I. Key Points
① 9/18: Expectations for the repair of Saudi oil pipelines improved, combined with signs of easing tensions in the Middle East, leading to a decline in international crude oil prices. NYMEX WTI crude futures (October contract) fell $1.61/bbl to $100.3, down 1.58% from the previous session; ICE Brent crude futures (November contract) dropped $0.95/bbl to $103.87, down 0.91%. China INE crude oil futures (November 2026 contract) fell by 50.6 yuan to 754.4 yuan/bbl, and declined another 19.6 yuan to 734.8 yuan/bbl during the night session.
② Stable cost support: Feedstocks propylene and liquid chlorine rebounded slightly after recent declines, potentially stabilizing. Cost support remains steady, while crude oil volatility continues to influence market sentiment.
③ Cautious downstream operations: Downstream demand is observing the downward market trend, with many buyers gradually reducing purchase volumes. Market sentiment varies among participants.
Core Logic: The market has retreated from its highs and is trending downward. Currently, downstream sectors are following cautiously, with all parties adopting a wait-and-see approach amidst consolidation.
II. Price Table
| Product | Market Name | 2026/09/18 | 2026/09/20 | Change | Change % | Unit |
|---|---|---|---|---|---|---|
| Propylene | Shandong | 9675 | 9635 | -40 | -0.41% | RMB/ton |
| Liquid Chlorine | Shandong | 300 | 350 | 50 | 16.67% | RMB/ton |
| Propylene Oxide (PO) | Shandong | 11935 | 11585 | -350 | -2.93% | RMB/ton |
| Soft Block Polyether | Shandong | 12300 | 12050 | -250 | -2.03% | RMB/ton |
| Propylene Glycol (PG) | Shandong | 9050 | 8850 | -200 | -2.21% | RMB/ton |
| Dimethyl Carbonate (DMC) | Shandong | 5900 | 5650 | -250 | -4.24% | RMB/ton |
| Propylene Glycol Methyl Ether (PM) | East China | 11800 | 11800 | 0 | 0% | RMB/ton |
III. Market Outlook
Yesterday, the domestic propylene oxide (PO) market continued to decline. Supply-side facilities remained largely stable. Operating plants have experienced weak shipments for several consecutive days, with some accumulating inventory under pressure. Negotiated prices have gradually fallen. Currently, fluctuations on the cost side have narrowed, reducing their impact. Downstream demand remains relatively cautious, with buyers primarily reducing purchase volumes while observing the recent downward trend. Market trading activity is sluggish, and prices are expected to continue declining within a narrow range today.
IV. Data Calendar
| Data Indicator | Release Date | Previous Period | Expected Trend This Period |
|---|---|---|---|
| Weekly PO Capacity Utilization Rate | Thursday 17:00 PM | 67.35% | ↗ |
| Weekly Polyether Polyol Capacity Utilization Rate | Thursday 17:00 PM | 51.10% | → |
| Weekly PG Capacity Utilization Rate | Thursday 17:00 PM | 65.85% | ↗ |
| Note 1: ↓↑ indicates significant fluctuation, highlighting data dimensions with changes exceeding 3%. | |||
| Note 2: ↗↘ indicates minor fluctuation, highlighting data with changes within 0-3%. |
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