Cautious Release of New Orders; Monomer Prices Continue to Rise (September 14, 2026)

1. Today's Summary

① Feedstock: East China ethylene oxide (EO) prices held steady at 9,200 RMB/ton, while domestic ethylene prices dropped to 9,250 RMB/ton.
② Demand: Downstream buyers remained cautious in entering the market; restocking was primarily driven by rigid demand.

2. Spot Market Overview

Table 1: Price Summary of Domestic Polycarboxylate Superplasticizer Monomers (Unit: RMB/ton)

Today, spot prices for domestic polycarboxylate superplasticizer monomers continued to rise. Related product ethylene glycol prices fluctuated at high levels. Supply of EO spot resources within the market remained tight, keeping EO prices firm at highs. Although sellable EO spot availability in East China was tight today, expectations of reduced loads and shutdowns for styrene-based derivatives persisted, leading to a decrease in rigid demand buying. Consequently, momentum for further price increases was insufficient, and transactions for high-priced goods faced pressure. The fundamental outlook for the EO market provided support, with prices running at high levels; cost factors offered bottom-line support, and spot liquidity for monomers remained tight. Downstream procurement continued to be driven mainly by rigid demand, with downstream parties maintaining a cautious attitude toward rapid price hikes. In summary, the price of EPEG in the key East China market is expected to reach 11,100–11,300 RMB/ton on the next working day.

3. Production Dynamics

Today, the capacity utilization rate of the polycarboxylate superplasticizer monomer industry stood at 24.21%, a decline compared to the previous period. The gross margin for HPEG polycarboxylate superplasticizer monomers was 856 RMB/ton.

4. Price Forecast

On the next working day, domestic polycarboxylate superplasticizer monomer prices are likely to trend stronger. Key feedstock EO prices may remain at high levels, as the tight supply situation within the market is unlikely to ease in the short term. Ethylene glycol prices are expected to fluctuate at high levels. While downstream industries may follow suit steadily, resistance to high prices in the ethylene market has increased, leaving producers with insufficient momentum to push prices higher; thus, prices are likely to consolidate at high levels. The tight spot status for monomers will persist, with no low-priced goods available in the market. Downstream buyers remain cautious about purchasing high-priced inventory, limiting transactions to rigid-demand spot orders negotiated based on volume. Short-term prices are likely to trend stronger. In summary, the price of EPEG in the key East China market is expected to reach 11,100–11,300 RMB/ton on the next working day.

5. Status of Related Products

① Ethylene Oxide (Feedstock): EO prices are expected to remain firm at high levels, with potential upward tests in the short term. On the supply side, ethylene glycol prices have continued to run at high levels, causing co-production units to favor EG production; consequently, the shortage of EO spot supply within the market has not yet eased. Performance in major downstream industries remains decent, with steady consumption. On the cost side, sellable ethylene spot availability is tight, but expectations of reduced loads and shutdowns for styrene-based derivatives continue to emerge, reducing rigid demand buying. As a result, momentum for further price increases was insufficient today, and transactions for high-priced goods faced pressure, although cost support remains. Overall, supply and cost factors provide short-term support, suggesting prices may maintain their high-level trajectory. Attention should be paid to upstream and downstream developments going forward.

6. Data Calendar

Table 2: Data Overview of Domestic Polycarboxylate Superplasticizer Monomers (Unit: 10,000 tons)