1. Key Focus Points

1. September 18: International crude oil prices fell due to improved expectations for the repair of Saudi oil pipelines and signs of easing tensions in the Middle East. The NYMEX WTI October contract dropped by $1.61/bbl to $100.3, a week-over-week change of -1.58%. The ICE Brent November contract fell by $0.95/bbl to $103.87, a change of -0.91%. The INE China crude oil futures November 2026 contract declined by 50.6 CNY to 754.4 CNY/bbl; during the night session, it fell further by 19.6 CNY to 734.8 CNY/bbl.

2. Raw Materials: Today's new order offer for Propylene Oxide (PO) is quoted at 11,700 CNY/ton (ex-factory, telegraphic transfer).

3. Supply: Monitor the operational status of plants in the Shandong region.

4. Downstream Dynamics: Unsaturated resin market remains stable with a wait-and-see attitude; spot offers for polyether have dropped significantly.

Core Logic: The raw material propylene oxide (PO) market continues its downward adjustment. Overall shipments have been sluggish recently, leading some factories to moderately accumulate inventory. Negotiations continue to trend lower. Although there was some rigid demand from downstream sectors before the holiday, most buyers are reducing purchases and waiting for a staged low point before buying, resulting in a lackluster market sentiment. In the propylene glycol (PG) market, cost-side negotiations remain weak. Domestic downstream purchasing sentiment is slightly subdued, with buyers still preferring to wait for lower levels to replenish stocks. Attention should be paid to today's new order offer prices.

2. Price Table

Notes:

1. Propylene glycol and dimethyl carbonate are both industrial grade.
2. All prices are in RMB, unit: CNY/ton.
3. Pricing basis: PG and DMC are ex-factory based on bank acceptance drafts; PO and polyether are ex-factory based on cash transfers; unsaturated resins are ex-factory pickup.
4. The two price points represent snapshot prices from the previous two working weeks prior to this week, not weekly averages.
5. The change rate indicates the period-over-period variation.

3. Market Outlook

On the last trading day, the domestic propylene glycol (PG) market adjusted weaker. Regarding raw materials, the propylene oxide (PO) market has been gradually adjusting downwards. With no significant increase in downstream demand, PO may still have room for narrow-range declines. In the PG market, suppliers have lowered their offers again to recent lows. Amid this consecutive downward trend, bearish sentiment within the market remains undiminished. Overall, the domestic PG market is expected to continue its weakness. Continued attention should be paid to plant operations and raw material price guidance.

4. Data Calendar

Notes:

1. ↓↑ indicates significant volatility, highlighting data dimensions where the change exceeds 3%.
2. ↗↘ indicates narrow-range volatility, highlighting data dimensions where the change is within 0-3%.