Plastics: Today’s Market Summary And Tomorrow’s Outlook（November 22, 2022）

Nov 22, 2022

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PP granules

Today, the price of PP in the domestic market fell by 30-100 yuan/ton. The downward trend of futures has obviously dragged down the atmosphere of the spot market. The prices of some petrochemical production enterprises have been lowered, the cost support has been weakened, and the quotations of traders have been lowered along with them. The downstream terminal was short of new orders, so it was prudent to purchase. In the afternoon, some deals were made at low prices, and the overall trading atmosphere was ordinary. Today, the mainstream price of wire drawing in North China is 7700-7900 yuan/ton, that in East China is 7700-7870 yuan/ton, and that in South China is 7950-8050 yuan/ton.

Forecast: The domestic PP futures are weak today, and the spot market is generally low. After the macro atmosphere became calm, the market returned to the dominance of supply and demand fundamentals. On the supply side, the domestic production facilities have not changed much recently. The external market continues to weaken and the appreciation of the RMB has increased the import offer. On the whole, the supply pressure remains. In terms of demand, the downstream is generally weak due to poor logistics, seasonal slack season, weak export and other factors. Based on this, PP continues the pattern of loose supply and demand, but the short-term cost support is still strong. Zhuochuang Information expects that the PP market will be reorganized by shocks tomorrow. Taking East China Polypropylene as an example, the expected price range is 7700-7850 yuan/ton.

BOPET

Today, the domestic BOPET market is stable and weak, and in East China 12 μ The negotiated turnover of ordinary membrane was 8210-8510 yuan/ton, 50 yuan/ton lower than the previous trading day, 150 yuan/ton lower than the same period of last month, and 3300 yuan/ton lower than the same period of last year; East China bronzing film negotiation 8800-9000 yuan/ton; North China 6 μ The negotiation of aluminized substrate is 10200-10500 yuan/ton. East China 20 μ- seventy-five μ The printing film is 8210-8510 yuan/ton, and the release base material is around 10000 yuan/ton. Some large orders are on the low side, and the transaction is average.

Forecast: Although some production lines of BOPET have been overhauled in the near future, the inventory is still in place and the overall supply of goods is relatively loose; Downstream demand is weak, and the wait-and-see situation is getting worse. The willingness to continue replenishment is limited. The breadth of crude oil was adjusted within the session. Polyester raw material PTA (5140, -114.00, -2.17%) and ethylene glycol futures declined. Polyester chips were stable and cost support weakened. On the whole, the contradiction between supply and demand has not been alleviated, and the raw materials have declined due to shocks. Zhuochuang Information expects that the BOPET market will fluctuate in a narrow range in the near future, mainly relying on the delivery of documents.