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ZhuoChuang Information: Geopolitical tensions flare up again, and the increase in propylene prices expands

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Propylene prices rebound from low levels, especially as geopolitical conditions fluctuate repeatedly, with a clear increase in propylene prices. As of July 14, propylene prices in Shandong have risen to 8,600–8,840 yuan/ton, up 1,745 yuan/ton from the low point in late June, a rise of 25.02%. At the end of June, some PDH units were temporarily shut down, reducing the amount of spot supply in the market. At the same time, certain major producers in Shandong had difficulty picking up cargo, leaving available market resources tight. Meanwhile, downstream demand for just-in-time needs still exists, and some light replenishment at low levels drove a rebound in propylene prices. In the current stage, renewed conflict between the US and Iran has broken out again, passage through the Strait of Hormuz has been obstructed, and raw material supply for some propylene plants is not going smoothly. The market is expected to have less supply, and with both crude oil and propane prices rising, pressure on propylene costs has increased sharply. Combined with downstream plants’ panic buying, the increase in propylene prices has expanded noticeably. In the short term, geopolitical conditions are still expected to dominate market sentiment, and prices are expected to remain at high levels in mid to late July. (Zhichuang Information)
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