Downward Trend Persists; Caution Remains (2026-09-18)

1. Today's Summary

① No unit fluctuations reported.

② On the raw material side, the mainstream offer price for propylene oxide from major plants today was 12,050 RMB/ton (ex-works, cash basis), remaining stable compared to the previous working day.

2. Spot Market Overview

Table 1: Domestic Propylene Glycol Industry Chain Price Summary (Unit: RMB/ton)

Based on the Shandong region, today's closing price for propylene glycol in Shandong was 9,050 RMB/ton, representing a period-over-period decline.

Shandong market prices continued their downward trend, with moderate trading sentiment; consecutive declines during the week have led downstream buyers to adopt a cautious wait-and-see approach. The East China market saw a slight pullback, with downstream caution persisting. The South China market experienced a narrow decline, with weak trading sentiment prevailing.

3. Production Dynamics

The capacity utilization rate for propylene glycol is approximately 60%. Output has remained relatively stable with a slight increase, while profitability has declined compared to last week.

4. Market Sentiment

Table 2: Sentiment Forecast of Domestic Propylene Glycol Upstream and Downstream Participants

5. Price Forecast

Looking ahead, on the raw material side, the propylene oxide market has weakened with some softening in prices. Supply-side adjustments due to unit fluctuations are ongoing, with some units reducing loads. Qixiang Petrochemical is selling externally as usual. Shipments from operating plants have generally slowed down. Prices across multiple regions were negotiated lower today, and negotiation room exists in the East China region as well. However, downstream customers primarily rely on contract volumes, resulting in few actual transactions. Raw material propylene prices have pulled back, leading downstream buyers to maintain a cautious and bearish outlook, largely waiting for further clarity. In the propylene glycol market, slight easing in raw material costs has prompted suppliers to continue lowering offer prices. Consecutive declines throughout the week have kept downstream buyers cautious, with bearish sentiment showing no sign of abating. Attention should be paid to supplier inventory levels in regional markets. Propylene glycol prices are expected to consolidate at weak levels. Continuous monitoring of unit status and raw material price trends is recommended.

6. Related Product Updates

Unsaturated Resin Market: Based on the Jiangsu region, today's closing price for unsaturated resin 196# was 11,200 RMB/ton, a decrease from yesterday, consistent with morning expectations. The domestic unsaturated resin market saw localized declines. Factory ex-works prices for domestic unsaturated resins ranged from stable to slightly lower, with decreases varying between 100-300 RMB/ton. In the spot market, both East and South China regions saw minor declines. Although industry chain costs remain high, product prices have slipped. Furthermore, passing high costs to downstream segments has become increasingly difficult. Trading activity remains consistently weak, with participants adopting a cautious and pressured stance. Some markets offer discounts to stimulate sales, while downstream demand-driven procurement is scarce, resulting in limited actual transactions.

Polyether Market: Spot market offers fluctuated lower, with bearish sentiment prevailing among participants. Manufacturers actively offered discounts to negotiate orders, while downstream buyers entered the market based on immediate needs. Actual transaction volume was average. Key focus areas include downstream entry sentiment and news regarding raw materials.

7. Data Calendar

Table 3: Domestic Propylene Glycol Data Overview (Unit: Tons)