1. Today's Summary

① No new fluctuations reported from the production side; attention should be paid to propylene glycol plant maintenance in Shandong next week.

② On the raw material side, propylene oxide prices are expected to stabilize, but propylene glycol manufacturers face significant cost pressure.

③ Delivery of foreign trade orders is supporting the market, leading to a recovery in market sentiment.

2. Spot Market Overview

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

Taking the Shandong region as the benchmark, today's Shandong propylene glycol closed at 8,550–9,500 CNY/ton, with an average price down by 25 CNY/ton compared to the previous period.

By market, prices in Shandong showed mixed movements. The delivery of some foreign trade orders led to improved shipments for certain propylene glycol plants, resulting in slight price increases. Conversely, plants under inventory pressure adjusted prices slightly downward while also increasing shipment volumes. In the East China market, the trading range shifted slightly lower, with transaction volumes moderately increasing. The South China market center moved slightly lower, but overall sentiment remained largely unchanged, with transactions primarily driven by essential demand.

3. Production Dynamics

Propylene glycol capacity utilization stands at 60%, with output rising slightly and profitability declining.

4. Market Sentiment

Table 2: Sentiment Forecast for Domestic Propylene Glycol Upstream and Downstream Participants

5. Price Forecast

Looking ahead, regarding propylene oxide, the downtrend in raw materials has narrowed, liquid chlorine prices have rebounded, and cost support remains relatively strong. Downstream participants may adopt a wait-and-see approach with moderate follow-on buying, leading to expectations of a gradual stabilization in the market. Regarding propylene glycol, once propylene oxide prices stabilize, cost support will strengthen. Combined with the delivery cycles of some foreign trade orders, this supports increased order volumes for certain propylene glycol manufacturers. Additionally, transaction volumes at lower price points have improved. Although some customers remain cautious and prefer to wait, considering overall costs and today's shipment performance, domestic propylene glycol prices are estimated to stabilize and move sideways in the short term. Attention should be paid to subsequent raw material price trends and plant operational fluctuations.

6. Related Product Status

Unsaturated Resin Market: Prices in East China fell today. Traders actively shipped goods based on prevailing market conditions, while downstream buyers purchased according to demand, with small-lot trades dominating.

Polyether Market: The spot market continued its weak trend. Manufacturer offers remained stable, but downstream participation was still limited due to reluctance toward high prices. Actual transactions were rare. Focus remains on suppliers' shipping attitudes and their impact on market psychology.

7. Data Calendar

Table 3: Domestic Propylene Glycol Data Overview (Unit: Tons)