短期原油反弹对估值形成支撑 聚烯烃价格有一定反弹

光大期货
Oct 23, 2025

  周三,华东拉丝主流在6500-6600元/吨,油制PP毛利-273.92元/吨,煤制PP生产毛利-331.2元/吨,甲醇制PP生产毛利-1139.33元/吨,丙烷脱氢制PP生产毛利-397.27元/吨,外采丙烯制PP生产毛利-293.83元/吨。PE方面,HDPE薄膜价格在7978元/吨,LDPE薄膜价格在9284元/吨,LLDPE薄膜价格在7197元/吨;利润端,油制聚乙烯市场毛利为-52元/吨;煤制聚乙烯市场毛利为131元/吨。供应方面,短期产量将维持高位,需求方面,虽然10月下游订单仍有支撑,但边际增量将逐步下降。综合来看,短期原油反弹对估值形成支撑,因此聚烯烃价格有一定反弹,但基本面驱动边际走弱,预计聚烯烃价格将进入震荡阶段。

(文章来源:光大期货)

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