According to Sina Finance, since the start of 2025, domestic PP filament market prices have generally trended downward with volatility. The price spread between South China, East China, and North China gradually narrowed from January to October but has recently widened. Looking ahead, maintenance activities in South China's facilities are more concentrated, which will ease supply pressure. The PP filament price spread between South China and other regions is expected to widen further.

Since 2025, price trends across all regions have been consistent, showing a fluctuating downward trajectory. Crude oil prices have generally trended downward this year. Although oil prices have seen periodic rebounds, their support for PP's cost side remains weak. From a supply-demand fundamentals perspective, new production facilities have continuously come online this year. Improved profitability among domestic producers has maintained high operating rates, gradually increasing supply-side pressure. Concurrently, downstream factories face insufficient new orders and poor profitability, limiting their willingness to procure raw materials. This has prevented significant demand release, exerting downward pressure on PP prices and driving the domestic PP spinning market price lower.

Since the beginning of this year, the highest PP spinning price differential between South China and North China reached 270 RMB/ton, while the South China-East China differential peaked at 145 RMB/ton. The East China-North China differential hit a maximum of 180 RMB/ton. The lowest spread between South China and North China reached -130 RMB/ton, while the lowest spread between South China and East China hit -130 RMB/ton. The lowest spread between East China and North China was -60 RMB/ton. Recently, price differentials have widened across all three regions.

Regionally, North China has seen the steepest decline in PP spinning prices recently, while South China and East China have maintained relatively firm prices, creating divergent price differentials across the three major regions. In the first half of the year, increased supply from numerous new facilities commissioned in South China and North China led to greater price declines in their PP spinning markets. By the second half, the price differential between East China, South China, and North China narrowed further to around 0-50 RMB/ton.

Since October, although new capacity from the Phase II Line 1 at Daqiao Petrochemical and Phase II at Guangxi Petrochemical came online in East and South China, multiple unplanned maintenance shutdowns at other facilities offset the pressure from new production. This also led to structural supply tightness in some areas. As a result, PP filament prices in East and South China received stronger support from the supply side, experiencing relatively smaller declines. resulting in a relatively narrower price differential between South China and East China. In contrast, North China faced sustained price declines under the pressure of its large production base, widening the price gap with South China and East China to over 100 RMB/ton.

Looking ahead, no new plants are scheduled to start production in the near term. Recently, Dongguan Juzhengyuan in South China halted all four production lines totaling 1.4 million tons of capacity. Additionally, multiple plants remain scheduled for maintenance, with most existing maintenance units set to restart gradually after the end of this month. Consequently, supply pressure in South China will ease further in the short term, providing stronger bottom support for South China PP filament prices. In East China, few new maintenance units have emerged recently, and the region faces strong supply pressure from North China's Yulong Petrochemical resources, limiting supply-side support.

Consequently, the price spread between South China and other regions for PP filament is expected to widen further in the near term, potentially increasing the diversion of PP filament resources from other regions to South China.

As an integrated internet platform providing benchmark prices, on November 18, the benchmark price for PP (filament) on SunSirs stood at RMB6,486.67 per ton, marking a 3.52% decrease compared to the beginning of the month (RMB 6,723.33 per ton).

Application of SunSirs Benchmark Pricing：

Traders can price spot and contract transactions based on the pricing principle of agreed markup and pricing formula (Transaction price=SunSirs price + Markup).

If you have any inquiries or purchasing needs, please feel free to contact SunSirs with support@sunsirs.com