New order releases remain sluggish, and monomer prices continue their downward trend.

1. Today's Summary

① Raw Material Side: East China ethylene oxide (EO) prices fell to 9,700 RMB/ton; domestic ethylene prices dropped to 9,325 RMB/ton.

② Demand Side: Downstream buyers showed low willingness to enter the market for procurement, adopting a wait-and-see approach regarding market dynamics.

2. Spot Market Overview

Table 1: Price Summary of Domestic Polycarboxylate Superplasticizer Monomers (Unit: RMB/ton)

Today, domestic polycarboxylate superplasticizer monomer prices continued their downward trend. The raw material ethylene oxide (EO) market saw steady trading activity with no significant supply pressure. Ethylene producers currently face low inventory pressure; however, downstream factories in East China had largely completed stockpiling during the holiday, resulting in low inquiry enthusiasm and moderate willingness to place new orders. While cost support remains present in the EO market, low-price offers for monomers have increased again. Trading atmosphere within the market is thin, with downstream buyers showing little interest in replenishing stocks. In summary, it is projected that the leading price for EPEG in the key East China market will be between 10,600 and 10,800 RMB/ton on the next working day.

3. Production Dynamics

Today, the industry capacity utilization rate for polycarboxylate superplasticizer monomers stood at 24.21%, a week-on-week decline. The gross margin for HPEG monomers was 321 RMB/ton.

4. Price Forecast

On the next working day, domestic polycarboxylate superplasticizer monomer prices are expected to remain weak with minor adjustments. Key raw material ethylene oxide (EO) prices may stabilize as market supply and demand operate smoothly without obvious bargaining leverage. Spot supply in the ethylene market has increased, while downstream inquiry enthusiasm remains low, potentially leading to slight price softening. Cost-side support may be limited. Monomer holders may offer discounts to facilitate transactions, while downstream enterprises maintain cautious purchasing sentiment. The market trading atmosphere remains thin, with deals negotiated based on volume. In summary, the leading price for EPEG in the key East China market is projected to be between 10,600 and 10,800 RMB/ton.

5. Related Product Status

① Ethylene Oxide (Raw Material): Ethylene oxide prices remained stable for now. On the supply side, related product ethylene glycol (MEG) showed a downward trend. The declining profit margins for MEG weakened the incentive for switching production to MEG, potentially increasing pressure on external EO supply availability. On the demand side, prices of mainstream downstream derivatives fluctuated downwards. Market transactions were limited to rigid demand, resulting in weak absorption capacity for EO supplies and difficulty in releasing incremental demand. On the cost side, ethylene spot prices softened slightly but overall levels remained relatively strong. Downstream factories procured cautiously, leading to a thinner trading atmosphere. Overall, cost-side support provides a certain floor, suggesting EO prices may extend their stable trend. Continued attention to upstream and downstream dynamic changes is required.

6. Data Calendar

Table 2: Domestic Polycarboxylate Superplasticizer Monomer Data Overview (Unit: 10,000 tons)