Positive Signal Enhances PP Market Atmosphere

2019年08月20日10:10 来源：无

Since August, the domestic polypropylene market has been performing normally, and has been in the process of small fluctuations. At the beginning of the month, Petrochemical inertia bid-offs, futures oscillation operation, has a certain supporting role on the spot inventory. Just as the confidence of the future market has been slightly boosted, negative factors are intertwined. Since the second Monday of this month, affected by the escalation of Sino-US trade frictions, crude oil prices continued to fall, the cost side began to loosen, PP futures synchronously declined and shocked the market mentality. Lower-stream terminal bearish sentiment and limited terminal demand led to high petrochemical stocks. In order to further de-stock, the price of petrochemical plants has been reduced in turn. Spot prices fell.

Upstream:

With the rebound and further increase of crude oil, the propylene market has performed well, the center of gravity has risen, and the cost-side supporting role of polypropylene has been strengthened, which has pushed the price of polypropylene higher. At the same time, we also note that the recent PP futures end has been driven by macro-positive and the rise of crude oil futures, which has also raised the spot price to a certain extent. Vibration.

Domestic devices:

Since August, the number of temporary parking devices has increased in addition to those scheduled for maintenance. Dalian Xitai, Yan'an Energizer, Zhongtian Co-Creation, Zhongan United and Yan'an Refineries have temporary parking, and the starting time has yet to be determined. The second line of Yanshan Petrochemical Company stopped for overhaul on August 5 and resumed operation on December 12. The loss of equipment overhaul increased compared with July. Although the new production device started gradually, but the production is not stable. Zhongan Joint Parking Company temporarily stopped on August 10 and Juzhengyuan temporarily stopped on August 14. Overall, there is little pressure on the supply side this month.

Weather factors:

In mid-August, Typhoon Limaqi landed in Wenling, Zhejiang Province, and headed northward all the way. On November, it landed in Shandong Province. Typhoon crossed the border, causing strong winds and heavy rainfall. Heavy rain caused serious damage to infrastructure, housing, public buildings and grain fields. After the disaster, it caused serious damage to flood relief and disaster rescue. The demand for plastic woven products has increased, and the vegetable base in Shouguang, Shandong Province, has also suffered a heavy blow. Due to the rainstorm brought by typhoon, the water inflow of vegetable greenhouse even collapsed, and the reconstruction work after typhoon will increase the demand for greenhouse film.

In summary, the macro-positive situation has brought about the rise of crude oil, the increase of cost support, the decrease of polypropylene supply pressure and the increase of demand due to the increase of equipment overhaul and typhoon weather, and the willingness of terminal production enterprises to receive goods increases with the coming of peak season. For polypropylene in the short term, the industry may report optimism.

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