High-price transactions are being obstructed, leading to a softening of monomer prices.

1. Daily Summary

① Raw Materials: East China ethylene oxide prices reached 9,700 RMB/ton, while domestic ethylene prices fell to 9,400 RMB/ton.

② Demand: Downstream buyers showed lackluster enthusiasm for entering the market and adopted a cautious wait-and-see approach.

2. Spot Market Overview

Table 1: Summary of Domestic Polycarboxylate Superplasticizer Monomer Prices (Unit: RMB/ton)

Domestic polycarboxylate superplasticizer monomer prices experienced slight softening today. The spot supply of raw material ethylene oxide remained tight, keeping prices at high levels. Geopolitical uncertainties regarding ethylene persisted, leading to an overall wait-and-see attitude in the market. Follow-up orders were weak, acceptance of high-priced goods was limited, and transaction volume faced pressure. Fundamental factors guided the ethylene oxide market, with cost-side support providing a floor. The atmosphere within the monomer market was heavily characterized by caution, as downstream willingness to purchase was low, resulting in only sporadic transactions driven by rigid demand at lower prices. In summary, the price of EPEG in the key East China market is expected to range between 11,800 and 12,000 RMB/ton on the next working day.

3. Production Dynamics

Today, the capacity utilization rate in the polycarboxylate superplasticizer monomer industry stood at 24.21%, representing a month-on-month decline. The gross margin for HPEG polycarboxylate superplasticizer monomers was 1,171 RMB/ton.

4. Price Forecast

On the next working day, domestic polycarboxylate superplasticizer monomer prices may experience slight softening. Key raw material ethylene oxide is likely to remain stable for now. Tight spot supplies of monoethylene glycol continue to provide support, suggesting ethylene oxide prices may fluctuate at high levels. There is currently no significant pressure on ethylene oxide supply within the market, while downstream industries across various sectors maintain replenishment based on rigid demand. Recently, buying sentiment in the ethylene market has been poor, so prices are expected to remain largely stable, although potential softening in northern regions cannot be ruled out. Cost-side support remains present. High-price transactions for monomers face resistance, downstream purchasing enthusiasm is average, and trading is primarily conducted through sporadic orders based on rigid demand, with negotiations depending on transaction volumes. In summary, the price of EPEG in the key East China market is projected to range between 11,800 and 12,000 RMB/ton.

5. Related Products Status

① Ethylene Oxide (Raw Material): Ethylene oxide prices are expected to remain at high levels in the short term. On the supply side, intra-market supply of monoethylene glycol continues to provide support, suggesting it may trade strongly in the short term. Integrated plants are likely to maintain monoethylene glycol production, meaning there are no obvious signs of loosening in the spot supply of ethylene oxide, with supply-side support remaining intact. On the demand side, order intake from downstream industries has slowed, maintaining steady consumption. Regarding costs, recent ethylene transactions have been sluggish, leaving producers with insufficient motivation to push prices higher; thus, ethylene prices are likely to remain stable in the short term, providing cost support. Overall, both supply and cost sides will continue to support the market in the short term, with ethylene oxide prices likely to remain firm at high levels. Future attention should be paid to changes upstream and downstream.

6. Data Calendar

Table 2: List of Domestic Polycarboxylate Superplasticizer Monomer Data (Unit: 10,000 tons)