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SunSirs: PP Market Price Decreased (March.17-27)
April 03 2020 08:11:13SunSirs(Daisy)

In the second half of march the domestic PP market is weak, and spot prices are more down. As of Monday, On March 27, the mainstream offer price of domestic manufacturers and traders in T30S is around 6,650.67 RMB/ton, which is 5.45% lower than the average price level on Monday, March 16.

Upstream: Propylene, recently affected by the international oil market game, oil prices repeatedly low. The previous production and inventory of propylene are relatively low, so the early decline is not significant. Now propylene inventory is not much, and the rate of production is not high, so the manufacturer's shipping pressure is small. The downstream isopropanol is one of the disinfectant raw materials, affected by public health events recently the price of a large rise, good impact on propylene. But the results are limited. In addition to other downstream factory profit margin is narrow, the industry is generally bearish, with the latter trend is also more obvious. It is expected that the price of propylene will start to stabilize in the near future, the later stage may be downward;

Product: The current domestic PP market is vulnerable to fall, and the waiting - and - see atmosphere is still heavy. Petrochemical factory prices are more down, with the trade down. PP downstream factory operating rate is general, inquiry atmosphere is depressed, and demand follow up is weak. Business confidence is not strong, with high inventory, and the end of the month to reduce the warehouse sales. Futures overall performance is also short, with the fall in sentiment.

Market Forecast: SunSirs PP analysts think that in the second half of march domestic PP spot market prices continue to be weak, upstream propylene prices are not strong, and the cost of PP support is poor. The rework rate of downstream factories needs to be further improved. Demand side orders follow up is not timely, with small orders to deal mainly. Petrochemical plant inventory pressure is greater, and the operator at the end of the month to complete the task. PP market is expected to continue to weaken in the near future.

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