The bearish sentiment persists, with the market experiencing a slight downward shift.

1. Daily Summary

① Several units in the domestic market, including Zhenhai Phase 2, Zhonghai Fine Chemicals, and Guoen, have shut down, leading to a softer trading atmosphere.

② Today's domestic propylene oxide (PO) capacity utilization rate stands at 70.64%.

2. Spot Market Overview

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

Data Source: Chempricehub Information

Taking the Shandong region as the benchmark, today's propylene oxide price closed at 11,650 CNY/ton, a decrease from the previous period, consistent with morning expectations.

Today, the domestic propylene oxide market trended lower amid consolidation. On the supply side, Wanhua Phase 3 units gradually shut down, while other plants remained stable. Active factories experienced sluggish shipment over the past two days, leading some to moderately build inventory. Negotiated shipments occurred today, with transaction prices shifting slightly downward within a narrow range. The primary raw material, propylene, saw price declines. Downstream demand remained cautious due to various factors, resulting in reduced procurement volumes and hesitant follow-up purchases. Market bargaining power appears weak.

3. Production Dynamics

Propylene oxide capacity utilization is at 70.64%. Currently, units such as Zhenhai Phase 2, Zhonghai Fine Chemicals, and Guoen are shut down, leading to a slight reduction in cost support.

4. Price Forecast

Looking ahead, the market shows signs of weakness. However, liquid chlorine prices remain firm with rebounds, partially offsetting the impact of falling propylene prices. All parties are observing the situation, and the market is expected to continue consolidating amidst negotiation. Attention should be paid to actual transaction feedback tomorrow.

5. Related Products

Propylene Market: Today, propylene prices in Shandong dropped significantly. The mainstream closing reference was 10,800–10,900 CNY/ton, with an average price of 10,850 CNY/ton, down 150 CNY/ton from the previous working day. Declining international oil prices dampened traders' sentiment. Downstream cost pressures intensified, limiting buying follow-through. Corporate inventory pressure rose, with offers primarily featuring significant discounts. There were few premiums on actual transactions, and the center of gravity for deals shifted downward simultaneously.

Liquid Chlorine Market: Some chlor-alkali units faced instability. Upstream enterprises in the Shandong region maintained decent shipments without significant pressure, leading to strong price increases. Current liquid chlorine prices are 400–450 CNY/ton in the North Lu region, 300–400 CNY/ton in the South Lu and Southwest Lu regions, and 400–500 CNY/ton in the Jiaodong Peninsula region.

Soft Foam Polyether Market: Price dynamics for soft foam polyether: Shandong reference prices are assessed at 12,000–12,400 CNY/ton (cash basis). East China negotiated prices are 12,000–12,300 CNY/ton (cash, delivered). South China negotiated prices are 12,100–12,500 CNY/ton (cash, delivered). Specific negotiations apply. In the morning, the spot market consolidated within a narrow range. Downstream inquiries were sluggish, and actual trading volume was limited. Suppliers' new offers remained stable and consolidated, while some negotiated shipments still showed lackluster activity.

6. Data Calendar

Table 2: Domestic Propylene Oxide Data Overview (Unit: 10k tons, CNY/ton)

Data Source: Chempricehub Information
Notes:

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