Polypropylene PP: Spot prices are temporarily stable, and the atmosphere of wait-and-see is strong in the market(December 20, 2024)

Domestic petrochemical inventory: The inventory of polyolefins of the two oils is 595,000 tons, down 15,000 tons from yesterday.

PP futures analysis: On December 20, PP2505 opened at 7400, the highest price was 7419, the lowest price was 7352, the position was 504346, the settlement price was 7376, yesterday's settlement was 7407, the decline was 31, the daily trading volume was 264502 lots, the deposited funds were 2.598 billion, and the capital inflow was 163 million.

PP market drawing mainstream quotation:

Propylene market price list

PP domestic spot market analysis: Today, the domestic PP market is temporarily stable as a whole, and the market prices in various regions maintain yesterday's quotation. In terms of price: the mainstream price of domestic polypropylene ranges from 7370 to 7790 yuan/ton. Affected by the concerns of the crude oil market about the economic outlook and the possible easing of the situation between Russia and Ukraine, the international oil price fell slightly, and the propylene market price was weak, and the cost support of the PP market was loose. Although the inventory of polyolefins of the two oils remained at a low level, the number of PP units restarted in the field increased, and the daily output of enterprises continued to increase. In addition, the terminal demand was flat, the market was in a wait-and-see atmosphere, and traders followed the market. The trading atmosphere in the field was general.

PP spot trend forecast: In terms of raw materials, multiple factors are intertwined in the crude oil market in the short term. Among them, the positive factors include the continuation of the OPEC+ production reduction atmosphere, the signs of improvement in the Asian economy, and the possible increase in crude oil demand due to the approaching Christmas holidays in Europe and the United States. The negative factors include the continued concerns about the global demand outlook in the crude oil market and the high level of the US dollar index. In terms of supply, it is expected that the number of PP units planned for maintenance in the field will decrease, and some PP units that were shut down in the field in the early stage are planned to be restarted in the early stage of next week. The impact of the shutdown of PP units may fall back from a high level. In addition, the expected implementation of new production, the supply pressure in the field may increase. In terms of demand, it is expected that most downstream industries will gradually enter the off-season for orders. In addition, the rising risk aversion of enterprises at the end of the year may limit the purchase of raw material PP to a certain extent. Although some downstream industries may have a certain increase in orders due to pre-holiday stocking, the support for the PP market by the improvement of some industries alone is limited. Overall, it is expected that the polypropylene market may fluctuate and weaken in the short term.

Domestic PP Index: According to Tuduoduo data, the domestic PP spot index on December 20 was 7546.67, up 0, with a range of 0.00%.

Shenhua auction transaction: Shenhua Coal Chemical's auction volume today was 1,314 tons, an increase of 13.77% from yesterday; the transaction volume was 803 tons, an increase of 32.73% from yesterday, and the transaction rate was 61.11%, an increase of 8.73% from yesterday.