Shanghai Daoqin Plastics Co., Ltd.

        近期 polypropylene (PP) market 均出现 adjustment 走势, in stock gas slip obvious, 但考虑 to basic 面变动不 large, meanwhile cost and mono 体, powder material and other price 支撑, market fall 似乎也 has difficult degree.

        受 in trade 谈判进展顺利提振, 周初包括原油 in inner large chemical industry product market 均出现 different degree rise, due to PP国庆节 rear 库存累积 relatively more, and for 价位偏 high, and lower machine property demand large and other factors effect/influence, market formed heavy improves versus for 谨慎; and 伴随 谈判利 good hot degree and in 补库行 is 结束, price again rise retardant force. month focus/key point in 于期现基差 回归, short 线 讲, in stock tool has fall pressure, deep degree lower 调空间 has 限;若标 product 流通资源维持 currently current situation, in long futures toward upper 修复 概 rate more large.

         supply pressure increase large already formed 定局, increase market lower slip 风险

        2019 year 10 month polypropylene (PP) plant/unit loss amount expected in 17.62 10,000 tons, month-on-month 9 month 份 31.56 10,000 tons decrease/reduce 44.17%, output/production volume expected in 198.23 10,000 tons, relatively front has obvious increase, add separation new plant/unit amount 产(东莞巨 positive 源, can 源二期) and other, market supply pressure has increase. is, value attention/notes is, currently is market product supply has 限, for/regarding certain new product is 持欢迎态 degree, market product supply 紧俏 局面并无 obvious understanding, in 一定程 degree upper market price.

        节 rear drop speed rate relatively fast, 石化挺价意 toward in

        如 front forecast, 国庆节期间两油库存确实 has comparison large degree increase, rear 一波补库, and macro wide 松 利 good 提振, 石化, 港口, trade 商库存均出现 different degree fall, 石化库存 more is 跌至近三 year low 点. trend left right upper 游厂家 定价, in 库存无 pressure lower, 石化厂价包括 trade 商报价均无主动 large let 利, market cost relatively is 稳健.

         powder material shrink small, material formed 底部支撑

         due to this time mono price high, make polypropylene (PP) powder material price high difficult lower, currently powder material 价差仅仅 in 100-150元/吨 water 平, generally 讲, powder material in 300元/吨 is comparison combined water 平, in powder material high 局面也限 made material price 进一步 fall.

        基于 above 四点考 amount, 我们认 is short polypropylene (PP) in stock market also is in has factors, make market less 不会流畅 fall, is 我们也不 不关注几点拖累 factors:

         outer profit expand large, Imported 窗口打开

         market Imported price again fall, PP outer 盘资源 Imported 窗口打开 meanwhile export 关闭, low 价 美金资源应 for inner 资源形 formed impact.

         in addition is, demand 确实没 has property, lower film 厂近期 construction start high, in basic 结束, again large 幅吃货 can force is has 限, future production enterprise again 次面临累库 pressure; again 者, 业者 心态并未形 formed 统一形态, 如出现空头炒 as, troubleshooting separation in low 价倾销行 is.