Weak Sentiment; ECH Trading in a Consolidation Pattern (2026-09-16)

1. Today's Summary

① Glycerin prices remained stable in a sideways trend. The price for 99.5% glycerin in East China was between 9,200–9,250 RMB/ton (delivered to nearby areas).

② ECH (Epichlorohydrin) continued its weak consolidation. The Jiangsu market price stood at 11,500–11,600 RMB/ton (delivered, accepted bills of exchange).

③ Cost pressures persist, keeping epoxy resin prices firm.

2. Spot Market Overview

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

Based on the Jiangsu region as the benchmark, today's ECH price closed at 11,550 RMB/ton, unchanged from the previous day, aligning with morning expectations. ECH prices are currently consolidating within a weak range. Market trading sentiment has softened, with downstream buyers lacking confidence in the future outlook and few inquiries for new orders entering the market. This has hindered producers and traders from selling at higher prices. While negotiated prices have loosened slightly, actual transactions remain scarce.

3. Production Dynamics

Today, domestic ECH production maintained low-load operations, with an industry capacity utilization rate of approximately 45%. For propylene-based ECH, the cost was 9,801 RMB/ton, yielding a daily profit of 1,549 RMB/ton. For glycerin-based ECH, the cost was 12,225 RMB/ton, resulting in a daily loss of 675 RMB/ton.

4. Price Forecast

Domestic ECH prices are expected to continue adjusting within a narrow, weak range. Current market trading sentiment is softening, with bearish sentiments gradually emerging. Downstream buyers are primarily cautious and wait-and-see, leading to few inquiries for new orders. Consequently, ECH manufacturers face obstacles in selling at high prices, while reports of lower prices circulate, prompting discounts on actual transactions. Therefore, short-term domestic ECH prices are predicted to decline slightly within a narrow, weak range.

5. Related Products Status

Epoxy Resin Market: Based on the East China region, today's ex-factory price for liquid E-51 epoxy resin (net water basis) closed at 15,500–16,000 RMB/ton, unchanged from the previous day. In the Huangshan area, the spot cash price for solid E-12 epoxy resin (delivered to nearby areas) closed at 14,500–14,800 RMB/ton, up by 100 RMB/ton compared to the last trading day, matching morning market expectations. With both raw material prices remaining firm, epoxy resin factories still face significant losses. Factory quotes remain steady, but downstream inquiries are limited, resulting in a sluggish trading atmosphere. The market center remains consolidated, though solid epoxy resin prices in Huangshan rose due to cost push-ups.

Glycerin Market: Based on the East China region, today's price for 99.5% glycerin closed at 9,225 RMB/ton (delivered), unchanged from the previous day. Freight costs were referenced at 150 RMB/ton, broadly matching morning expectations. Domestic glycerin prices remained stagnant in consolidation. Downstream epoxy chloropropane prices showed a downward trend, causing buyer sentiment to turn cautious, with most adopting a wait-and-see approach. Sellers' offers remained temporarily stable, keeping the market in a stalemate. In the short term, epoxy chloropropane prices may continue to weaken, providing limited support from the demand side. The domestic glycerin market is expected to maintain a weak consolidation trend.

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

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