Morning Market Outlook for Propylene Glycol

I. Key Points

1. Oct 9: The US and Iran indicated that negotiations are ongoing, easing market concerns; however, hurricanes continued to suppress US crude oil production, driving international prices higher. NYMEX November crude futures settled at $91.85/bbl, up $0.36 (+0.39%); ICE Brent December futures closed at $104.72/bbl, up $0.44 (+0.42%). INE November crude futures rose by 3.9 yuan to 741.3 yuan/bbl during the day session, but fell by 1.5 yuan to 739.8 yuan/bbl in the night session.
2. Raw Materials: Spot offers for Propylene Oxide (PO) were reported at 11,350 RMB/ton (ex-factory, telegraphic transfer), an increase of 200 RMB/ton compared to the previous working day.
3. Supply: Monitor fluctuations in plant operations within the Shandong region.
4. Downstream Dynamics: Unsaturated resin markets trended slightly upward; spot offers for polyether continued to rise with consolidation.

Core Logic: The raw material PO market continues to climb. Post-holiday shipments remain smooth, with most operating plants holding low inventory levels. Some suppliers offered high premiums for limited transactions. High propylene costs provide strong support. Downstream demand post-holiday remains decent, supporting current trends. In the PG market, transaction price centers have shifted upward. Cost support is firm, and export orders maintain some baseline demand. Some suppliers are withholding offers or halting quotes due to tight sentiment. Watch today’s new order pricing.

II. Price Table

Notes:

1. PG and DMC are industrial grade.
2. Prices are in RMB, unit: RMB/ton.
3. PG and DMC prices are ex-factory based on Bank Acceptance Drafts; PO and Polyether prices are ex-factory based on Cash/T-T; Unsaturated Resin prices are factory pickup.
4. The two price points represent specific timestamps from the two preceding working weeks, not weekly averages.
5. Change rate refers to the period-over-period change.

III. Market Outlook

PG prices edged higher in the previous working day. Regarding raw materials, the PO market maintains short-term bullish support, with afternoon new offers continuing to rise; monitor downstream sustainability. In the PG market, cost support is firm, while downstream buyers mostly negotiate based on rigid demand. Holder sentiment remains divided. Overall, domestic PG prices are expected to trend stronger. Continue monitoring plant operations and raw material price guidance.

IV. Data Calendar

Notes:

1. ↓↑ indicates significant fluctuation, highlighting data dimensions with changes exceeding 3%.
2. ↗↘ indicates narrow-range fluctuation, highlighting data dimensions with changes within 0-3%.