Propylene Glycol Market Morning Briefing (September 18, 2026)

1. Key Focus Points

1. 9/17: The U.S. hinted that the conflict between the U.S. and Iran is nearing its end, while multiple parties continued to push for de-escalation in the Middle East, leading to a decline in international oil prices. NYMEX WTI crude futures (October contract) closed at $101.91/barrel, down $0.52 (-0.51%); ICE Brent crude futures (November contract) closed at $104.82/barrel, down $1.01 (-0.95%). China's INE crude oil futures (November 2026 contract) fell by 33.4 yuan to 805 yuan/barrel during the day session, and dropped another 42.5 yuan to 762.5 yuan/barrel in the night session.
2. Raw Materials: Today, major propylene oxide (PO) producers quoted new orders at 12,050 RMB/ton ex-factory (T/T), unchanged from the previous business day.
3. Supply: Monitor the operational status of plants in the Shandong region.
4. Downstream Dynamics: Unsaturated resin markets maintained an upward trend; spot polyether markets showed stable quotes with minor fluctuations.

Core Logic: The raw material PO market traded narrowly weaker. Some supply-side plant adjustments occurred but had limited immediate impact. Active producers saw shipments slow from steady levels, with some minor price adjustments in key markets, though stability remained dominant. Cost pressures have eased slightly. Downstream buyers remain cautious, leading to a wait-and-see attitude and ongoing market bargaining. In the propylene glycol (PG) market, actual transactions rely heavily on negotiation. Yesterday’s slight weakness in raw materials weakened supplier sentiment, and regional markets are waiting for lower prices to follow through. Attention should be paid to today’s new order quotations.

2. Price Table

Notes:

1. PG and DMC are both industrial grade.
2. All prices are in RMB, unit: RMB/ton.
3. PG and DMC prices are ex-factory acceptance bills (banker's acceptance); PO and polyether prices are ex-factory cash-in-advance; unsaturated resin prices are ex-works pickup.
4. The two periods refer to point-in-time prices from the previous two business weeks prior to this week, not weekly averages.
5. The change rate represents the period-over-period percentage change.

3. Market Outlook

On the previous business day, the domestic PG market remained flat and stagnant. Regarding raw materials, the PO market may consolidate across regions, and it cannot be ruled out that prices might rebound after offering moderate discounts. In the PG market, cost support is weak, downstream buyers maintain a cautious wait-and-see attitude, and supplier shipments are average. Overall, the domestic PG market is expected to trade weakly stable. Continuous attention should be paid to plant operations within the market and guidance from raw material prices.

4. Data Calendar

Notes:

1. ↓↑ indicates significant volatility, highlighting data dimensions where changes exceed 3%.
2. ↗↘ indicates narrow-range volatility, highlighting data dimensions where changes are within 0–3%.