【Introduction】: Before the May Day holiday, the domestic epichlorohydrin market price continued to soften. As of April 30, the mainstream negotiated price in the Jiangsu market was referenced at 13,150 yuan/ton on acceptance basis for surrounding delivery. The core raw material glycerol was weak and declining, leading to insufficient cost support for epichlorohydrin. Additionally, after the earlier phased replenishment by downstream sectors, pre-holiday stock-up sentiment was low, and demand buying follow-up was insufficient. With weak cost support and inadequate demand follow-up, market bearish sentiment gradually heated up, resulting in a continuous decline in epichlorohydrin prices. After the holiday, cost support weakened, coupled with an expected reduction in epichlorohydrin supply, while downstream just-in-time demand followed up. It is expected that the epichlorohydrin trend after the holiday will be weak, but the magnitude may be limited. Attention should be paid to cost, downstream replenishment sentiment, and other factors.

1. Market Review (April 23 - April 30)

Table 1 Domestic Epichlorohydrin and Related Product Price List

| | 2025/4/23 | 2025/4/30 | Change | Change % | Unit |
| --- | --- | --- | --- | --- | --- |
| Key Region | | | | | |
| Jiangsu | 13,550 | 13,150 | -400 | -2.95% | yuan/ton |
| Shandong | 13,350 | 12,800 | -550 | -4.12% | yuan/ton |
| Huangshan | 13,550 | 13,250 | -300 | -2.21% | yuan/ton |
| Key Downstream | | | | | |
| Product Name | | | | | |
| Epoxy Resin E-51 | 17,500 | 16,900 | -600 | -3.43% | yuan/ton |
| Epoxy Resin E-12 | 15,700 | 15,200 | -500 | -3.18% | yuan/ton |
| Key Related | | | | | |
| Product Name | | | | | |
| Propylene | 9,350 | 9,630 | +280 | +2.99% | yuan/ton |
| Glycerol | 11,100 | 10,800 | -300 | -2.70% | yuan/ton |
| Bisphenol A | 9,750 | 9,800 | +50 | +0.51% | yuan/ton |
| Data source: chempricehub Information | | | | | |

Recently, the domestic epichlorohydrin market price fluctuated downward. The price trend of core raw material glycerol was weak, and the market negotiation focus declined, further loosening the cost support for the glycerol-based process of epichlorohydrin. Before the May Day holiday, companies in the industry generally aimed to reduce inventory and free up capital, with a strong willingness to sell on the supply side. However, downstream companies had already completed centralized replenishment earlier, and the pre-holiday wait-and-see sentiment based on demand was strong, leaving new orders with insufficient follow-up. The increased sales pressure on manufacturers intensified competition within the industry, causing the negotiation focus of the epichlorohydrin market to continue to decline.

From the perspective of the main downstream epoxy resin industry, the dual raw materials showed divergent trends, and the industry's own cost pressure remained. Moreover, transmission to downstream end-users was hindered. Combined with insufficient just-in-time demand from end-users and low willingness to stock up, the epoxy resin market continued its weak downward pattern, with overall market trading atmosphere being light, further dragging down the release of epichlorohydrin demand.

2. Data Analysis

Table 2 Domestic Epichlorohydrin and Related Product Data Sheet

| | | 2025/4/23 | 2025/4/30 | Change | Change % | Unit |
| --- | --- | --- | --- | --- | --- | --- |
| Product Name | | | | | | |
| Epichlorohydrin | Propylene-based Gross Profit | 3,788 | 2,597 | -1,191 | -31.44% | |
| | Glycerol-based Gross Profit | -550 | -550 | 0 | 0.00% | |
| | Capacity Utilization | 54.16% | 52.25% | -1.91% | | |
| Product Name | Key Downstream | | | | | |
| Epoxy Resin | Capacity Utilization | 45.32% | 47.02% | +1.70% | | |
| Data source: chempricehub Information | | | | | | |

Before the May Day holiday, the price of core raw material glycerol declined weakly, weakening the cost support for the glycerol-based process of epichlorohydrin. At the same time, inquiries from the main downstream epoxy resin market were limited, putting pressure on epichlorohydrin sales. To facilitate transactions, suppliers mainly offered price concessions in negotiations, but overall market transactions were average. Profit margins for different process units all showed a shrinking trend. Among them, the propylene-based process saw a relatively significant reduction in profit margins due to rising raw material propylene and liquid chlorine prices, which strengthened cost support. After the May Day holiday, raw material glycerol prices are expected to weaken, and overall epichlorohydrin market supply is expected to decrease, but downstream will mainly procure based on demand, limiting demand growth. It is expected that the epichlorohydrin market will operate in a weak and narrow adjustment, and the theoretical profit values for different epichlorohydrin processes may decrease.

Before the May Day holiday, overall epichlorohydrin supply showed a decreasing trend. In particular, Quzhou Juhua's 100,000-ton/year glycerol-based unit was shut down on April 25, and some units in Zhejiang, Guangdong, and other regions remained shut down. After balancing these multiple factors, the industry's overall supply presented a reduced pattern. After the May Day holiday, with the restart of some units, but with Jiangsu Haixing's unit having a maintenance plan, the overall epichlorohydrin supply is expected to show a decreasing trend. For the main downstream epoxy resin, with Dongfang Feiyuan's unit restarting after maintenance, overall market supply is increasing. After the holiday, the units that restarted earlier entered a stable operation state, and no other new maintenance units are expected, so the overall market increases. After the May Day holiday, the capacity utilization rates of epichlorohydrin and downstream epoxy resin are showing mixed changes, and the market supply-demand gap is expected to narrow.

3. Post-Holiday Trend Outlook

Table 3 Domestic Epichlorohydrin Data Forecast Sheet

| | 2026/4/30 | 2026/5/6E | Change | Change % | Unit |
| --- | --- | --- | --- | --- | --- |
| Main raw material glycerol price | 10,700 | 10,700 | 0 | 0% | yuan/ton |
| Capacity utilization | 52.25% | 52.25% | 0 | 0% | |
| Epoxy resin capacity utilization | 47.02% | 47.02% | 0 | 0% | |
| Data source: chempricehub Information | | | | | |

In May, the domestic epichlorohydrin market is likely to fluctuate weakly. On the cost side, the price of 99.5% glycerol in East China is expected to decline weakly in the next period, easing the production cost pressure of epichlorohydrin and weakening the price support. On the supply side, some major plants in East China have maintenance plans in May, but many previously shut units are restarting, and the overall industry capacity utilization remains high. Market supply is still ample, making it difficult to substantially alleviate industry competition pressure, which places periodic suppression on prices. On the demand side, follow-up from main downstream sectors such as epoxy resin is weak, with procurement mainly based on just-in-time needs and lacking sustained volume support, making it difficult to effectively drive prices upward. In terms of sentiment, after the holiday, 37% of market participants are bullish. Although industry cost pressure has eased, some units have maintenance plans in May, and overall market supply is expected to decrease. Additionally, there is an expectation of phased replenishment downstream, which may support the epichlorohydrin market. Meanwhile, 35% of market participants are bearish. Cost pressure has weakened, and supply has reduced, but downstream procurement sentiment is cautious, and actual demand growth is limited, which may suppress the upside for subsequent market trends.

In summary, from the perspectives of cost, supply, and demand, the bearish atmosphere in the epichlorohydrin market is gradually increasing. Chempricehub Information expects that the domestic epichlorohydrin market will likely fluctuate and soften after the May Day holiday. Attention still needs to be paid to changes in cost, demand, and sentiment.