Polypropylene PP: Spot prices are consolidating in a narrow range, and the supply side is under pressure(December 25, 2024)

Domestic petrochemical inventory: The inventory of two oil polyolefins is 590,000 tons, down 20,000 tons from yesterday.

PP futures analysis: On December 25, PP2505 opened at 7428, the highest price: 7450, the lowest price: 7401, the position: 494758, the settlement price: 7425, yesterday's settlement: 7419, up: 6, daily trading volume: 209427 lots, deposited funds: 2.564 billion, and capital outflow: 5.1 million.

PP market drawing mainstream quotation:

PP domestic spot market analysis: Today, the domestic PP market as a whole is consolidating in a narrow range, the market price in North China is stable, and the market prices in East China and South China are rising and falling, with an adjustment range of 10-20 yuan/ton. In terms of price: the mainstream price of domestic polypropylene ranges from 7365 to 7790 yuan/ton. The API crude oil inventory in the United States fell beyond expectations, and the international oil price rose to US$70.1 per barrel, which strengthened the cost support for the PP market. In addition, the new production capacity in the market was increased, and the number of PP units that were overhauled in the previous period was increased. The impact of the shutdown of the unit dropped to 15.66%, and the supply side was under pressure. However, the sales pressure of traders weakened at the end of the month, and the quotations rose and fell. The trading atmosphere in the market was general.

PP spot trend forecast: In terms of raw materials, CITIC Construction Investment said that there was little news on the supply and demand of the crude oil market, and geopolitical factors may become the theme of recent transactions. Crude oil inventories remained low, and oil prices will remain in a strong and volatile trend. In terms of supply, the inventories of polyolefins in the two oils may remain in a state of active destocking. The assessment of petrochemical enterprises at the end of the month will increase, and the inventories of sample enterprises of traders may rise, and the supply in the market may increase. In terms of demand, it is expected that most downstream industries will gradually enter the off-season for orders, and the rising risk aversion of enterprises at the end of the year may limit the purchase of raw material PP to a certain extent. Overall, it is expected that the polypropylene market may fluctuate and weaken in the short term.

Domestic PP Index: According to Tu Duoduo data, the domestic PP spot index was 7527.50 on December 25, up 2, an increase of 0.02%.