Morning Market Update: Epichlorohydrin

I. Key Focus Points

1. 99.5% glycerin prices in East China continued their downward trend, with delivered prices hovering around RMB 8,850–9,050 per ton.
2. Epichlorohydrin (ECH) traded within a consolidated range, with Jiangsu market prices for acceptance-based delivery settling around RMB 11,000–11,100 per ton.
3. Cost support remained present, but selling pressure persisted, leading to a stable yet subdued performance in the epoxy resin market.

Core Logic: Profit margins have narrowed significantly, reducing manufacturers' willingness to offer deep discounts. Downstream buyers primarily replenished stocks opportunistically at lower levels. Trading activity improved compared to earlier periods, with negotiations largely centered on mid-to-high-end price ranges.

Notes:

1. The two pricing periods refer to point-in-time prices from the previous two working weeks prior to this week, not weekly averages.
2. The change rate represents the period-over-period fluctuation.
3. Unit: RMB/ton.