I. Key Focus Points
① On September 16, multiple efforts were made to ease tensions in the Middle East, compounded by the Federal Reserve's interest rate hike boosting the USD exchange rate, leading to a decline in international oil prices. NYMEX crude oil futures (October contract) closed at $102.43/barrel, down $3.40 (-3.21% WoW); ICE Brent crude oil futures (November contract) closed at $105.83/barrel, down $2.92 (-2.69% WoW). China INE crude oil futures (November 2026 contract) rose by 2.2 yuan to 838.4 yuan/barrel during the day session, but fell by 33.6 yuan to 804.8 yuan/barrel during the night session.
② Volatility in cost-side support: Raw material propylene and liquid chlorine rebounded slightly after falling, potentially stabilizing. Cost support remains steady, while fluctuations in crude oil influence market sentiment.
③ Cautious downstream operations: Downstream demand is watching high price points closely. Some buyers are gradually reducing volumes, but most are maintaining baseline purchases while observing crude oil trends and supplier actions. Sentiment varies among participants.
Core Logic: The market is consolidating at highs. Current raw material support is rebounding from recent lows. Downstream sentiment is mixed. Supplier inventories remain manageable. Various parties are engaged in a tug-of-war.
II. Price Table
| Product | Market Name | 2026/09/15 | 2026/09/16 | Change | Change % | Unit |
|---|---|---|---|---|---|---|
| Propylene | Shandong | 9800 | 9810 | 10 | 0.1% | RMB/ton |
| Liquid Chlorine | Shandong | 250 | 300 | 50 | 20% | RMB/ton |
| Propylene Oxide | Shandong | 12000 | 12000 | 0 | 0% | RMB/ton |
| Flexible Polyether Foam | Shandong | 12750 | 12550 | -200 | -1.57% | RMB/ton |
| Propylene Glycol | Shandong | 9750 | 9325 | -425 | -4.36% | RMB/ton |
| Dimethyl Carbonate | Shandong | 6475 | 6225 | -250 | -3.86% | RMB/ton |
| Propylene Glycol Methyl Ether | East China | 11200 | 11700 | 500 | 4.46% | RMB/ton |
III. Market Outlook
Yesterday, the domestic propylene oxide market underwent narrow adjustments. Supply-side units remained largely stable, with operating factories maintaining steady shipments. Pressure remains controllable, with some attempts at minor price increases. However, gains in raw materials were limited, resulting in no significant improvement in cost support. Downstream sectors retain a degree of caution. Mainstream transaction ranges remained stable, with the market consolidating amid balanced bargaining power. A delicate equilibrium has been reached; attention should be paid to new fundamental indicators for guidance.
IV. Data Calendar
| Data Indicator | Release Date | Previous Period | Trend Forecast for Current Period |
|---|---|---|---|
| Weekly Capacity Utilization Rate of Propylene Oxide | Thursday 17:00 PM | 62.66% | ↗ |
| Weekly Capacity Utilization Rate of Polyether Polyols | Thursday 17:00 PM | 51.75% | → |
| Weekly Capacity Utilization Rate of Propylene Glycol | Thursday 17:00 PM | 65.08% | ↗ |
| Note 1: ↓↑ indicates significant fluctuation, highlighting data dimensions with changes exceeding 3%. | |||
| Note 2: ↗↘ indicates narrow fluctuation, highlighting data with changes within 0-3%. |
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