9月26日国内PP市场更新

2025年09月29日

TDD-global

7932

指南

亮点速览

国内聚丙烯市场短期维持区间震荡格局：库存方面，石化聚烯烃及原油总库存降至58.5万吨（日减3万吨），油气公司聚烯烃库存进一步降至9.5万吨，压力缓解；期货端PP2601合约震荡上行，结算价6900元/吨（+7点），资金净流入超28亿元，但上行动能有限；现货价格稳中偏弱，主流报价6670–6870元/吨，仅部分牌号小幅下调30–150元/吨，下游刚性补货为主、囤货意愿低，成交清淡；供应端利维玛20万吨装置今日重启，叠加OPEC+增产与全球经济疲软压制，多空博弈明显，地缘风险提供支撑。综合看，供需缺乏明确驱动，市场情绪谨慎，交易氛围平淡。

国内石化库存：聚烯烃及原油产品的库存总量达到58.5万吨，较昨日下降了3万吨。

期货分析：

9月26日晚间，PP2601合约价格呈震荡上涨态势。早盘延续了涨势，午后价格一度大幅攀升，随后略有回落。开盘价为6890，最高价为6930，最低价为6868，振幅为62。开盘成交量：609,770手，结算价：6900点，较昨日结算价6893点上涨7%。当日成交量：229,349手，资金流入：29.42亿元，资金流出：9,034万元。

拉丝主流市场报价：

Opening volume: 609,770, settlement price: 6900, compared to yesterday's settlement price: 6893, a 7% increase. Daily trading volume: 229,349 lots, deposited funds: 2.942 billion yuan, and capital outflow: 90.34 million yuan.

Mainstream Market Quotes for Wire Drawing:

国内现货市场分析：

今日国内PP市场整体保持稳定。华北、华东、华南、西南及西北地区的市场价格与昨日持平。价格方面：国内聚丙烯主流价格区间为每吨6,670至6,870元。当前PP市场呈现出供需动态和价格波动的特点。出厂价格总体保持稳定，仅部分牌号出现降价，降幅为每吨30至150元，价格调整幅度有限。

下游需求以刚性需求为主导，补货态度谨慎，未出现大规模囤货现象，导致现货市场后续成交缓慢。由于供需两端均缺乏明确的驱动因素，现货价格始终处于区间波动状态。在期货市场，市场情绪依然谨慎，上行动力不足，仅呈现试探性上涨。总体来看，当前市场交易氛围较为平淡，整体维持盘整格局。

The current PP market is characterized by a supply-demand dynamic and price volatility. Ex-factory prices remain generally stable, with only some grades experiencing price reductions of 30-150 yuan/ton, representing limited price adjustments.

Downstream demand is driven by rigid demand, with cautious restocking and no large-scale stockpiling. This has led to slow follow-up transactions in the spot market. With no clear drivers on either the supply or demand side, spot prices have remained range-bound. In the futures market, market sentiment remains cautious, with insufficient upward momentum and only tentative upward movement. Overall, the current market trading atmosphere is subdued, maintaining an overall consolidation pattern.

市场预测：目前聚丙烯市场面临多空交织的局面。利好因素主要来自美国持续对产油国实施制裁以及地缘政治的不确定性，这在一定程度上提供了支撑。而利空因素则受到欧佩克+持续增产以及全球经济表现疲软的压制。

Market Forecast: The polypropylene market currently faces a mix of bullish and bearish factors. Positive factors primarily stem from the continued US sanctions on oil-producing countries and geopolitical uncertainty, providing some support. Negative factors are being suppressed by OPEC+'s continued production increases and the weak global economic performance.

在供应和库存方面，利维玛新材料的20万吨聚丙烯装置预计将于今天恢复生产。与此同时，油气公司聚烯烃库存持续下降，本周已降至9.5万吨，库存压力有所缓解。需求方面，下游补货力度有限，现货市场表现疲软。

尽管下游需求依然强劲，但补货热情不足，难以有效推动价格上涨。工厂仅进行适度的节前备货，整体市场策略以谨慎降本减库存为主。总体来看，短期内PP市场或将维持区间震荡格局。

国内

While downstream demand remains strong, restocking enthusiasm is insufficient, making it difficult to effectively drive prices higher. Factories are only engaged in moderate pre-holiday stockpiling, and the overall market strategy is cautiously cutting corners and reducing inventory. Overall, the PP market is likely to remain range-bound in the short term.

Domestic 聚丙烯索引：根据淘多多的数据，9月26日国内PP现货指数为6781.00，下跌0.00%。