【PP成本供需博弈加剧】金十期货5月6日讯，1. 原材料方面：关税政策压力下，节间国内4月份PMI数据以及美国1月份GDP数据均回落，全球两大经济体需求前景边际走弱拖累国际原油，叠加欧佩克+产油国继续增产压力，原油处于偏弱运行。同时国内丙烷受贸易脱钩影响，价格走高，不过成本压力的增加拖拽了PDH制企业的开工与盈利。丙烯方面下游开工位置不高，场内追高力量不足，价格涨后回跌。综合来看各原料行情对PP成本面支撑不佳。2. 供应方面：4月国内PP企业负荷先涨后跌，市场供应大体维持充裕。近期中沙天津、宁波台塑、宁波金发等企业陆续有检修计划，同时，也有新产能投放消息。供应端对PP现货价格支撑力度一般。3. 需求方面：4月以来，PP需求端逐渐消费乏力，场内交投保持弱刚需格局。塑编方面终端企业消费水平大体走稳。建筑，农业等领域随着气温转暖对PP需求逐渐释放。未来在关税战前景下不确定性增加。国内PP下游制品出口与内需双受阻，买家采购操作偏向零散小单维持生产，市场新单虽未见显著放量。总体来看4月PP需求端表现疲弱。4. 中辉期货分析师苏日嘎拉图认为，基本面来看，原料对PP支撑表现弱势，行业供应量充裕，消费方面萎缩明显。短期来看，供需矛盾难有改观，建议密切关注关税与货源流通情况对阶段性行情扰动变化。
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.