Adopt a cautious wait-and-see approach; ECH prices to follow market trends (September 14, 2026)

1. Today's Summary

① Glycerin prices remained stable within a range. The price of 99.5% glycerin in East China was between 9,200 and 9,250 RMB/ton (delivered to nearby areas).

② ECH prices were quoted based on market conditions. The price in the Jiangsu market was 11,500–11,600 RMB/ton (delivered, acceptance-based payment).

③ Cost pressures continued to mount, leading to a noticeable upward trend in epoxy resin prices.

2. Spot Market Overview

Table 1: Domestic ECH Price Summary (Unit: RMB/ton)

Based on the Jiangsu region, today’s ECH price closed at 11,550 RMB/ton, remaining flat compared to the previous period and aligning with morning expectations. Today’s ECH market primarily saw quotes adjusted according to prevailing market conditions. The key raw material, glycerin, maintained high-level stability, providing ongoing cost support. Additionally, available spot resources in the market were limited, resulting in weak willingness among manufacturers to offer discounts for sales. However, downstream buyers remained cautious regarding high-priced raw materials, engaging mainly in sporadic transactions driven by rigid demand, with limited actual orders being placed.

3. Production Dynamics

Today, domestic ECH plants maintained low-load operations, with an industry capacity utilization rate of approximately 45%. For propylene-route ECH, the cost was 9,716 RMB/ton, yielding a daily profit of 1,659 RMB/ton. For glycerin-route ECH, the cost was 12,225 RMB/ton, resulting in a daily loss of 675 RMB/ton.

4. Price Forecast

Today, domestic ECH prices consolidated within a range. Current cost support remains intact, and the scarcity of spot resources persists, reflecting strong price-holding sentiment among manufacturers and low willingness to discount for sales. Conversely, downstream sectors show resistance to high raw material prices, focusing on small-volume purchases driven by rigid demand, which limits the expansion of actual transaction volumes. Amidst this supply-demand tug-of-war, short-term domestic ECH prices are expected to remain largely stable with minor fluctuations. Further attention should be paid to downstream procurement activities.

5. Related Products Status

Epoxy Resin Market: Based on the East China region, today’s ex-works price for liquid E-51 epoxy resin (net weight basis) closed at 15,500–16,000 RMB/ton, up 300 RMB/ton from the previous period. In the Huangshan region, the nearby delivery price for solid E-12 epoxy resin (cash settlement basis) closed at 14,400–14,700 RMB/ton, rising 300 RMB/ton from the last trading day, consistent with morning market expectations. The price of the raw material Bisphenol A (BPA) continued to rise. Although epoxy resin producers still face significant losses, they continue to push up opening prices. However, downstream inquiries remain limited, resulting in sluggish trading activity.

Glycerin Market: Based on the East China region, today’s price for 99.5% glycerin closed at 9,225 RMB/ton (delivered), flat compared to the previous period. Shipping costs are referenced at approximately 150 RMB/ton, broadly matching morning expectations. Today, the domestic glycerin market remained stagnant. Overseas prices for crude glycerin, a key raw material, remain high, sustaining cost-side support. Meanwhile, epoxy resin prices have stabilized, with downstream users maintaining only rigid demand for raw materials. Some lower-priced inventory remains in the market, creating certain obstacles to further price increases. Short-term domestic glycerin prices are expected to consolidate within a range with limited volatility.

Table 2: Domestic ECH Data Overview (Unit: RMB/ton)