During the Qingming holiday, upstream raw material propylene oxide prices continued to rise, significantly strengthening cost-side support. Throughout the holiday, producers maintained firm and increasing ex-factory quotations, driving a notable upward shift in the market price center for propylene glycol. However, behind the rapid price surge, domestic market follow-through was clearly insufficient, with downstream procurement primarily focused on essential needs amid a wait-and-see approach. The overall market exhibited the characteristic of "easy cost-driven increases, difficult demand absorption." In contrast, on the export front, some enterprises continued to prioritize fulfilling export orders, with inventories mostly operating at low levels without pressure. As domestic prices continued to climb, some overseas buyers have begun to show signs of caution, and the sustainability of subsequent export orders remains to be observed.

From a cost perspective, the propylene oxide market consolidated after reaching high levels and continuing to rise. During the Qingming holiday, influenced by temporary sales suspensions at individual northern facilities and the announcement of subsequent maintenance plans, supply-side support was strong, leading to a broad increase of 600 yuan/ton during the holiday. However, with overall propylene oxide supply-side support maintained, prices remained relatively firm, consolidating after narrow adjustments. Looking ahead, the market is expected to continue operating in a stable-to-strong trend, with potential for minor increases.

In the downstream unsaturated polyester resin industry, faced with rapid price increases across multiple raw materials, corporate procurement willingness has significantly declined. Moreover, end-users are highly price-sensitive, and market acceptance of high-priced goods is limited, with procurement primarily focused on essential, small-batch orders. Demand-side support remains weak: recovery in end-use sectors has fallen short of expectations, with limited actual order growth, constraining the upward potential of market prices. Trading activity remains subdued: overall market buying and selling sentiment is muted, with intensified negotiations between buyers and sellers, resulting in actual transaction price increases being more moderate compared to quoted prices.

Looking ahead, against the backdrop of persistently high cost prices and limited follow-through in domestic demand, the room for further significant price increases in the propylene glycol market may be constrained. However, export support and low inventory levels could also limit the downside for prices. The propylene glycol market is expected to remain largely stable with minor adjustments, with continued attention needed on cost-side developments and changes in the international landscape.