Epichlorohydrin holds steady as epoxy resin market consolidates at 48% capacity utilization

1. Daily Summary

① Raw material prices remained stable today, with costs maintaining a high level.

② Downstream demand was limited to rigid requirements, and the epoxy resin market held steady in consolidation.

2. Spot Market Overview

Table 1: Domestic Epoxy Resin Price Summary (Unit: RMB/ton)

Based on the East China region, the ex-factory price for liquid E-51 epoxy resin closed at 15,400–15,800 RMB/ton today, remaining flat compared to the previous day. The cash price for solid E-12 epoxy resin in the Huangshan region closed at 14,900–15,200 RMB/ton, unchanged from the previous trading day, aligning with morning market expectations. Raw material prices remained firm, but new order inflows at epoxy resin plants were insufficient. The market atmosphere was quiet, and market focus temporarily stabilized.

3. Production Dynamics

The capacity utilization rate of the domestic epoxy resin industry is around 48%. Today, the daily average cost for liquid epoxy resin in East China was 16,117 RMB/ton, with a calculated daily gross margin of -517 RMB/ton. In practice, there remains a discrepancy between theoretical margin improvement and actual profit recovery.

4. Price Forecast

Cost-side prices are stable, and epoxy resin plant quotes remain unchanged. However, downstream buyers maintain a purchasing pace driven only by rigid demand, with insufficient real transaction volume, leading to market consolidation. The epoxy resin market is expected to remain temporarily stable. Affected by losses, epoxy resin plants are likely to maintain firm quotes, while downstream acceptance of high prices remains low. The market may continue in a stalemate or consolidation phase. Attention should be paid to raw material prices and downstream procurement rhythms; cautious operation is recommended.

5. Related Product Status

Bisphenol A Market: Based on the East China region, the price of bisphenol A closed at 11,600 RMB/ton today, within a range of 11,500–11,700 RMB/ton, unchanged from the previous trading day and consistent with morning expectations. The bisphenol A market traded within its range. Although cost-side prices continued to decline, the bisphenol A industry remains in a loss position. Holders showed no intention to offer discounts, keeping quotes stable. However, downstream rigid demand follow-up was limited, resulting in sluggish actual transactions.

Epichlorohydrin (ECH): Based on the Jiangsu region, the ECH price closed at 11,325 RMB/ton today, flat compared to the previous period and consistent with morning expectations. The ECH market operated steadily with light activity. While bullish sentiment persists in the market, after recent staged replenishment by intermediaries and downstream users, trading atmosphere has cooled. Manufacturers mostly quoted within the established range. Downstream factories primarily consumed contract volumes and prior inventory, showing caution toward current high prices and limiting purchases to small orders based on rigid demand, with limited release of actual transactions.

6. Data Calendar

Table 2: Domestic Epoxy Resin Data Overview (Unit: 10,000 tons)