Trading sentiment has slightly improved, with ECH trading within a consolidated range.

1. Daily Summary

① Glycerol prices continued their downward trend. In East China, the price for 99.5% glycerol ranged from 8,850 to 9,050 RMB/ton (delivered in surrounding areas).

② ECH (Epichlorohydrin) prices stopped falling and stabilized. The Jiangsu market price was 11,000–11,100 RMB/ton (acceptance bill delivered).

③ Cost support remains present, but demand follow-up is insufficient. Epoxy resin prices are consolidating within a range.

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 11,050 RMB/ton, remaining flat week-on-week, which aligned with morning expectations. Today, the ECH market exhibited a stabilization trend after the decline. Currently, cost support from different production processes is evident, and the narrowing of profit margins has intensified. Consequently, ECH producers have reduced their willingness to offer low prices. Combined with improved downstream outlooks, buyers are entering the market to replenish stocks at lower levels. As a result, negotiation centers for ECH have shifted toward the higher end, and overall trading sentiment has improved compared to previous periods.

3. Production Dynamics

Today, domestic ECH production maintained low-load operations, with industry capacity utilization at approximately 48%. The cost for propylene-based ECH was 10,026 RMB/ton, yielding a daily profit of 724 RMB/ton. The cost for glycerol-based ECH was 11,950 RMB/ton, resulting in a daily loss of 900 RMB/ton.

4. Price Forecast

Today, domestic ECH prices consolidated within a range. Currently, profit margins for different production processes have shrunk significantly, reducing producers' willingness to offer low prices. Additionally, downstream inquiry activity has increased, shifting new order negotiation centers toward the higher end. Trading sentiment has improved compared to previous periods. Therefore, domestic ECH prices are expected to consolidate on a slightly strong note in the coming days.

5. Related Products

Epoxy Resin Market: Taking the East China region as the benchmark, today's net water ex-factory price for liquid E-51 epoxy resin closed at 14,800–15,200 RMB/ton, remaining flat week-on-week. In the Huangshan region, the cash-in-surrounding-areas price for solid E-12 epoxy resin closed at 14,400–14,700 RMB/ton, unchanged from the previous trading day, aligning with morning market expectations. Raw material prices remained stable, and epoxy resin factories maintained steady offers. Downstream demand continued to follow rigid requirements. There were no clear signals from market news, keeping the market center temporarily stable.

Glycerol Market: Taking the East China region as the benchmark, today's 99.5% glycerol price closed at 8,950 RMB/ton (delivered), down 50 RMB/ton week-on-week. Freight reference was 150 RMB/ton, which largely aligned with morning expectations. Today, the domestic glycerol market saw a slight decline. Downstream demand remained weak, with sellers negotiating to offload inventory. Low-priced supplies continued to increase in the market, while high-priced transactions were difficult to achieve. Looking ahead, the stabilization of epoxy resin prices provided some support to the glycerol market. Sellers have limited willingness to offer further discounts, suggesting that the short-term domestic glycerol market may remain in a stalemate or consolidate.

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

Note:

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