Wide Downward Movement; Bearish Sentiment Remains Strong (2026-09-16)

1. Daily Summary

① No unit fluctuations reported today.

② On the raw material side, the mainstream offer price for propylene oxide (PO) from major plants stood at 12,050 RMB/ton (ex-factory, cash settlement), remaining stable compared to the previous working day.

2. Spot Market Overview

Table 1: Domestic Propylene Glycol (PG) Industry Chain Price Summary (Unit: RMB/ton)

Based on the Shandong region, today's PG transaction price was 9,325 RMB/ton, showing a week-over-week decline.

Market prices in Shandong trended lower with volatility; actual transactions were negotiated at low levels as suppliers offered discounts to secure orders and ship inventory, while downstream bearish sentiment persisted. The East China market followed suit with declining prices, as downstream players maintained a wait-and-see attitude and continued to push for lower prices. The South China market saw a downward range, with supplier shipments remaining sluggish.

3. Production Dynamics

The capacity utilization rate for PG is approximately 60%. Output rose slightly compared to last week. Since the co-produced DMC prices increased significantly, profitability improved relative to the previous week.

4. Market Sentiment

Table 2: Sentiment Expectations of Domestic PG Upstream and Downstream Participants

5. Price Forecast

Looking ahead, on the raw material side, the PO market remains broadly stable. Supply-side units are operating steadily, with active plants maintaining manageable shipping volumes and running without pressure. While some minor price hikes occurred in East China, mainstream transaction prices showed little change. Downstream demand is following strictly based on necessity, keeping costs relatively stable with slight upward potential, suggesting the market will continue to trade sideways. In the PG market, supplier offers have consistently dropped through negotiations as they discount to move inventory. Downstream wait-and-see sentiment is strengthening, with buyers still waiting for lower levels to restock, resulting in an overall quiet atmosphere. PG market prices are expected to fluctuate weakly but stably. Continued attention should be paid to unit operational details and raw material price trends.

6. Related Product Updates

Unsaturated Resin Market: Based on the Jiangsu region, today's unsaturated resin 196# closed at 11,400 RMB/ton, rising from yesterday, consistent with morning expectations. The unsaturated resin market saw a broad-based firming of prices. Today, domestic factory ex-works prices for unsaturated resins remained stable or rose by ranges of 100–700 RMB/ton. In the spot market, both East and South China saw significant increases. Although strong support exists from cost and supply sides, recent high-price transactions have become increasingly difficult. Market participants remain cautious and observant, with limited proactive offers. The focus is on watching future market trends, with few reports of bulk purchases after inquiries. High-price trading shows signs of "prices without volume."

Polyether Market: Trading activity in the spot market remains sluggish. Manufacturers continue to offer discounts to negotiate sales. Downstream reluctance to buy at high prices persists, and bearish sentiment regarding the future market deepens. Purchases are mainly driven by immediate needs, with few actual transactions. Key factors to watch include downstream market entry psychology and raw material news.

7. Data Calendar

Table 3: Domestic PG Data Overview (Unit: Tons)