① Epichlorohydrin (ECH) prices declined due to cost and supply-demand factors.
② Some units underwent shutdowns or reduced loads, decreasing ECH supply.
③ Cost support remained, but demand follow-through was insufficient; epoxy resin prices rose initially before stabilizing.
Table: Spot Price Trend of Epichlorohydrin Market in China (2025-2026)
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Table: Comparison of Domestic Epichlorohydrin Market Prices (Unit: CNY/ton)
| Region | Oct 29 | Oct 22 | Change | % Change |
|---|---|---|---|---|
| Shandong Market | 10775 | 10825 | -50 | -0.46% |
| Jiangsu Market | 11025 | 11150 | -125 | -1.12% |
| Huangshan Market | 11050 | 11150 | -100 | -0.90% |
Data Source: Chempricehub Information
The domestic epichlorohydrin market exhibited a trend of declining first and then stabilizing this week. The weekly average price in the Jiangsu market was 11,055 CNY/ton, down by 175 CNY/ton from the previous week, representing a month-on-month decline of 1.56%. In the first half of the week, the price of the main raw material, glycerin, fluctuated within a range, providing certain cost floor support for the ECH market. Meanwhile, the price of the other key raw material, propylene, continued to rise, significantly increasing costs for the propylene-based production route. Although there was support from the cost side, downstream purchasing willingness remained weak, with transactions limited to small orders based on rigid demand, resulting in sluggish trading volume. ECH producers faced pressure on shipments and lacked confidence in the future outlook, leading to increased discounting for sales, which pushed the market negotiation center downward. On October 28, prices for propylene and liquid chlorine continued their upward trend, causing rapid cost increases for the propylene process and significantly compressing profit margins. Coupled with a slight recovery in inquiry activity from some downstream users and intermediaries, producer sentiment improved, reducing the willingness to sell at low prices. However, downstream demand did not show substantial improvement, and the pattern dominated by rigid demand remained unchanged, limiting the room for price rebounds; consequently, the market only saw a minor weakening trend. As of October 29, the delivered acceptance bill price in the Jiangsu market was 11,000–11,050 CNY/ton, down by 125 CNY/ton compared to October 22, a decline of 1.12%.
Next week, the domestic epichlorohydrin market is expected to undergo narrow-range oscillating adjustments, with limited potential for significant rises or falls. Regarding costs, propylene prices are expected to retreat from high levels, though the magnitude may be limited, keeping ECH costs relatively high. Glycerin prices are anticipated to decline; while this weakens cost support, it still provides a certain floor for costs. Considering both current production routes, cost support for the market remains relatively distinct. On the supply side, a major plant in Jiangsu is expected to restart next period. However, overall market load rates remain low, leading to an expectation of only marginal increases in total supply, which will provide support to the market. On the demand side, major downstream epoxy resin producers face significant inventory pressure and limited orders, resulting in low capacity utilization rates. Consequently, procurement of raw materials remains cautious, focusing primarily on consuming contract allocations and existing inventories rather than participating actively in new orders, which may further suppress the raw material market. Overall, with bullish and bearish forces in equilibrium, supply-side support offsets weak demand. It is projected that the epichlorohydrin market will experience limited fluctuations next week, likely characterized by box-range oscillations. Key attention should be paid to developments in costs and demand follow-through.
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