Raw material prices fell and PP shocks closed higher

Raw material prices: Japan naphtha CF Japan reported 457.
62 yuan / ton, down 6.
63; naphtha FOB Singapore reported 49.
27 US dollars / barrel, down 0.
75
.
ethylene CFR Northeast Asia 1210 US dollars / ton, down 10; CFR Southeast Asia was flat at $1,100/mt
.
The CIF price of propylene in China was 942 US dollars / ton, unchanged
.

Spot prices: foreign spot market prices rose slightly, the Far East was quoted at $1030 / ton, up 5, and China's CIF price was 1030 US dollars / ton, up 5
.
rising prices in the domestic market; East China Ningbo 8200 yuan / ton, up 50; South China Maoming reported 8400 yuan / ton, flat
.

News side: 1.
CNPC East China PP granules listed down 200-300, T30S 8200, L5E89 8150, Dalian T38F 8200, Dalian 500P 8300, EPS30R 8850, K8003 9200, Fushun C703L 8650, Dalian T30S guidance price 8200, L5E89 guidance price 8150
.

Upstream crude oil and methanol prices fluctuated, weakening the cost support of polypropylene
.
In mid-to-late March, although the maintenance of equipment gradually increased, and downstream rigid demand rebounded slightly, the short-term social inventory digestion was slow and remained high, and the petrochemical ex-factory price was lowered, which put pressure
on prices.
The future market pays attention to the enthusiasm of taking goods downstream and market supply after the price falls, and expects the short-term futures price to maintain a range adjustment
.
Technically, the PP1705 contract tests the pressure around 8400 above and the 8000 integer mark support below, and is expected to maintain a short-term oscillation in the 8000-8400 range, and range trading
is recommended.