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CN Blog
Polypropylene Market Update – 1st April 2026
I. Key Focus
- March 31: The United States and Iran expressed positions on ending the conflict, but military actions have not ceased. Supply risks persist, and international oil prices showed mixed movements.
- NYMEX crude oil (May contract): $101.38/barrel, down $1.50 (-1.46%)
- ICE Brent (May contract): $118.35/barrel, up $5.57 (+4.94%)
- China INE crude (May 2026): down 13.7 to 749.3 RMB/barrel, night session down 55.4 to 693.9 RMB/barrel
This week (Mar 20–26, 2026), the average operating rate of China’s downstream polypropylene (PP) industries (including plastic weaving, injection molding, BOPP, PP pipe, PP nonwoven, CPP, transparent PP, and modified PP) increased by 1.15 percentage points to 47.51%.
With the peak season (“Golden March”) and the Qingming holiday approaching, terminal demand is entering a concentrated recovery phase.
- On March 31, propylene prices remained stable:
- FOB Korea: $1,250/ton
- CFR China: $1,335/ton
Core logic: Cost support underpins the price floor, while negative feedback from the demand side persists.
II. Price Table
| Product | Category | Mar 30 | Mar 31 | Change | Unit |
|---|---|---|---|---|---|
| Crude Oil | NYMEX | 102.88 | 101.38 | -1.50 | USD/barrel |
| ICE Brent | 112.78 | 118.35 | +5.57 | USD/barrel | |
| Propylene | Domestic | 8770 | 8750 | -20 | RMB/ton |
| Methanol | Domestic | 2900 | 3060 | +160 | RMB/ton |
| PP Futures | Main Contract | 9269 | 9103 | -166 | RMB/ton |
| Raffia (Mainstream) | Zibo | 9293 | 9049 | -244 | RMB/ton |
| Ningbo | 9337 | 9178 | -159 | RMB/ton | |
| Guangzhou | 9658 | 9560 | -98 | RMB/ton | |
| Related Products | PP Powder | 9130 | 8930 | -200 | RMB/ton |
| PE | 9136 | 8969 | -167 | RMB/ton |
Notes:
- RMB prices are cash prices including VAT.
- Prices refer to two recent working-day points, not weekly averages.
- Changes are week-on-week variations.
III. Market Outlook
As the Middle East conflict moves toward negotiations, crude oil volatility is easing, with prices fluctuating at high levels. High costs continue to provide strong support.
- Futures market: fluctuating downward
- Spot market: narrow-range decline
- Domestic PP producers: increasing shutdowns and reduced operating rates → strong supply-side support
- Downstream buyers: cautious toward high-priced cargo, purchasing mainly on demand
Overall, prices are unlikely to fluctuate significantly in the short term. Market consumption growth will need to be validated by actual transactions.
Expected East China raffia price: 9,100–9,300 RMB/ton
IV. Data Calendar
| Data Item | Release Time | Previous | Expected Trend | Unit |
|---|---|---|---|---|
| Total PP Inventory | Wed 16:30 | 74.71 | ↓ | 10,000 tons |
| PP Operating Rate | Thu 16:30 | 69.99% | ↓ | % |
| Weekly Maintenance Impact | Thu 16:30 | 23.115 | ↑ | 10,000 tons |
| Total PP Output | Thu 16:30 | 72.27 | ↓ | 10,000 tons |
| Oil-based PP Profit | Thu 16:30 | -742.94 | ↑ | RMB/ton |
| Coal-based PP Profit | Thu 16:30 | 1874.93 | ↑ | RMB/ton |
| PDH-based PP Profit | Thu 16:30 | -3249.13 | ↓ | RMB/ton |
| PP Import Profit | Thu 16:30 | -1256.46 | ↑ | RMB/ton |
| PP Export Profit | Thu 16:30 | 143.8 | ↓ | USD/ton |
Notes:
- ↓ / ↑ indicate significant changes (over 3%)
- ↗ / ↘ indicate minor fluctuations (within 0–3%)