Narrow-range downward probing; market sentiment slightly bearish

1. Daily Summary

① No equipment fluctuations reported today.

② On the raw materials front, the mainstream ex-works spot price quoted by major propylene oxide (PO) plants was 11,650 RMB/ton.

2. Spot Market Overview

Table 1: Domestic Propylene Glycol (PG) Chain Price Summary (Unit: RMB/ton)

Based on the Shandong region as a benchmark, PG closed at 9,200 RMB/ton in Shandong today, reflecting a period-on-period decline.

Shandong market prices trended lower within their range; while cost support exists, actual downstream follow-through has been weak. The East China market saw a narrow pullback, with cautious sentiment persisting among downstream users. The South China market remained largely stable with minor adjustments, maintaining a cautious atmosphere.

3. Production Dynamics

The capacity utilization rate for PG is approximately 50%, with output declining slightly. Profitability improved compared to last week.

4. Market Sentiment

Table 2: Domestic PG Upstream and Downstream Practitioner Sentiment Expectations

5. Price Forecast

Looking ahead, regarding raw materials, the PO market sees Sanyue reducing supply tomorrow, while Xinyue increases external sales. These opposing factors will cause volatility, so attention should be paid to the realization of these changes. Additionally, propylene price trends may influence market psychology, leading to a stalemate as participants wait for clarity. In the PG market, trading pace remains slow, and holders' sentiment leans bearish. The market is watching how upstream PO plant fluctuations affect overall sentiment. PG prices are expected to remain weakly stable.

6. Related Product Updates

Unsaturated Resin Market: Based on the Jiangsu region, unsaturated resin 196# closed at 11,100 RMB/ton today, unchanged from yesterday and consistent with morning expectations. Prices transitioned steadily. Most domestic ex-works quotes remained stable with no price adjustments. In the spot market, prices held steady as participants waited. Cost support across the chain is moderate, with raw material prices showing mixed movements. Traders primarily aim to maintain prices while selling, and downstream buyers are purchasing on demand. High-price transactions are scarce, and the overall market atmosphere remains subdued.

Polyether Market: Spot offers have stabilized. Holders are actively negotiating discounts, but trading enthusiasm remains low. Downstream inquiries are sluggish, and bearish sentiment prevails for the near term. Actual transactions are limited. Focus remains on downstream market entry psychology and news regarding raw materials.

7. Data Calendar

Table 3: Domestic PG Data Overview (Unit: Tons)