Propylene Glycol Market Morning Brief (September 15, 2026)

I. Key Points

1. September 14: Disruption to Saudi crude oil pipeline transport and continued pressure from Houthi rebels have heightened supply risks, driving up international oil prices. NYMEX WTI futures (October contract) rose by USD 1.34/bbl to USD 101.39/bbl (+1.34% WoW); ICE Brent futures (November contract) increased by USD 1.07/bbl to USD 105.68/bbl (+1.02% WoW). China INE crude oil futures (contract 2611) climbed CNY 19.8 to CNY 776.5/bbl, with the night session gaining CNY 45 to reach CNY 821.5/bbl.
2. Raw Materials: Today, major plants quoted new Propylene Oxide (PO) orders at CNY 12,050/ton, ex-works via telegraphic transfer.
3. Supply: Monitor operational status of facilities in the Shandong region.
4. Downstream Dynamics: Unsaturated resin markets saw partial price increases; spot Polyether markets continued to quote higher amid fluctuations.

Core Logic: The raw material PO market remains high but flat. Supply-side operations are generally stable, though sales from active plants have slightly slowed. Market sentiment in East China is moderate, yet suppliers maintain low inventory levels with minimal pressure. Current propylene prices rebounded after a decline, resulting in weaker cost support compared to previous periods. Downstream transmission is limited, leading some buyers to reduce volumes while maintaining a wait-and-see approach. In the Propylene Glycol (PG) market, frequent crude oil volatility has kept raw material prices firm. Yesterday, some suppliers made minor downward adjustments to quotes. Transactions were primarily driven by rigid demand. Attention should be paid to today's new order quotes.

II. Price Table

Notes:

1. PG and DMC are industrial grade.
2. Prices are in Chinese Yuan (CNY), unit: CNY/ton.
3. PG and DMC quotes are based on bank acceptance draft payment, ex-works; PO and Polyether quotes are based on cash settlement, ex-works; Unsaturated Resin quotes are for factory pickup.
4. The two price points represent snapshot prices from the previous two working weeks prior to this week, not weekly averages.
5. Change rate refers to the Week-over-Week (WoW) percentage change.

III. Market Outlook

On the last trading day, domestic PG market prices experienced a slight decline. Regarding raw materials, the PO market is currently consolidating at elevated levels amid competitive dynamics. Participants are awaiting directional cues from news and fundamentals, maintaining a stable stance or waiting for incremental supply to materialize before making narrow adjustments. In the PG market, strong cost support maintains suppliers' willingness to hold prices steady. However, both domestic and foreign trade demand are somewhat weak, and wait-and-see sentiment remains prevalent. Overall, the domestic PG market is expected to trend weakly sideways. Continued attention should be paid to facility operations and raw material price guidance.

IV. Data Calendar

Notes:

1. ↓↑ indicates significant volatility, highlighting data dimensions with changes exceeding 3%.
2. ↗↘ indicates narrow-range fluctuation, highlighting data dimensions with changes within 0-3%.