Trading activity is subdued, with ECH consolidating sideways.

1. Daily Summary

① Glycerin prices remained stable within a narrow range. The delivered price for 99.5% glycerin in East China was between RMB 8,600–8,750 per ton.

② ECH (Epichlorohydrin) prices were largely stable with minor fluctuations. The accepted bill delivery price in the Jiangsu market was RMB 11,300–11,350 per ton.

③ With limited changes in costs, epoxy resin prices continued to trade sideways.

2. Spot Market Overview

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

Taking the Jiangsu region as the benchmark, today's ECH price closed at RMB 11,325 per ton, remaining unchanged from the previous day and consistent with morning expectations. The ECH market continued its trend of weak stability. Following recent interim restocking by traders and downstream users, market trading activity has quieted down. However, producers are primarily focused on fulfilling existing orders and show little willingness to offer discounts for new contracts; most new inquiries are quoted within the established price range. Downstream participation is sparse, and buyers remain cautious about current high prices, resulting in very few actual transactions.

3. Production Dynamics

Today, domestic ECH production maintained low operating rates, with industry capacity utilization around 42%. For propylene-based ECH, the cost was RMB 11,113 per ton, yielding a daily profit of RMB 137 per ton. For glycerin-based ECH, the cost was RMB 11,675 per ton, resulting in a daily loss of RMB 375 per ton.

4. Price Forecast

The domestic ECH market is expected to continue its trend of weak stability. After recent phased restocking by downstream sectors, trading sentiment has cooled. Producers currently face no significant inventory pressure and are quoting prices according to market conditions. However, downstream buyers remain cautious about high prices, with sparse participation in new orders and minimal actual transactions. Therefore, domestic ECH prices are predicted to consolidate in a weak manner in the near term, with attention still required on downstream demand recovery.

5. Related Products Status

Epoxy Resin Market: Taking East China as the benchmark, today's ex-works net water price for liquid E-51 epoxy resin closed at RMB 15,400–15,800 per ton, unchanged from the previous period. In the Huangshan area, the cash payment price for solid E-12 epoxy resin in surrounding regions closed at RMB 14,900–15,200 per ton, holding steady compared to the last trading day and aligning with morning market expectations. Raw material prices remained relatively firm, and epoxy resin plants maintained stable quotations. However, insufficient downstream follow-through has led to a quiet market atmosphere.

Glycerin Market: Taking East China as the benchmark, today's delivered price for 99.5% glycerin closed at RMB 8,675 per ton, unchanged from the previous period, with freight costs estimated at approximately RMB 150 per ton, generally matching morning expectations. The domestic glycerin market continued to consolidate within a range. Currently, downstream buyers are participating cautiously, limiting purchases to rigid demand only. As the rise in epoxy resin prices—the main downstream product—has stalled, the wait-and-see attitude in the glycerin market has intensified. Sellers' quotes have temporarily stabilized, leading to a stalemate in market transactions. Domestic glycerin prices are expected to remain flat in the near term.

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