Market sentiment remained subdued, with ECH trading in a range-bound consolidation.

1. Daily Summary

① Glycerin prices are consolidating within a range. The price for 99.5% glycerin in East China is between 8,800–9,000 RMB/ton (delivered to surrounding areas).

② Epichlorohydrin (ECH) remains largely stable with minor fluctuations. The market price in Jiangsu is 11,200–11,300 RMB/ton (delivered via acceptance bill).

③ Although cost support has weakened, pressure persists. Coupled with rigid demand procurement from downstream sectors, epoxy resin prices remain primarily stable.

2. Spot Market Overview

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

Using the Jiangsu region as the benchmark, today's ECH price closed at 11,250 RMB/ton, remaining flat compared to the previous period and consistent with morning expectations. Today's ECH market followed general trends. Currently, although costs and supply provide some support to the market, downstream buyers are cautious about high raw material prices, resulting in low participation enthusiasm. This has hindered the sales of ECH at higher price levels. Most new orders are negotiated within existing ranges, leading to a relatively quiet overall market atmosphere.

3. Production Dynamics

Today, domestic ECH plants maintained low operating rates, with industry capacity utilization hovering around 44%. For propylene-based ECH, production costs were 10,599 RMB/ton, yielding a daily profit of 351 RMB/ton. For glycerin-based ECH, production costs were 11,900 RMB/ton, resulting in a daily loss of 650 RMB/ton.

4. Price Forecast

Today, the domestic glycerin market remained temporarily stable. Downstream demand was mediocre, providing insufficient price support. However, sellers maintained stable offers with limited willingness to offer further discounts, resulting in stalemate negotiations and a steady market trend. In the short term, significant growth in downstream demand is unlikely, so the domestic glycerin market is expected to continue consolidating within its current range.

5. Related Product Status

Epoxy Resin Market: Using East China as the benchmark, today's ex-factory price for liquid E-51 epoxy resin (net water basis) closed at 15,000–15,300 RMB/ton, remaining flat compared to the previous period. In Huangshan, the cash settlement price for solid E-12 epoxy resin (delivered to surroundings) closed at 14,400–14,800 RMB/ton, unchanged from the previous trading day and consistent with morning market expectations. On the raw materials side, Bisphenol A (BPA) prices softened. Given severe prior losses in the epoxy resin sector, factory offers have stabilized temporarily. Downstream demand follows rigid needs only, keeping the market center stable.

Glycerin Market: Using East China as the benchmark, today's price for 99.5% glycerin closed at 8,950 RMB/ton (delivered), remaining flat compared to the previous period. Freight costs are referenced at approximately 150 RMB/ton, which is generally consistent with morning expectations. Today, the domestic glycerin market remained temporarily stable. Downstream demand was mediocre, providing insufficient price support. However, sellers maintained stable offers with limited willingness to offer further discounts, resulting in stalemate negotiations and a steady market trend. In the short term, significant growth in downstream demand is unlikely, so the domestic glycerin market is expected to continue consolidating within its current range.

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