According to the Commodity Market Analysis System of SunSirs, the PP market in March was in a consolidation operation, and the price adjustment range of most brand products was relatively narrow. As of April 1st, the mainstream offer price for wire drawing by domestic producers and traders is around 763.33 RMB/ton, which has increased or decreased by 0.62% compared to the price level at the beginning of March.

In terms of raw materials: At the end of February and the beginning of March, the geopolitical conflict in Eastern Europe eased, and the news of oil producing countries' plans to increase production also affected the trend of PP's upstream crude oil. In late March, some potential negative factors were digested, and oil prices rebounded from low levels. However, due to the negative transmission of crude oil in the early stage and the drag of lower than expected trading, the spot price of propylene broke through and fell during the month. The price of propane mainly fluctuates with crude oil, while inventory is relatively low, and overall it is operating steadily. Overall, the PP raw material market in March showed mixed ups and downs, providing moderate support for PP costs.

In terms of supply: After the increase in domestic PP enterprise load in March, there was a pullback, and the market supply remained generally abundant. Overall, the industry's overall load level has decreased by about 1% to 76% compared to the beginning of the month, and the domestic weekly average production has returned to nearly 730,000 tons by the end of the month. The interval is in the stage of capacity implementation blank, and enterprises such as Maoming Petrochemical, Donghua Energy, and Zhongjing Petrochemical have reduced their load to varying degrees due to monthly maintenance tasks. In terms of the future market, there has been a mutual resumption of maintenance work recently, with Yulong Petrochemical and Haiwei Petrochemical experiencing a rebound in load. In early April, maintenance plans for Hengli Petrochemical, Yangzi Petrochemical, and others have been announced. Domestic supply is generally abundant and stable. The supply side's support for PP spot prices has flattened.

In terms of demand: In March, the demand side of PP slowly improved, with on-site insurance holding essential needs. In terms of plastic weaving, the consumption level of terminal enterprises has generally stabilized. The demand for PP in fields such as architecture and agriculture is slowly increasing with the warming temperatures. Buyers tend to maintain production through scattered small orders in their purchasing operations. Although there has not been a significant increase in new orders in the market, the benefits are due to factors such as policies, which continue to release consumer willingness. Overall, the demand side performance of PP in March was decent, but due to the background of weak overseas macroeconomics and the impact of US tariffs, there was a significant breakthrough in export resistance.

In March, the domestic PP market prices remained stable with slight increases. From a fundamental perspective, the overall performance of upstream raw materials in supporting PP is average, with slight fluctuations in industry supply, strong demand support in consumption, market supply-demand competition, and a temporary balance between long and short positions. In the short term, the PP market is moving moderately, and the price trend may continue to consolidate.

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