Market sentiment is subdued; ECH trading in a weak consolidation (2026-09-20)

1. Today's Summary

① Glycerin remained in a weak consolidation trend. The price for 99.5% glycerin in East China ranged from 9,050 to 9,200 RMB/ton (delivered to nearby areas).

② ECH prices were largely stable with minor fluctuations. The market price in Jiangsu was 11,300–11,400 RMB/ton (accepted bill of exchange delivered).

③ Cost pressures persist, but insufficient demand follow-through has caused the negotiation center for epoxy resin to decline.

2. Spot Market Overview

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

Based on the Jiangsu region as the benchmark, today's ECH price closed at 11,350 RMB/ton, remaining flat compared to the previous period and consistent with morning expectations. Weekend trading activity was relatively quiet, with proactive offers showing caution. Downstream buyers lacked confidence in the future outlook, resulting in few inquiries for new orders entering the market. This put pressure on ECH manufacturers' shipments, leading to an intention to offer discounts to move inventory; however, downstream demand showed no improvement, limiting actual transactions.

3. Production Dynamics

Today, domestic ECH production maintained low-load operations, with industry capacity utilization at approximately 48%. The cost of propylene-based ECH was 9,787 RMB/ton, yielding a daily profit of 1,313 RMB/ton. The cost of glycerin-based ECH was 12,125 RMB/ton, resulting in a daily loss of 775 RMB/ton.

4. Price Forecast

Today, domestic ECH prices adjusted within a narrow range under weak conditions. Currently, pessimism pervades the market. Manufacturers face difficulties in shipping products and continue to offer discounts to move inventory. However, downstream demand has not improved, with buyers primarily consuming contract volumes and existing inventories. Pre-holiday stocking intentions have weakened, resulting in limited actual transactions. It is expected that domestic ECH prices will likely continue their weak downward trend in the near term.

5. Related Products Status

Epoxy Resin Market: Based on the East China region, today's net water ex-factory price for liquid E-51 epoxy resin closed at 15,500–16,000 RMB/ton, a decrease of 100 RMB/ton compared to the previous period. In the Huangshan area, the cash delivery price to nearby areas for solid E-12 epoxy resin closed at 14,500–15,000 RMB/ton, down 200 RMB/ton from the previous trading day, which aligned with morning market expectations. Localized declines in raw material ECH prices persisted, while epoxy resin costs remained high. Some factories lowered their quotes, but downstream inquiries were limited, resulting in a quiet trading atmosphere and a slight retreat in the market center.

Glycerin Market: Based on the East China region, today's 99.5% glycerin closed at 9,125 RMB/ton (delivered), remaining flat compared to the previous period. Freight costs are referenced at approximately 150 RMB/ton, which basically aligned with morning expectations. Today, the domestic glycerin market remained in a stalemate consolidation phase. The downstream epoxy resin market weakened, causing slow shipment rhythms for factories and low enthusiasm for glycerin procurement. Trading activity within the market was bland, with sellers negotiating to offload inventory. Low-priced goods existed in the market, while high-priced deals were difficult to conclude. In the short term, the domestic glycerin market may trend weaker.

Table 2: Domestic ECH Data Overview (Unit: RMB/ton)