading to a lukewarm market atmosphere. The mainstream quotation range ran between 10,500 to 14,400 yuan per ton.

3. Price Prediction

The POM petrochemical plant is facing significant shipping pressure, and the short-term fundamentals are unlikely to provide support. Additionally, there is no obvious improvement in demand orders, and the market inquiry atmosphere is relatively weak. Traders' sentiment is lacking in motivation, with some offers likely to continue to decline. Downstream purchasing enthusiasm is low, resulting in sporadic real transactions. It is expected that the domestic POM market will experience a narrow decline in the short term.

PBT: The market sentiment for PBT is cautious and watchful.

1Today's Summary

The PBT manufacturer's报价 is stable.

② PBT facilities operated normally this week.

This week, China's PBT industry production reached 21,175 tons, with an industry capacity utilization rate of 49.85%, unchanged from last week. The average gross profit of PBT in the domestic market this week was -401 yuan/ton, a decrease of 27 yuan/ton compared to the previous week.

2Spot Overview

With East China as the benchmarkToday, the mainstream price of medium to low viscosity PBT resin is between 7,900 to 8,200 yuan per ton.Stable compared to yesterday。Today, the PBT market is operating with a wait-and-see approach, continuing to strengthen, while the BDO market is fluctuating within a range. Cost support is still acceptable, but it has limited support for the PBT market. The market atmosphere is heavily cautious, with a bearish sentiment. According to statistics, the price of medium to low viscosity PBT pure resin in the East China market is between 7900-8200 yuan/ton.

3Price prediction

The PBT market is expected to fluctuate within a range. On the cost side, the PTA balance sheet maintains the expectation of inventory reduction, and under low valuations, cost support is stable. However, the downstream performance is lackluster, and the market lacks sustained driving forces, resulting in insufficient upward momentum for the domestic PTA spot market in the short term. Recently, there have been many fluctuations in BDO production facilities, with limited follow-up on downstream contract orders and sparse spot procurement leading to negotiations on pricing. Suppliers are actively stabilizing the market, but the mindset of holding manufacturers is not optimistic, resulting in more market-based discussions. Cost trends are relatively stable, and the PBT market sentiment is cautious and somewhat bearish, with the market focus likely to be on range-bound fluctuations. Attention should still be paid to the prevalence of low prices. Therefore, it is expected that tomorrow in the East China market, medium and low viscosity PBT resin will be priced between 7900-8200 yuan/ton.

PA6: The prices of polymer enterprises remain firm, and PA6 chip prices have risen slightly.

1Today's Summary

Sinopec's high-end caprolactam settlement price for March 2025 is 10,790 yuan/ton (liquid superior grade six-month acceptance self-pickup), down 715 yuan/ton from the February settlement price.

Sinopec's pure benzene prices at refineries in East and South China have been lowered by 350 yuan/ton, now set at 6,600 yuan/ton, effective March 26.

2Spot Overview

Today, the PA6 chip market rose, with upstream caprolactam continuing to edge upward slightly, increasing the cost of chips. Polymerization enterprises maintained their prices firmly; however, due to the continued decline in upstream prices, downstream participants remained cautious and mainly purchased at lower levels as needed. The market transaction atmosphere weakened. In East China, the cash spot price for conventional spinning ordinary PA6 was 10,500-10,700 yuan/ton FOB short delivery, and the spot price for high-speed spinning was 11,100-11,700 yuan/ton inclusive tax delivered. Chaohu's self-pickup cash price was 9,700-9,800 yuan/ton.

3Price Prediction

From a cost perspective, the caprolactam raw material market may continue to consolidate, with enhanced cost support. Pay attention to the subsequent maintenance and production reduction of raw material enterprises. From a supply and demand perspective, Zhejiang Fybon will gradually shut down for maintenance today, and Luxi will partially reduce its production lines, leading to reduced supply. However, overall market supply remains high. After downstream buyers' essential purchases, their sentiment becomes more cautious, and demand is limited. The polyamide 6 market is expected to undergo minor adjustments in the near term. Closely monitor developments in downstream demand and manufacturers' pricing adjustments.

PA66: Weak demand, market in weak consolidation.

1Today's Summary

① On March 25, peace talks between Russia and Ukraine continued to make progress, but the situation in the Middle East remained uncertain, leading to fluctuating international oil prices. The NYMEX May contract fell by $0.11 per barrel to $69.00, a decrease of -0.16%; the ICE Brent crude futures May contract rose by $0.02 per barrel to $73.02, an increase of +0.03%. China's INE main contract for May rose by 4.0 to 537.3 yuan per barrel, and during the night session, it rose further by 1.3 to 538.6 yuan per barrel.

② As of today, the capacity utilization rate of domestic PA66 is 58%, with a daily output of approximately 2,200 tons. Under cost and demand pressures, domestic PA66 producers maintain low operational rates. Demand remains moderate, leading to a relatively stable supply of PA66 materials in the domestic market.

Invista (China) Investment Co., Ltd. announced that starting from April 1, 2025, at 7:00 AM, the spot trading price of hexanediamine will be set at 21,300 RMB/ton, remaining stable compared to the March price.

2Spot Overview

Based on the Yuyao market in East China, today's market price for EPR27 is referenced at 16,800-17,000 yuan/ton, remaining stable compared to yesterday's price.Raw material prices fluctuate, lacking support from the cost perspective. Downstream demand is weak, with ample supply in the market. Industry confidence is low, and market transactions are sluggish.

3Price Prediction

The demand side shows no significant recovery, and downstream purchases are mainly based on demand. The supply of goods in the market is stable, and market confidence in the future is insufficient. It is expected that the domestic PA66 market will maintain a weak consolidation operation in the short term.