Small-volume transactions driven by rigid demand; ECH prices trending slightly upward within a narrow range.

1. Today's Summary

① Glycerin prices fluctuated within a narrow range. The price for 99.5% glycerin in East China was between 8,850 and 9,050 yuan/ton (delivered to nearby areas).
② ECH continued its upward trend. The market price in Jiangsu was 11,200–11,300 yuan/ton (acceptance payment, delivered).
③ With clear cost support and essential procurement from downstream sectors, epoxy resin prices rose.

2. Spot Market Overview

Table 1: Domestic ECH Price Summary (Unit: Yuan/ton)

Based on the Jiangsu region, today’s ECH price closed at 11,250 yuan/ton, up 50 yuan/ton compared to the previous period, consistent with morning expectations. The ECH market continued its upward momentum. Currently, cost pressures show no signs of easing. As ECH producers are primarily focused on fulfilling existing orders, there is no inventory pressure, maintaining a bullish sentiment for new contracts with little willingness to offer lower prices. However, after staged restocking, downstream participation in new orders remains low, and buyers are cautious about high-priced raw materials, resulting in a relatively quiet overall market atmosphere.

3. Production Dynamics

Today, domestic ECH production maintained low operating rates, with industry capacity utilization around 44%. The cost of propylene-based ECH was 10,413 yuan/ton, yielding a daily profit of 537 yuan/ton; the cost of glycerin-based ECH was 11,950 yuan/ton, resulting in a daily loss of 700 yuan/ton.

4. Price Forecast

Domestic ECH prices edged higher today. Cost pressures remain unresolved, and ECH producers face no inventory pressure, sustaining a strong pricing stance. However, downstream active participation is limited, and actual transaction volumes are modest, which constrains the potential rebound space for ECH. Therefore, it is expected that domestic ECH prices will likely consolidate at elevated levels in the near term.

5. Related Product Markets

Epoxy Resin Market: Based on the East China region, today’s liquid E-51 epoxy resin price closed at 15,000–15,300 yuan/ton (ex-factory, net water basis), up 100 yuan/ton compared to the previous period. In Huangshan, solid E-12 epoxy resin prices remained flat at 14,400–14,800 yuan/ton (cash payment, nearby delivery), consistent with morning market expectations. With ECH raw material prices continuing to rise, cost pressures on the epoxy resin market have increased. Suppliers raised their quotations, while downstream demand followed through mainly with essential purchases, pushing the market center upwards.

Glycerin Market: Based on the East China region, today’s 99.5% glycerin price closed at 8,950 yuan/ton (delivered), unchanged from the previous period, with freight estimated at 150 yuan/ton, largely matching morning expectations. The domestic glycerin market remained stable. While downstream epoxy chlorohydrin (ECH) prices continued to rise, glycerin-based plants faced losses and showed low enthusiasm for operations, keeping load rates at low levels. Current downstream demand for glycerin remains essential consumption only, providing limited support to prices, which held steady. In the short term, as significant increases in downstream demand are unlikely, the domestic glycerin market is expected to continue trading within a narrow range.

Table 2: Domestic ECH Data Overview (Unit: Yuan/ton)