I. Key Focus Points
① November 5: The outlook for US-Iran relations remains uncertain, with the possibility of renewed conflict still present. Supply risks have intensified, driving up international crude oil prices. NYMEX WTI December futures closed at $90.52/barrel, up $2.40 (+2.72%); ICE Brent January futures closed at $98.29/barrel, up $3.67 (+3.88%). China INE crude oil futures (December 2026 contract) fell by CNY 37.8 to CNY 638.4/barrel in the day session, but rose by CNY 1.40 to CNY 639.8/barrel in the night session.
② Cost Support Stabilizes: Feedstock propylene prices moderated slightly, while liquid chlorine saw a small increase. Overall costs have eased, though crude oil volatility continues to influence market sentiment.
③ Downstream Caution Prevails: End-users are observing market feedback and making limited purchases, with only minor follow-on buying.
Core Logic: Yesterday, significant declines in crude oil prices led all parties to adopt a cautious stance. Today, crude oil rebounded slightly, resulting in mixed market sentiment. The market is likely to remain cautious, waiting for feedback from propylene prices and end-user demand.
II. Price List
| Product | Market | 2026/11/04 | 2026/11/05 | Change | % Change | Unit |
|---|---|---|---|---|---|---|
| Propylene | Shandong | 11,495 | 11,290 | -205 | -1.78% | CNY/t |
| Liquid Chlorine | Shandong | 100 | 300 | +200 | +200% | CNY/t |
| Propylene Oxide | Shandong | 11,850 | 11,550 | -300 | -2.53% | CNY/t |
| Soft Block Polyether | Shandong | 12,300 | 12,150 | -150 | -1.22% | CNY/t |
| Propylene Glycol | Shandong | 9,025 | 9,025 | 0 | 0% | CNY/t |
| Dimethyl Carbonate | Shandong | 5,050 | 4,975 | -75 | -1.49% | CNY/t |
| Propylene Glycol Methyl Ether | East China | 12,100 | 12,100 | 0 | 0% | CNY/t |
III. Market Outlook
Yesterday, the domestic propylene oxide market continued to trade within a consolidating range. Supply-side conditions remained stable, with active plants experiencing average shipment rates. Participants adopted a cautious stance, closely monitoring crude oil trends, resulting in a quiet trading atmosphere. Downstream demand was primarily driven by existing contracts, with only limited purchasing based on rigid requirements. This morning, crude oil prices rebounded slightly, leading to mixed sentiment. The market is expected to remain cautious, awaiting midday fluctuations in propylene prices. Overall, the market shows signs of consolidation with weak activity; attention should be paid to actual transaction volumes.
IV. Data Calendar
| Data Indicator | Release Time | Current Period | Next Period Trend Forecast |
|---|---|---|---|
| Weekly Capacity Utilization Rate of Propylene Oxide | Thursday 17:00 | 68.14% | ↗ |
| Weekly Capacity Utilization Rate of Polyether Polyols | Thursday 17:00 | 53.15% | ↘ |
| Weekly Capacity Utilization Rate of Propylene Glycol | Thursday 17:00 | 60.41% | ↘ |
| Note 1: ↓↑ indicates significant fluctuation, highlighting data dimensions with changes exceeding 3%. | |||
| Note 2: ↗↘ indicates narrow-range fluctuation, highlighting data with changes within 0-3%. |
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