PE Market: Inventory & Weak Trend

Domestic petrochemical inventory: The inventory of polyolefins from the two oils is 830,000 tons, down 15,000 tons from yesterday.

PE spot market analysis: Today, the overall price adjustment direction of the domestic PE market is different. Among them, the prices of low-pressure film materials and low-pressure wire drawing in North China and East China fell, ranging from 20-30 yuan/ton, and the market prices in other regions were stable but weak.

China and the United States agreed to implement the results of the economic and trade talks to boost the confidence of the crude oil market in the demand outlook, and international oil prices rose. In addition, the overall supply in the market is sufficient, and the inventory of polyolefins from the two oils maintains a slow pace of destocking.

Coupled with weak terminal demand, the driving force for price increases is insufficient. However, some downstream factories have the behavior of replenishing inventory at low prices, and the low-price transaction situation has improved slightly.

PE spot trend forecast: In terms of raw materials, the crude oil market may be affected by the potential increase in supply risks, the instability of the geopolitical situation, the peak travel season in the summer in the United States, and the negative factors such as OPEC+ maintaining its position of increasing production and weak global crude oil demand.

It is also necessary to pay attention to the impact of related changes on international oil prices. On the supply side, there are no PE units scheduled for maintenance next week, but the possibility of additional shutdowns cannot be ruled out.

In addition, PE units involving about 1.1 million tons of Hengli Petrochemical, CNOOC Shell, Guangdong Petrochemical, etc. are scheduled to resume operation. It is expected that the supply pressure on the market may gradually increase.

On the demand side, the downstream purchase of raw material PE is not good, and it is expected that the downstream may maintain the main purchase of rigid demand in the short term. Overall, the polyethylene market is expected to consolidate weakly in the short term.

Mainstream PE market quotes:

PE futures analysis: L2509 opening price on June 6: 7045, highest price: 7105, lowest price: 7044, position: 543941, settlement price: 7072, yesterday's settlement: 7043, increase: 29, daily trading volume: 342,343 lots, deposited funds: 2.69 billion, capital inflow: 11.12 million.

Domestic PE index: According to Tuduoduo data, the domestic HDPE spot index was 7662 on June 6, up 5; the LDPE film spot index was 9166, up 26; the LLDPE spot index was 7246, up 5.

Shenhua auction statistics: Linear today's auction volume is 400 tons, and today's transaction volume is 400 tons. High pressure today's auction volume is 247.95 tons, and today's transaction volume is 0 tons. Low pressure today's auction volume is 0 tons, and today's transaction volume is 0 tons.

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