New orders are being released slowly, and monomer prices are declining.

1. Today's Summary

① Raw Materials: Ethylene oxide (EO) prices in East China reached 9,700 RMB/ton; domestic ethylene prices remained stable at 9,400 RMB/ton.

② Demand: Downstream market entry and procurement enthusiasm were moderate, with most participants adopting a wait-and-see approach to market trends.

2. Spot Market Overview

Table 1: Domestic Polycarboxylate Superplasticizer (PCE) Monomer Price Summary (Unit: RMB/ton)

Today, the price of domestic polycarboxylate superplasticizer monomers continued its downward trend. The supply of raw material ethylene oxide showed no obvious pressure, keeping prices relatively stable. Ethylene producers primarily supplied via contracts, resulting in limited spot resources available for sale. However, performance in derivative markets was poor, with most transactions maintaining contract volumes and weak willingness for new purchases. Market negotiation atmosphere was average today. Cost-side support from ethylene oxide provided a floor, causing the center of gravity for monomer prices to shift lower. Procurement enthusiasm was low, and overall trading activity was sluggish. In summary, the price of EPEG in the key East China market is predicted to range between 11,400-12,000 RMB/ton on the next working day.

3. Production Dynamics

Today, the capacity utilization rate of the polycarboxylate superplasticizer monomer industry stood at 24.21%, representing a week-on-week decline. The gross margin for HPEG monomers was 1,021 RMB/ton.

4. Price Forecast

On the next working day, domestic polycarboxylate superplasticizer monomer prices may experience slight fluctuations. Key raw material ethylene oxide is expected to remain temporarily stable, supported by the supply side. Downstream industries are consuming steadily, and while ethylene producers have limited unsold inventory, willingness to buy derivatives remains moderate, leading to potential stalemate and consolidation in prices. The cost side may provide certain support. Downstream monomer factories exhibit strong wait-and-see sentiment, with passive procurement, sporadic transactions, and a thin trading atmosphere; deals are negotiated based on volume. In summary, the price of EPEG in the key East China market is projected to be in the range of 11,400-12,000 RMB/ton.

5. Related Product Status

① Ethylene Oxide (Raw Material): Ethylene oxide prices are expected to maintain high-level firmness in the short term. On the supply side, although prices for related product monoethylene glycol (MEG) have retreated, they remain relatively high, so there is no significant pressure on spot EO supply within plants. On the demand side, release of new orders from downstream industries ahead of holidays has been sporadic, weakening procurement enthusiasm for EO, with steady consumption of contract volumes being the norm. Regarding costs, recent macroeconomic weakness has dampened market sentiment, buying atmosphere is weak, and ethylene prices may continue their stability, providing cost-side support. Overall, supply and cost factors will continue to support the market in the short term, and EO prices are likely to remain temporarily stable. Future developments upstream and downstream need to be monitored.

6. Data Calendar

Table 2: Domestic Polycarboxylate Superplasticizer Monomer Data List (Unit: 10,000 tons)