SunSirs: Daily Review on PP on May 11
May 12 2022 15:38:28 SunSirs (John)
Price trend
According to the data monitored by SunSirs, the PP market fell on May 11, and the spot prices of various specifications were reduced in a narrow range. According to the price of SunSirs, the reference price of mainstream T30S (drawing) quotations from domestic manufacturers was about 8,780 RMB/ton.
Analysis review
Recently, the routine maintenance of domestic PP enterprises has increased, the operating rate is lower than the previous period, and the pressure on the supply side in the market has decreased.
On the cost side, the direct upstream propylene rose and then pulled back, and the far-end international crude oil continued to rise, and the support from cost side for PP was acceptable.
The demand side was relatively weak, and the overall purchase of downstream enterprises was still relatively cautious, mainly maintaining production. Due to the high inventory position of the midstream stockholders, the trading on the 11th was still dominated by profit-cutting orders, the market played a long and short game, and the market was tangled.
Market outlook
It is expected that PP prices may be weak in the short term.
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