Minor fluctuations; monitor co-production conditions.

1. Daily Summary

① No plant fluctuations reported today.

② On the raw materials side, the mainstream quoted price for propylene oxide (PO) from major plants was 11,150 RMB/ton (ex-factory, cash settlement), remaining stable compared to yesterday.

2. Spot Market Overview

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

Based on the Shandong region, today's PG closing price was 8,875 RMB/ton, reflecting a period-on-period increase.

The Shandong market saw a slight upward trend with overall moderate sentiment; the East China market remained largely stable with minor adjustments, while downstream willingness to chase highs was limited; the South China market traded sideways as suppliers actively sought orders and shipped inventory.

3. Production Dynamics

The capacity utilization rate for propylene glycol is approximately 60%. Output has increased slightly against a backdrop of stability, while profitability levels have declined compared to last week.

4. Market Sentiment

Table 2: Sentiment Forecast from Domestic PG Upstream and Downstream Participants

5. Price Forecast

Looking ahead, the raw material side shows continued weakness in the propylene oxide market, with potential further declines tomorrow. Various parties are adopting a cautious wait-and-see approach. In the PG market, current supply is supported by export orders; however, the co-produced dimethyl carbonate (DMC) prices continue to fall. Suppliers are making narrow adjustments, and market observation remains dominant with mixed sentiments. PG market prices are expected to remain largely stable with minor fluctuations. Continued monitoring of plant operations and raw material price trends is recommended.

6. Related Product Updates

Unsaturated Resin Market: Based on the Jiangsu region, today's unsaturated resin 196# closed at 11,000 RMB/ton, a decrease from yesterday, aligning with morning expectations. Today, unsaturated resin market prices remained stable. Most domestic ex-factory prices for unsaturated resins held steady, though some companies reduced prices by 200–350 RMB/ton. In the spot market, most participants are holding steady and waiting. Cost-side prices have generally fallen, permeating the market with pessimism. With the Mid-Autumn Festival approaching, downstream stockpiling has been minimal. Inventory holders are primarily offering discounts to facilitate sales, while downstream buyers purchase strictly according to demand. Actual transaction prices remain negotiable.

Polyether Market: Spot market offers remain stable, but trading activity within the market is still lackluster. There are expectations for propylene oxide to decline further. Downstream bearish sentiment persists, with purchasing mainly driven by immediate needs. Key focus areas include downstream market entry psychology and raw material news.

7. Data Calendar

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