March 10, 2022
According to the data monitored by SunSirs, the PP market remained at a high level on March 8, and the spot reference prices of some brands were mostly sideways. According to the price of SunSirs, the reference price of mainstream T30S (drawing) offers from domestic manufacturers was around 9,180 RMB/ton.
At present, the load of PP enterprises is high and the supply is sufficient. In terms of demand, downstream purchasing tends to maintain production just as needed, and the level of intra-market trading is average.
On the upstream side, international crude oil continued to strengthen due to the tensions in Eastern Europe. Affected by this, PP has recently gained strong support from the cost side and followed the rise of petrochemical chain products. Enterprises and the midstream are more willing to support prices.
There are multiple maintenance plans in the market outlook, and the supply is expected to decrease.
It is expected that the PP spot price will remain strong in the short term.