Monthly Highlights
In August, the capacity utilization rate of China's polycarboxylate superplasticizer (PCE) monomer industry stood at 25.35%, down 0.1 percentage points from the previous month. Monthly output reached 125,200 tons, down 0.40% month-on-month.
As of August 28, the monthly average cost of HPEG in East China was 8,705.55 yuan/ton, up 806.98 yuan/ton month-on-month; the monthly average cost of TPEG was 8,507.50 yuan/ton, up 754.63 yuan/ton month-on-month.
As of August 28, the monthly average profit of HPEG in East China was 20.95 yuan/ton, up 49.86 yuan/ton month-on-month; the monthly average profit of TPEG was 220 yuan/ton, up 76.13 yuan/ton month-on-month.
Monthly Market Analysis
Table 1. Domestic PCE monomer monthly price changes
Unit: yuan/ton
| Region | Specification | July 2026 | August 2026 | Change | Change Rate |
|---|---|---|---|---|---|
| East China | EPEG | 7,792.39 | 8,627.50 | 835.11 | 10.72% |
| East China | HPEG | 7,883.70 | 8,727.50 | 843.80 | 10.70% |
| East China | TPEG | 7,892.39 | 8,727.50 | 835.11 | 10.58% |
| South China | EPEG | 7,832.61 | 8,637.50 | 804.89 | 10.28% |
| South China | TPEG | 7,938.04 | 8,737.50 | 799.46 | 10.07% |
| South China | HPEG | 7,915.22 | 8,737.50 | 822.28 | 10.39% |
| Northeast China | HPEG | 7,793.48 | 8,602.50 | 809.02 | 10.38% |
| Northeast China | EPEG | 7,793.48 | 8,602.50 | 809.02 | 10.38% |
| Northeast China | TPEG | 7,893.48 | 8,702.50 | 809.02 | 10.25% |
In August, PCE monomer market prices trended upward in all regions. On the supply side, only certain domestic monomer production units experienced short-term shutdowns during the month, while previously maintained units remained offline; operating loads at other units fluctuated within a narrow range. The industry's overall operating rate continued to run at a low level, with limited change in supply availability. As monomer producers shipped steadily, spot supply remained relatively tight, and most producers were still scheduling deliveries against orders, leaving no pressure on the supply side. On the demand side, monomer prices first fell and then climbed to high levels. Under a bullish sentiment, downstream players were cautious in their purchasing, while end users resisted high-priced supply to some extent. Procurement was mainly based on small-lot rigid-demand orders, while bulk purchasing was rarely seen. Affected by high temperatures, typhoons, and rainfall in August, the off-season atmosphere meant limited incremental construction demand at the terminal level, so the demand side offered only limited support to the monomer market. On the feedstock side, geopolitical instability pushed raw material prices upward: imported ethylene prices rose, while domestic ethylene prices rebounded after earlier declines due to supply factors. Ethylene glycol, a related product, gained support from feedstock and supply, pushing its price to the year's high; this supported ethylene oxide to a certain extent and drove its price slightly upward. The cost side thus provided bottom-level support.
Analysis of Market Influencing Factors
Supply side: In August, the PCE monomer industry's operating rate continued to run at a low level, and spot supply remained tight.
Cost side: In August, ethylene glycol prices moved up strongly, while ethylene oxide market prices rose slightly, providing a boost on the cost side.
Demand side: In August, amid the off-season atmosphere, downstream buyers were cautious about purchasing at high levels, with procurement limited to small rigid-demand orders.
Next-Month Market Forecast
September forecast: The PCE monomer market is expected to consolidate at high levels in the coming period. Positive market catalysts may be limited; however, supported by cost-side strength and low inventories, monomer market prices are likely to undergo narrow adjustments at high levels. On the supply side, the Sierbang plant under earlier maintenance is expected to resume operations in September, while a few producers are scheduled for unit maintenance. On-site supply may increase slightly, but the industry's overall operating rate is likely to remain low. Monomer producers are expected to focus on steadily delivering previous orders, so the supply side will not noticeably weigh on the market. On the demand side, as the high-temperature and rainy season recedes, the peak-demand period for downstream end users is gradually arriving, and construction sectors in various regions are entering the period of accelerated work. Overall demand is expected to show seasonal improvement compared with August. Still, downstream plants continue to resist high-priced feedstock, and procurement strategies remain dominated by rigid-demand follow-up, with large-scale stockpiling likely to remain limited. On the cost side, the ethylene oxide market is likely to remain stable in September. Some maintenance units are expected to resume, spot selling pressure on feedstock ethylene is limited, and derivative operating rates are acceptable, so prices are likely to maintain a relatively firm tone. Downstream industries are gradually entering the peak season and are expected to consume steadily, providing underlying support from the cost side. It is expected that PCE monomer inventories will remain low in September, demand release will be the main driver, and prices may fluctuate at high levels.
For more monthly market analysis, please refer to the Chempricehub Information PCE monomer monthly report.
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