According to the data monitored by business associations, the PP market in the first week of April showed a small upward trend. As of April 4, the mainstream offer price of T30S by domestic producers and traders was 8883.33 yuan/ton, down 0.76% from the beginning of the month.
II. Cause Analysis
Demand for propylene downstream has improved and business confidence has increased. At the same time, affected by the strong futures, propylene prices rose in early April; domestic PP plants increased their offer, the downstream slightly contradicted the high price, and demand follow-up was poor. Zhenhai Refining and Chemical (Sinopec East China) PP ex-factory price, drawing T30S price was 9100 yuan/ton. Jiujiang Petrochemical (Sinopec East China) PP ex-factory price, drawing T30S quoted 8800 yuan/ton. Fushun Petrochemical (CNPC East China) PP ex-factory price, drawing T30S quoted 8750 yuan/ton. Daqing Petrochemical (CNPC Northeast) PP ex-factory price, drawing T30S quoted for 8900 yuan/ton. Dalian organic PP (CNOOC Northeast) ex-factory price, drawing T30S quoted 8750 yuan/ton. Jingmen Petrochemical (Huazhong) PP ex-factory price, drawing T30S quoted 8850 yuan/ton.
3. Future Market Forecast
PP analysts believe that in early April PP market by cost support shocks slightly increased, there is resistance downstream, weak trading atmosphere, PP market is expected to continue shocks in the near future.