Post-holiday restocking by downstream users has been relatively active, leading to a firm upward trend in propylene prices.

1. Daily Summary

① FOB Korea closed at USD 1,215/ton; China’s closing price converted to RMB was CNY 9,694/ton.

② The domestic PP powder market remained stable at high levels. Supported by firm futures performance and persistent cost pressures, enterprise quotes were largely steady with minor adjustments. Downstream buyers conducted essential restocking ahead of the holiday, resulting in smooth overall sales. As of midday, mainstream quotes in East China ranged from CNY 10,000–10,050/ton, while Shandong references stood at CNY 9,700–10,050/ton.

2. Spot Market Overview

Table 1: Domestic Propylene Price Summary (Unit: CNY/ton)

On September 28, 26 data collection points for propylene in Shandong recorded 10 valid samples (excluding long-term contracts). Transaction volume reached approximately 2,650 tons, with prices ranging from CNY 9,700–9,870/ton and an average of CNY 9,785/ton.

Chempricehub reported on September 28: Today’s mainstream closing reference for the Shandong propylene market was CNY 9,700–9,870/ton, averaging CNY 9,785/ton, up CNY 335/ton from the previous trading day. Tightened external supply combined with low enterprise inventories kept offers firm. Downstream follow-through was generally positive, with some spot transactions commanding premiums, pushing the transaction center upward.

3. Production Dynamics

Propylene capacity utilization stood at 68.67%. PDH margins were CNY 859/ton in East China and CNY 784/ton in Shandong. Naphtha cracking margins were USD 64/ton, while MTO margins were negative at CNY -3,127/ton.

4. Price Forecast

Current news provides limited guidance for the market. Following a round of increases, downstream factories are primarily purchasing based on immediate needs. Attention should be paid to tomorrow’s crude oil market performance. Propylene prices are expected to maintain consolidation at high levels.

5. Related Product Status

PP Powder: The Linyi PP powder market showed strong stability. Futures fluctuated at high levels, keeping spot offers firm. Downstream buyers purchased as needed. Grade 040 delivered prices referenced CNY 9,700–9,830/ton, with cash prices at CNY 9,070–9,191/ton. Grade 225 prices referenced CNY 10,000–10,080/ton.

Propylene Oxide (PO): Mainstream negotiations in the Shandong PO market were at CNY 10,700/ton ex-works (cash basis). Supply-side units remained stable. Most operating plants experienced good sales during the holiday period, reducing inventories to manageable levels. Prices attempted a rebound today, but downstream sentiment varied—some continued buying while others paused or reduced volumes. With propylene feedstock remaining strong, participants adopted a wait-and-see approach. Short-term outlook is stable with a slight upward bias, pending afternoon new orders.

Octanol: Mainstream transactions in the Shandong octanol market settled at CNY 8,900/ton. Downstream users maintained reasonable purchasing interest at current price levels. Factory shipments were smooth, leading to a gradual decline in inventories. Major producers stabilized their offers, focusing on sales ahead of the holiday.

6. Data Calendar

Table 2: Domestic Propylene Data Overview (Unit: 10,000 tons)