Jiujiang Petrochemical's PP capacity is 100,000 tons/year, with current operating load normal. The ex-factory reference price for wire drawing material T30S has been lowered again, dropping by 50 to 6,200 yuan/ton. Spot prices from merchants are adjusted according to market conditions, and trading activity remains moderate. PriceSeek's analysis of PP shows a long-short score of -1. The article indicates that Jiujiang Petrochemical's ex-factory reference price for PP has been reduced by 50 yuan to 6,200 yuan/ton, suggesting increased pressure on the supply side or relatively weak demand, which exerts a bearish impact on spot prices and may lead to further pressure on the spot market. In the futures market, the main contract 2605 (Dalian Commodity Exchange) closed at 6,330 yuan/ton, with a settlement price of 6,354 yuan/ton. However, the decline in spot prices may drag down futures prices due to the relatively high futures premium (spot 6,200 yuan/ton vs. futures 6,330 yuan/ton), leading to cautious market sentiment.