China Zhejiang Zhenhai Refinery has four PP production lines with a total production capacity of 1.3 million tons per year. The current load of the entire line is normal. The reference price for T30S wire drawing material has been lowered, dropping by 50 RMB/ton to 6,700 RMB/ton. The spot price of merchants follows the market trend, and trading is still acceptable.

This indicates an increase in supply side pressure, with spot prices following the market and trading remaining acceptable, reflecting that the market has sufficient short-term supply but insufficient demand support, which poses a negative impact on spot prices. Based on futures data, the settlement price of the main contract 2609 was 6,362 RMB/ton, a decrease of 38 RMB/ton, and the position increased by 718 lots to 18,638 lots, indicating an increase in bearish sentiment. The downward trend in prices may continue, creating general bearish pressure on futures prices.

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