Manufacturers' Optimistic Sentiment Drives ECH Prices Upward (2026-09-09)

1. Today's Summary

• ① Glycerol prices remained mainly range-bound; the East China price of 99.5% glycerol was 9,200–9,250 yuan/ton (delivered to surrounding areas).
• ② ECH prices moved up; the Jiangsu market price was 11,500–11,600 yuan/ton (acceptance, delivered).
• ③ Both raw material prices rose in tandem, cost support strengthened, and epoxy resin prices increased.

2. Spot Market Overview

Table 1 Domestic ECH Price Summary (unit: yuan/ton)

Taking Jiangsu as the benchmark, ECH prices settled at 11,550 yuan/ton today, up 50 yuan/ton from the previous session, in line with the morning expectation. ECH prices moved upward in the market today. With clear cost support and no pressure on spot supply, producers' sentiment improved and their willingness to push up new-order prices strengthened, gradually raising the negotiation focus. Although downstream buyers remained cautious about high-priced feedstock, low-priced supply was hard to source; trading was mostly for rigid demand, and actual order releases were limited.

3. Production Updates

Domestic ECH units continued to run at low loads today, with industry capacity utilization at around 49%. For propylene-based ECH, the production cost was 9,547 yuan/ton and daily profit was 1,803 yuan/ton; for glycerol-based ECH, the production cost was 12,225 yuan/ton and daily profit was -625 yuan/ton.

4. Price Forecast

Domestic ECH prices moved up today. Influenced by cost and supply-demand factors, the atmosphere of pushing prices upward continued, new-order prices kept rising, and sellers were clearly reluctant to sell at low prices. Downstream buyers made cautious inquiries and mostly restocked on dips, but low-priced supply was difficult to find; trading was dominated by small rigid-demand orders, with limited actual transaction releases. Domestic ECH prices are expected to maintain a firm tone in the short term, and follow-through from downstream buyers warrants further attention.

5. Related Products

Epoxy resin market: Taking East China as the benchmark, the liquid E-51 epoxy resin net ex-works price settled at 14,700–15,300 yuan/ton today, up 100 yuan/ton from the previous session. Solid E-12 epoxy resin in the Huangshan area settled at 13,900–14,100 yuan/ton (cash, delivered in surrounding areas), up 100 yuan/ton from the previous trading day, in line with morning market expectations. Both raw material prices rose, prompting epoxy resin producers to continue raising opening quotations; however, downstream follow-through sentiment was weak, and actual transactions were scarce.

Glycerol market: Taking East China as the benchmark, 99.5% glycerol settled at 9,225 yuan/ton delivered today, flat from the previous session, with freight referenced at 150 yuan/ton, basically in line with the morning expectation. The domestic glycerol market traded within a range today. Crude glycerol feedstock prices stayed high, offering strong cost support; however, the major downstream sector, epichlorohydrin, showed only average interest in feedstock procurement and maintained just rigid-demand buying, so demand support was limited and upward price momentum faced some resistance. In the short term, driven by rising downstream product prices, the domestic glycerol market is expected to remain broadly stable, with the possibility of a higher pricing center.

Table 2 Summary of Domestic ECH Data (unit: yuan/ton)