Polypropylene PP: Futures climbed to 7600, and two oil and coal companies began a new round of increases, and the focus of spot prices shifted upwards.

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April 3, 2024, 5:20 PM

Sinopec inventory: two-oil polyolefin inventory of 785000 tons, down 15000 tons from yesterday.

PP futures analysis: April 3 PP2405 opening price: 7567, highest price: 7600, lowest price: 7562, position: 283582 lots, settlement price: 7578, yesterday settlement: 7543, up: 35, daily trading volume: 224686 lots.

Mainstream quotation for wire drawing in PP market: yuan / ton

Region	April 2nd	April 3rd	Rise and fall
North China	7380-7500	7400-7500	20/0
East China	7480-7550	7500-7600	20/50
South China	7550-7600	7550-7650	0/50

PP China spot market analysis: today, China's PP market volatility has risen, China wiredrawing mainstream prices range from 7400 to 7650 yuan / ton, daily increases range from 20 to 50 yuan / ton. With the continuous removal of the two oils, the current inventory pressure is significantly weaker than that in the previous period. At the beginning of the month, ex-factory prices are firm and rising, CNPC Northeast, CNPC Southwest, CNPC North China, CNPC Northwest, Sinopec South China raised ex-factory prices ranging from 30-200 yuan / ton. Coal enterprises across the line to raise ex-factory prices, on-site supply costs to promote a strong role. Superimposed since the end of the month upstream parking increment, the supply side is also good. PP futures hit a high of 7600 today, boosting the spot market. Traders push up the offer, but the terminal catch up to take the goods carefully, the firm offer can be negotiated, slightly lower price is OK.

PP spot trend forecast: raw materials: crude oil disk further refresh stage new high, oil distribution disk into the 86-90 dollar area. The center of gravity of the raw material moves upward, which drives the production cost of polypropylene higher. Petrochemical policy: the current petrochemical continues to go to the warehouse, at the beginning of the month, the performance of the two cities is still good, the major regions are still up-regulated, and the supply cost is strongly supported. On the supply side: since late March, there has been an increase in equipment overhaul in China. In April, there are still many devices parking, including Zhejiang Sinopec, Shenhua Baotou and Datang. At the same time, the possibility of operating parking due to cost is not ruled out, and the market supply is expected to be significantly reduced. On the demand side, the overall downstream demand is relatively stable, driving little in the short term. Under the comprehensive influence, it is expected that the short-term PP market still maintains a strong shock operation.

China's PP index: according to Tudor data, China's PP spot index rose 18, or 0.24%, to 7533 on April 3.

China installation parking Summary:

Enterprise name	product line	Production capacity	Parking Duration	departure time
Dalian Petrochemical Corporation	Third line	5	August 2, 2006	To be determined
Wuhan Petrochemical Corporation	Old equipment	12	November 12, 2021	To be determined
Haiguolong oil	First line	20	February 8, 2022	To be determined
Haiguolong oil	Second line	35	April 3, 2022	To be determined
Tianjin Petrochemical Company	First line	6	August 1, 2022	To be determined
Jinxi Petrochemical	Single line	15	February 16, 2023	To be determined
Yanshan Petrochemical	Second line	7	September 18, 2023	To be determined
Shaoxing Sanyuan	New line	30	September 20, 2023	To be determined
Qinghai Salt Lake	Single line	16	October 27, 2023	To be determined
Changzhou Fude	Single line	30	November 1, 2023	To be determined
Jingbo polyolefin	First line	20	November 1, 2023	To be determined
Luoyang Petrochemical	First line	8	November 3, 2023	To be determined
Zhongjing Petrochemical	The first phase and the first line	50	December 5, 2023	To be determined
Hongrun Petrochemical	Single line	45	December 6, 2023	To be determined
Qilu Petrochemical	Single line	7	December 23, 2023	To be determined
Lianhong Xinke	Second line	8	December 30, 2023	To be determined
Fujian Union	Old line	12	January 3, 2024	To be determined
Gold energy chemistry	First line	45	March 8, 2024	To be determined
North China brocade	Old line	6	March 8, 2024	To be determined
Jiutai Group	Single line	32	March 15, 2024	April 15, 2024
Donghua Energy (Ningbo)	The first line of Phase II	40	March 19, 2024	April 8, 2024
Donghua Energy (Ningbo)	Second phase, second line.	40	March 20, 2024	April 8, 2024
Chinese Science Refining and Chemical Industry	First line	35	March 20, 2024	May 20, 2024
Chinese Science Refining and Chemical Industry	Second line	20	March 21, 2024	May 20, 2024
Ningbo Fude	Single line	40	March 24, 2024	April 4, 2024
Jingbo polyolefin	Second line	40	March 26, 2024	April 15, 2024
Quanzhou, Sinochem	Second line	35	March 26, 2024	March 31, 2024
Jingmen petrochemical	Single line	12	March 27, 2024	March 31, 2024
Qinzhou, Guangxi	Single line	20	March 30, 2024	April 1, 2024
Dalian Petrochemical Corporation	Second line	7	March 31, 2024	May 10, 2024
Dalian Petrochemical Corporation	First line	20	March 31, 2024	May 10, 2024
Tianjin Petrochemical Company	Second line	20	April 1, 2024	April 14, 2024
Zhongyuan Petrochemical Company	First line	6	April 1, 2024	To be determined
Dongguan Juzhengyuan	The first line of Phase II	30	April 1, 2024	April 2, 2024
Dongguan Juzhengyuan	Second phase, second line.	30	April 1, 2024	April 2, 2024

Shenhua auction turnover: Shenhua Coal Chemical's auction volume today was 1220 tons, down 21.04% from yesterday; the turnover was 1120 tons, down 24.22% from yesterday, and the turnover rate was 91.80%, down 3.86% from yesterday.