Shanghai Daoqin Plastics Co., Ltd.

         large product market, toward is new 人笑, tube/pipe 旧人哭. 丙烷脱 hydrogen 自2015 year 至今, light 无限 五 year, 仿若白驹 隙, 一晃而. its production capacity from to has 直至今 day, in China propylene - polypropylene (PP) industry development in, to market from 业者 一贯印象持续 is profit thick. however, from 决盈利, to lower obvious loss, in must between, 丙烷脱 hydrogen 突遇寒冬, to large 亏 谓何般?

         from PDH industry profit 看, 丙烷脱 hydrogen made polypropylene (PP) 盈利情况持续 relatively good, 以华东 product is 例, 2018 year 理论盈利 in 2640元/吨, 2019 year 1-11 month 份盈利 in 2184元, strong/high other process water 平. 然进入12 month 份, inner liquid 化石油 gas price 受国际 market large and inner Imported price large upper belt/tape 动, 各 区出现 different degree 调涨, price large rise, 自11 month 初至12 month 底, 丙烷国际 price high 达150美元/吨, 而反观国 inner polypropylene (PP) price, 自11 month 初至12 month 底, 却出现 large lower slip, again lower year inner new low 点. 丙烷脱 hydrogen made polypropylene (PP) in China polypropylene (PP) market 话语权方面 still thin low, for poly large can by 动接受, 导致丙烷-PDH-PP路线 profit speed lower slip, 至12 month lower 旬, already 进入亏 loss 状态, currently market 售价, 丙烷脱 hydrogen made polypropylene (PP) mono loss already 达200元/吨, 且随 国际 market price 持续走 high, loss still has add 剧担忧.

         currently 丙烷脱 hydrogen sleeve/set lower polypropylene (PP) production can force is 220 10,000 tons, polypropylene (PP) production capacity 8.9%, PDH脱 hydrogen propylene, currently can production general purpose grade homopolymer product, market 话语权偏 low, low cost advantages already obvious, low for market impact 不言而喻.

         according to R&D 现, currently 丙烷脱 hydrogen (PDH) made propylene process loss is short factors effect/influence, from year water 平 看, process still maintain relatively strong/high market competition force, currently plant/unit and profit 保护, separation plant/unit short 暂停产 adjustment, 绍兴三圆PDH production capacity 45 10,000 tons / year, day (12 month 26 day)停车检修, plan 检修两周 left right, 天津渤化丙烷脱 hydrogen (PDH) plant/unit plan 于12 month 28 day 停工检修, is 期40天 left right. positive 源PDH plan 1 month 初停车检修10天, PP跟随 short 停, can 源维持 positive production, has 停车消息. in PDH停车期间PP plant/unit outer propylene production.

        12 month 份以, full 国呈现 non obvious low high 情况, separation 体现出本轮 market large upper 行, main/primary is Imported belt/tape 动. Imported gas 至12 month 底售价 already for 1 month CP rise 预期进行 充 separation 消化, Imported price already 经出现 ultra- 涨 trend, currently supply 紧张局面暂未缓 understanding, for/regarding currently market high 价支撑 force degree decrease low, 1 month 份开始伴随 demand has decrease low, add upper rear 期供暖 demand amount decrease/reduce, market gas or drop temperature, 初步预期1 month Imported price will has 回调空间出现. and propylene is 决定PDH project key/critical factors, 随 丙烷 price low, 丙烷脱 hydrogen profit will is 盈, polypropylene (PP) still lower 行通道之 in, profit difficult 恢复至2018 year high 位.

         polypropylene (PP) in stock lower 探, future lower 游终端 demand decline in difficult 免, rear demand 逐渐进入收尾 stage/phase, procurement will 持续放缓, market 回落风险 add 剧. in stock 端跌势未止, therefore 期价继续 toward lower 开拓空间概 rate relatively large, 主动 库存 cycle has front, long 期维持看空观点. as upper, front 期入场 空 mono can 继续持 has.