Overvaluation of polypropylene, medium and long-term operating pressure may increase

Recently, the Sino-US trade friction has re-emerged, and international oil prices have plummeted, but the main PP contracts have not overreacted, and the relatively stable cost and fundamentals have formed a great support for prices; Affected by problems such as overvaluation of spreads, PP's medium and long-term market operating pressure is expected to increa.

The overall performance of polypropylene in July was ascribed and fe.

The price of copolymerization is upside down and drawn, and the price difference needs to return

The price of copolymerization is upside down and drawn, and the price difference needs to return

Petrochemical inventory pressure is revealed again, and it is difficult for PP to effectively reduce inventory

Petrochemical inventory pressure is revealed again, and it is difficult for PP to effectively reduce inventory

The rebound in the spot price of polypropylene in mid-June can actually be understood as a poor expectati.

Profit valuation is high, correction is possible

Profit valuation is high, correction is possible

The spot level of polypropylene, whether in terms of production profit or the price difference between varieties (drawing-copolymerization), its valuation is at a high lev.

The new plant is put into production and the supply transitions to a looser

In July 2019, the maintenance loss of polypropylene plants in China was about 253,800 tons, most of which were planned maintenance plants, and a few were temporarily shut down for maintenan.