According to data from SunSirs, the average spot price of LLDPE (7042) rose 0.92% from 8,471 RMB/ton on August 18 to 8,550 RMB/ton on August 25. The average price of LDPE (2426H) increased 1.90% from 10,533 RMB/ton to 10,733 RMB/ton, while HDPE (5000S) rose 0.95% from 10,550 RMB/ton to 10,650 RMB/ton. Concentrated maintenance across multiple domestic polyethylene units has led to a decline in overall operating rates and a short-term tightening of domestic supply. Low inventory levels at petrochemical plants provide support for spot prices; however, as maintenance units restart in September and production recovers, supply pressure is expected to re-emerge.

The market is currently transitioning between the off-season and peak season. Downstream operating rates remain low, with purchasing largely limited to immediate "just-in-time" needs. While the onset of the stocking cycle for agricultural films has generated some expectations for a peak season, the actual release of orders has been slow. Downstream acceptance of high-priced raw materials is limited, and a lack of proactive restocking means demand is struggling to drive significant price increases.

Geopolitical factors have pushed up crude oil prices, raising raw material costs for oil-based PE production and providing a floor for market prices, though this has compressed processing margins for oil-based producers. In contrast, coal prices for coal-based production routes remain stable, resulting in little change in costs.

Current market trends are driven by a tight spot supply balance resulting from maintenance and rising costs, even though actual demand remains weak. With maintenance work ongoing in the short term and cost support persisting, the market is expected to fluctuate at high levels.

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