Polypropylene PP: Spot prices are weak, and downstream orders are limited(December 23, 2024)

Domestic petrochemical inventory: The inventory of two oil polyolefins is 650,000 tons, an increase of 55,000 tons from last week.

PP futures analysis: On December 23, PP2505 opened at 7360, the highest price was 7427, the lowest price was 7342, the position was 507685, the settlement price was 7380, yesterday's settlement was 7376, the increase was 4, the daily trading volume was 317833 lots, the deposited funds were 2.637 billion, and the capital inflow was 38.52 million.

PP market drawing mainstream quotation:

PP domestic spot market analysis: Today, the domestic PP market was overall weak, and the market prices in various regions fell across the board, ranging from 10 to 50 yuan/ton. In terms of price: the mainstream price of domestic polypropylene ranged from 7340 to 7790 yuan/ton. At the beginning of the week, the inventory of polyolefins of the two oils accumulated slightly due to inertia, and the impact of the shutdown of PP units continued to decrease. In addition, the downstream orders were limited, and traders still mainly promoted transactions by giving profits, and the trading atmosphere in the market was general.

PP spot trend forecast: In terms of raw materials, the current crude oil market is affected by the interweaving of multiple factors, and the focus is still on the demand side of crude oil and geopolitical situations. In terms of supply, as some PP units that were previously shut down in the market resumed operation, the impact of the shutdown of PP units may continue to decrease. In addition, the expected implementation of new production, the supply pressure in the market may increase. In terms of demand, it is expected that most downstream industries will gradually enter the off-season of 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 7515.83 on December 23, down 31, a range of 0.41%.

Shenhua auction transaction status: Shenhua Coal Chemical's auction volume today was 1,159 tons, down 11.8% from yesterday; the transaction volume was 655, down 18.43% from yesterday; the transaction rate was 56.51%, down 4.6% from yesterday.