Shanghai Daoqin Plastics Co., Ltd.

         year polypropylene (PP) price in Q3 degree large rear fast speed lower slip, 整 2019 year market performance 不佳, low 位震荡态势. 2019 year Q3 degree PP market price 呈倒“N”字 type 走势. 7, 8 month market low lower 行, new plant/unit start production, market supply increase, 两油库存 pressure relatively large, overall in 70-80 10,000 tons, supply pressure obvious, 8 month although plant/unit in, is demand environmental protection made 持续维持疲 soft 状态, in stock market price pressure low, lower 旬人民币“破7”, in trade 局势紧张 and other macro 面消息打 pressure market 心态, market price 跌至三季 degree inner most low 位置. 进入9 month 份原油 large 幅拉涨, 检修利 good 提振, demand relatively front has good, overall good factors 主导, market fast speed 拉涨, in 旬PP price high 位. rear futures 连跌打 pressure, lower 游接货 force degree 受限, in stock market price overall lower 行.

        国庆节 rear 两油库存 again degree high 企, in stock market again degree pressure. day 伊朗油轮 in 沙特附近 红海遇袭令 market for in 东 缘局势 忧虑情绪 increase, in addition in 美谈判 积极进展也令油价 obtain 支撑, price rise, polypropylene (PP) market 跟进略显乏 force.

         new plant/unit start production in

        2019 year inner PP plant/unit new increase production capacity summary

        近几 year polypropylene (PP) production capacity expand increase speed. 2014 year year new increase 325 10,000 tons, 2015 year rear increase speed has 放缓, to 2016 year polypropylene (PP) production capacity formed 功站稳2000 10,000 tons high 点. year production capacity fast speed expand 张, 截止木 currently, inner already 投6 strip/profile PP plant/unit 产线, new increase production capacity 202 10,000 tons / year. degree, large Hengli 二期, 浙江石化 and large 美产线存 start production 预期, 截止2019 year in production capacity 约2520 10,000 tons / year.

        四季 degree PP plant/unit relatively less

         upper can 看出, year inner front 三 季 degree loss amount increase, Q3 degree loss amount high 达84 10,000 tons left right, however 据监测, Q4 degree inner plant/unit relatively front obvious decrease/reduce. Formosa Plastics plant/unit 检修25天10 month in heavy 启;广州石化一三线于10 month plan 检修25天;宁波福基10 month 初检修30-40天; large Hengli plant/unit 10 month expected 检修10天 left right. expected Q4 degree loss amount in 31 10,000 tons.

         production capacity expand add 之检修 loss amount decrease, supply pressure 凸显. however lower demand 却不尽人意, rear 期随 北方 区采暖季 临, 各 区 different degree 限产, 停产, 终端消 consumption amount to made. supply and demand difficult understanding, expected Q4 degree inner polypropylene (PP) market upper pressure relatively large, overall low 势震荡态势.