China propylene market dropped 3.5% in the week ending 7 November 2025, FOB Qingdao, the lowest since mid-2024. Weak feedstock crude oil down by 1% on the back of US inventories raising by 6.4 million barrels to 427.6 mb and cheaper naphtha knocked prices down, while bearish sentiment was supported by OPEC+’s expected December output hike. Even with a number of turnarounds planned in the propylene production at Fujian Zhongjiang, Sinochem Quanzhou, Sinopec Guangzhou/Zhongyuan/Zhenhai, Xintai, Shouguang Luqing, supply remained sufficient due to strong pre-holiday stocks, robust PDH rates and stable imports. Slight delays in port at Qingdao-Ningbo-Shanghai did not tighten up supplies. Downstream PP demand was still pitiful, converters ran at 70-75% utilisation, bought in a hand-to-mouth way, and packaging orders for Q4 were flat. China’s PMI further dipped into contraction, denting confidence. PET and flexible packaging also remained weak. ChemAnalyst sees softer prices for propylene into November with no crude rally or major unplanned outage.
