Continuous plastic shrinkage to increase positions, futures price rebound is weak

News: 1.
Maoming Petrochemical No.
2 high-pressure maintenance from March 18 for 63 days, 350,000 tons of low-pressure equipment is planned to be overhauled for 39 days
from March 24 to May 2.
Some units were briefly overhauled
.
Yanshan Petrochemical's 180,000-ton old high-voltage plant, 200,000-ton new high-voltage plant and 180,000-ton low-voltage plant are scheduled to be overhauled from March 31, 2021 to May 14, 2021, lasting 45 days
.
2.
Lianyungang Petrochemical's 1.
25 million tons/year ethylene cracking unit cracking furnace has been officially ignited successfully on January 15, and the granulation unit is planned to be tested on March 25 and officially put into operation in mid-April, with an HDPE production capacity of 400,000 tons/year
.

Market quotation: North China Daqing Petrochemical 7042 mainstream price is 8850 yuan / ton, -50 yuan
.

Warehouse receipt inventory: 933 warehouse receipts, -232 stocks
.
Main positions: Top 20 long positions 169806, +4104, short positions reported 186817, +3658
.
Reduced
headroom.

Summary: In March, there were installations in Asia for shutdown and maintenance, and the supply in overseas markets remained tight
.
Dow Chemical said the price of all polyethylene resin it sells in the U.
S.
will increase by 9 cents/pound ($200/ton)
starting in April.
Domestic: The average operating rate of domestic polyethylene enterprises fell last week, and the total output of polyethylene decreased
.
The operating rate of domestic PE downstream industries is 59%, except for the decline in the operating rate of agricultural film enterprises, the operating rate of pipe, packaging film, hollow and injection molding enterprises has increased
by different degrees.
In particular, the operating rate of packaging film enterprises has increased significantly
.
The PE inventory of domestic polyethylene enterprises (oil + coal) continued to decline, down 3.
28%
week-on-week.
Downstream bargain hunting, resistance to high prices, poor shipments by traders, and a sharp increase of 20.
54% in inventory, indicating that the inventory of production enterprises has shifted to middlemen, and the inventory has not really been digested
.
From late March to April, new installations were put into operation, and the market was well supplied
.
Inventories at major domestic ports have rebounded and are higher than the same period last year
.
At present, Liansu continues to be in a high-level shock pattern, but the short-term trend is weak
.