The market sentiment is bearish, leading to a decline in ECH prices.

1. Today's Summary

① Glycerol continues to trend downward. The price of 99.5% glycerol in East China is between RMB 9,000–9,150/ton (delivered to surrounding areas).

② ECH prices are declining. The Jiangsu market price is RMB 11,200–11,300/ton (accepted bills delivered).

③ Cost pressures persist, but weak demand continues to drive epoxy resin prices lower.

2. Spot Market Overview

Table 1: Summary of Domestic ECH Prices (Unit: RMB/ton)

Taking the Jiangsu region as a benchmark, today’s ECH price closed at RMB 11,150/ton, a drop of RMB 200/ton from the previous day, consistent with morning expectations. A pessimistic atmosphere pervades the market; producers face difficulties in offloading inventory and lack confidence in future prospects, primarily offering discounts on new orders, which has led to continuously falling negotiation prices. Although downstream demand has slightly increased, counter-offers remain low, and transactions are mainly driven by essential small-volume purchases.

3. Production Dynamics

Today, domestic ECH production maintained low operating rates, with industry capacity utilization at approximately 48%. The cost of propylene-based ECH was RMB 9,746/ton, yielding a daily profit of RMB 1,104/ton. The cost of glycerol-based ECH was RMB 12,075/ton, resulting in a daily loss of RMB 925/ton.

4. Price Forecast

Domestic ECH continued its downward trend today. Producer sentiment remains pessimistic, with high willingness to offload inventory. Although inquiries from downstream buyers have slightly increased, intensifying market competition has kept negotiation prices for new orders on a downward path, with an increase in low-price transactions. In the short term, domestic ECH is likely to continue weak, narrow-range adjustments.

5. Related Product Markets

Epoxy Resin Market: Taking East China as a benchmark, today’s net weight ex-factory price for liquid E-51 epoxy resin closed at RMB 15,400–15,800/ton, down RMB 100/ton from the previous day. In the Huangshan region, the cash delivered-to-surroundings price for solid E-12 epoxy resin closed at RMB 14,500–14,800/ton, down RMB 100/ton from the previous trading day, aligning with morning market expectations. Weakening raw material ECH prices and limited downstream inquiries have increased negative sentiment across the supply chain, putting pressure on epoxy resin prices and causing the market center to decline.

Glycerol Market: Taking East China as a benchmark, today’s 99.5% glycerol price closed at RMB 9,075/ton (delivered), down RMB 50/ton from the previous day, with freight estimated at RMB 150/ton, largely matching morning expectations. The domestic glycerol market saw a slight decline today. Falling prices of downstream products have reduced procurement enthusiasm for glycerol, while counter-offers remain low. Sellers are offering discounts to facilitate sales, leading to continued declines in transaction prices. In the short term, weak demand offers little positive support, suggesting that the domestic glycerol market may still face some downside pressure.

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