In September, the domestic operating rate for polycarboxylate superplasticizer (PCE) monomers was 26.63%, up 1.33 percentage points from the previous month; monthly output reached 127,200 tons, an increase of 1.84% month-on-month.
As of September 28, the average monthly cost of HPEG in East China was RMB 10,040.30/ton, rising by RMB 1,329.82/ton month-on-month; the average monthly cost of TPEG was RMB 9,850.55/ton, up by RMB 1,325.07/ton month-on-month.
As of September 28, the average monthly profit for HPEG in East China was RMB 874.70/ton, increasing by RMB 844.70/ton month-on-month; the average monthly profit for TPEG was RMB 1,064.45/ton, up by RMB 849.45/ton month-on-month.
| Figure 1: Trend Chart of Major Domestic Prices for PCE Monomers (RMB/ton) |
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| Source: Chempricehub Information |
Table 1: Monthly Price Changes for Domestic PCE Monomers
Unit: RMB/ton
| Region | Specification/Model | August 2026 | September 2026 | Change Value | Change Rate |
|---|---|---|---|---|---|
| East China | EPEG | 8640.48 | 10850.00 | 2209.52 | 25.57% |
| HPEG | 8740.48 | 10950.00 | 2209.52 | 25.28% | |
| TPEG | 8740.48 | 10950.00 | 2209.52 | 25.28% | |
| South China | EPEG | 8650.00 | 10892.50 | 2242.50 | 25.92% |
| TPEG | 8750.00 | 10992.50 | 2242.50 | 25.63% | |
| HPEG | 8750.00 | 10992.50 | 2242.50 | 25.63% | |
| Northeast China | HPEG | 8614.29 | 10860.00 | 2245.71 | 26.07% |
| EPEG | 8614.29 | 10860.00 | 2245.71 | 26.07% | |
| TPEG | 8714.29 | 10960.00 | 2245.71 | 25.77% |
Source: Chempricehub Information
In September, market prices for PCE monomers across all regions rose and then pulled back. On the supply side, domestic PCE monomer producers maintained normal operations as profitability improved. Some units undergoing maintenance earlier did not resume production immediately, while other facilities operated at stable loads. However, the overall industry operating rate remained low, with no significant loosening in spot availability. Producers were cautious about accepting new orders in the first half of the month, focusing primarily on fulfilling accumulated orders in late September. On the demand side, during the early to mid-month period, sustained price increases pushed PCE monomer prices to yearly highs. Downstream users, influenced by the bullish sentiment, entered the market for essential replenishment, resulting in decent trading activity. From mid-to-late month, however, cost pass-through became difficult, squeezing profits in the downstream superplasticizer sector. This reduced the enthusiasm for restocking, causing high-priced PCE monomers to soften. Amidst a bearish trend, new order releases were poor, placing some pressure on the market from the demand side. Regarding raw materials, escalating geopolitical conflicts in the Middle East in early September drove crude oil prices to highs. Import ethylene prices rose, while limited sellable resources of domestic ethylene also led to price increases. Related product ethylene glycol (EG) prices surged to yearly highs, supporting ethylene oxide (EO) prices which stabilized after reaching annual peaks. Strong support came from the cost end. Prices across the industrial chain showed upward trends, with EG recording the largest gain, up 25.60% month-on-month.
Supply Side: Although the operating rate of the PCE monomer industry increased slightly in September, spot resource supply remained tight.
Cost Side: Geopolitical conflicts drove strong upward movement in related product ethylene glycol prices in September. Ethylene oxide market prices rose to highs, providing a boost from the cost end.
Demand Side: Amidst the bullish sentiment in September, downstream users entered the market for moderate replenishment, mainly driven by cautious essential demand.
October Forecast: The PCE monomer market is expected to trade weakly with fluctuations in the next period. Positive catalysts may be limited, cost-side support may weaken, inventories may gradually build up, and PCE monomer prices may soften from current highs. On the supply side, in October, there is no clear expectation for previously idle units to restart. Some units are expected to undergo maintenance, while others may see slight load adjustments. Spot supply volume may see a minor increase. Producers will likely focus on delivering accumulated orders in the first half of the month, offering only general support to the market. On the demand side, October remains within the traditional peak season for end-use construction. Construction activities across regions may enter a rush phase, potentially increasing concrete usage. If PCE monomer prices trend weakly, downstream users may prioritize consuming existing inventory, leading to cautious procurement. Thus, demand-side support for the market may be limited. On the cost side, import ethylene prices may remain firm, providing some support. For ethylene glycol, marginal supply recovery and weak demand in October may limit sustained price upside potential. For ethylene oxide, as some idle units restart, spot supply may increase, and prices are expected to soften from highs before stabilizing. In summary, barring significant positive catalysts, the PCE monomer market in October is predicted to experience weak fluctuation.
For more detailed monthly market analysis, please refer to the Chempricehub Information Monthly Report on PCE Monomers.
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