**Market Sentiment Remains Thin; ECH Prices Largely Stable with Minor Fluctuations (Sep 15, 2026)**

1. Today's Summary

① Glycerol prices remained stable. The price of 99.5% glycerol in East China was between RMB 9,200–9,250/ton (delivered to surrounding areas).
② ECH prices were largely stable with minor fluctuations. The Jiangsu market price was RMB 11,500–11,600/ton (delivered, acceptance settlement).
③ Cost pressures persist, but shipments are average. Epoxy resin prices remained largely stable with minor fluctuations.

2. Spot Market Overview

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

Based on the Jiangsu region, today's ECH price closed at RMB 11,550/ton, remaining flat compared to the previous period and aligning with morning expectations. Today, the ECH market operated within a consolidation range. Cost support remains strong, and available spot resources are limited. Although manufacturers have little willingness to offer discounts to move inventory, downstream buyers remain cautious about high raw material prices, showing low enthusiasm for new orders. Consequently, market trading activity has weakened, with very few actual transactions being released.

3. Production Dynamics

Today, domestic ECH production maintained low operating rates, with industry capacity utilization around 45%. For propylene-based ECH, the cost was RMB 9,689/ton, resulting in a daily profit of RMB 1,686/ton. For glycerol-based ECH, the cost was RMB 12,225/ton, resulting in a daily loss of RMB 675/ton.

4. Price Forecast

Today, the domestic ECH market continued to operate in a weakly stable manner. Currently, the market is supported by favorable conditions on both the cost and supply sides. Producers are mostly holding firm to high quoted prices. However, downstream buyers are primarily consuming existing inventories, with limited acceptance of high prices for new orders, leading to cautious purchasing behavior. Under the current supply-demand tug-of-war, it is expected that the domestic ECH market will undergo weak, narrow-range adjustments within its current interval in the near term.

5. Related Products

Epoxy Resin Market: Based on the East China region, today's ex-factory price for liquid E-51 epoxy resin (net water basis) closed at RMB 15,500–16,000/ton, an increase of RMB 50/ton compared to the previous period. In the Huangshan region, the price for solid E-12 epoxy resin (surrounding area, cash settlement) closed at RMB 14,400–14,700/ton, remaining flat compared to the previous trading day and aligning with morning market expectations. Prices for both raw materials remain firm. Epoxy resin producers still face significant losses, giving them an incentive to push prices higher. However, downstream inquiries are limited, trading sentiment is quiet, and the market center of gravity has shifted slightly upward.

Glycerol Market: Based on the East China region, today's price for 99.5% glycerol closed at RMB 9,225/ton (delivered), remaining flat compared to the previous period. Freight costs are referenced at approximately RMB 150/ton, which basically aligns with morning expectations. Today, the domestic glycerol market remained stalemate-like. Overseas prices for crude glycerin feedstock remain high, providing ongoing cost support. Downstream epoxy resin prices are stable, and demand for raw materials is mainly driven by rigid needs. Some low-priced supplies remain in the market, creating resistance to further upward movement. It is expected that domestic glycerol prices will consolidate within a range in the short term, with limited volatility.

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