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Polypropylene PP: Coal companies cut prices and oil prices, operators lack confidence, and the market is weak and falling

82,486
April 10, 2024, 5:09 PM

Sinopec inventory: two-oil polyolefin inventory of 860000 tons, 5000 tons less than yesterday.


PP futures analysis: April 10 PP2405 opening price: 7620, highest price: 7622, lowest price: 7571, position: 224028 lots, settlement price: 7593, yesterday settlement: 7598, down: 5, daily trading volume: 137798 lots.


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

Region

April 9th

April 10th

Rise and fall

North China

7470-7600

7470-7600

0/0

East China

7570-7650

7530-7650

-40/0

South China

7600-7700

7600-7650

0/-50

 

 

PP China spot market analysis: today, China's PP market continues to be weak, the mainstream prices of wire drawing in China range from 7470 to 7700 yuan / ton, with a decline of less than 50 yuan / ton. Overnight crude oil fell, PP disk continued to adjust downward, although the decline was limited, but still formed a repressive effect on the spot market. Petrochemical destorming speed slows down again, and the current inventory pressure still exists. Most of the two oil factories are stable, CNPC Northeast, CNPC North China began to reduce the action, coal companies have cut prices one after another, on-site cost support weakened. Traders lack confidence in the future, actively let the profit out of the goods, the downstream buying enthusiasm is not high, trading is insipid.


PP spot trend forecast: raw materials: crude oil disk action can continue to weaken, disk short-term adjustment. Petrochemical policy: at present, Sinopec continues to go to the warehouse, but under the condition of poor delivery at high prices and a decline in the market, the possibility of two oil companies continuing to rise is reduced, and some petrochemical companies begin to reduce prices in the afternoon, and the cost drive turns from strong to weak. 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 impact, it is expected that the short-term PP market still maintains a volatile operation, digesting previous gains.

China's PP index: China's PP spot index fell 15, or 0.2%, to 7583 on April 10, according to Tudor data.


 

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

Zhejiang Petrochemical Corporation

First line

45

April 6, 2024

April 23, 2024

Shenhua auction turnover: Shenhua Coal Chemical's auction volume today was 2435 tons, an increase of 65.76% over yesterday; the turnover was 491t, down 65.25% from yesterday, and the turnover rate was 20.16%, down 76.02% from yesterday.