In October, the capacity utilization rate of the domestic polycarboxylate superplasticizer (PC) monomer industry stood at 30.36%, a month-on-month increase of 2.77 percentage points. Monthly output reached 149,900 tons, up 13.73% from the previous month.
As of October 28, the average monthly cost of HPEG in East China was RMB 10,707.44/ton, an increase of RMB 604.53/ton month-on-month. The average monthly cost of TPEG was RMB 10,549/ton, up RMB 634.95/ton month-on-month.
As of October 28, the average monthly profit margin for HPEG in East China was -RMB 388.69/ton, a decrease of RMB 1,199.42/ton month-on-month. The average monthly profit margin for TPEG was -RMB 230.25/ton, down RMB 1,229.84/ton month-on-month.
Table 1: Monthly Price Changes for Domestic Polycarboxylate Superplasticizer Monomers
Unit: RMB/ton
| Region | Specification/Model | Sep 2026 | Oct 2026 | Change | % Change |
|---|---|---|---|---|---|
| East China | EPEG | 10845.45 | 10216.67 | -628.78 | -5.80% |
| HPEG | 10945.45 | 10316.67 | -628.78 | -5.74% | |
| TPEG | 10945.45 | 10316.67 | -628.78 | -5.74% | |
| South China | EPEG | 10884.09 | 10333.33 | -550.76 | -5.06% |
| TPEG | 10984.09 | 10433.33 | -550.76 | -5.01% | |
| HPEG | 10984.09 | 10433.33 | -550.76 | -5.01% | |
| Northeast China | HPEG | 10856.82 | 10115.00 | -741.82 | -6.83% |
| EPEG | 10856.82 | 10115.00 | -741.82 | -6.83% | |
| TPEG | 10956.82 | 10215.00 | -741.82 | -6.77% |
Data Source: Chempricehub Information
In October, market prices for polycarboxylate superplasticizer monomers across various regions showed a slight rebound following a decline. On the supply side, most domestic PC monomer producers maintained stable operations during October. With declining profitability for ethylene glycol, integrated facilities shifted production towards increased ethylene oxide (EO) output, thereby boosting the production of PC monomers. Overall industry operating rates improved somewhat but remained at relatively low levels. Spot market circulation increased moderately, and some monomer producers still had backlog orders to deliver, keeping supply pressure manageable. On the demand side, although October is traditionally a peak season, overall improvement momentum was insufficient, resulting in a "weak peak season." Downward transmission of costs faced significant resistance; downstream factories suffered from poor profitability and strong resistance to high prices. There were virtually no speculative stockpiling or bulk purchasing activities, with buyers primarily placing small spot orders based on immediate needs. Subsequent order follow-through was weak. Production stability among some SMEs was inconsistent, with several experiencing intermittent short-term shutdowns, further dragging down prices. Regarding raw materials, crude oil prices fluctuated at high levels. Limited imported ethylene arrived at ports, while domestic ethylene availability tightened due to maintenance at certain units, leading to price increases after initial declines. For ethylene oxide, previously shut-down units for maintenance had not yet resumed, and new maintenance plans were implemented, reducing supply. Supported by fundamentals, EO prices remained stable at high levels, providing cost-side support.
Supply Side: In October, operating rates in the PC monomer industry rose slightly, resulting in ample spot resources in the market.
Cost Side: In October, maintenance shutdowns for ethylene oxide units remained concentrated, so supply pressure was not significant. EO market prices stabilized at high levels, providing support to costs.
Demand Side: Amidst the downward trend in October, downstream participants adopted a cautious approach, mainly purchasing as needed.
November Forecast: It is expected that the PC monomer market may see a slight pullback next period. Favorable factors supporting the market may be lacking. Costs at high levels may decline, inventories may increase slightly, and monomer prices may loosen within a narrow range. On the supply side, in November, previously shut-down units may resume operations, while other units under maintenance are unlikely to restart immediately. There may be a slight expectation of increased supply in the market. Some manufacturers will continue focusing on delivering backlog orders, keeping supply pressure controllable. Market transactions may slow down in late November, potentially leading to some inventory accumulation. On the demand side, as temperatures drop in November, demand in Northern China may gradually weaken, limiting volume growth. Southern markets may be in a rush-to-complete phase, with downstream demand driven by essential needs rather than centralized restocking. If monomer prices remain weak, downstream participants' cautious wait-and-see attitude may suppress replenishment willingness, limiting demand-side support. On the cost side, available ethylene supplies will increase only marginally, and prices may continue their recent trends. Some previously maintained EO units are expected to resume, meaning supply pressure remains manageable in early-to-mid November. However, if end-market performance remains weak in late November, it may force high EO prices down. In summary, unless there is significant positive stimulus, PC monomer prices in November are expected to continue a trend of fluctuating decline.
For more monthly market analysis, please refer to the Chempricehub Information Monthly Report on Polycarboxylate Superplasticizer Monomers.
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