Propylene Glycol Market Morning Brief (2026-09-09)

1. Focus Points

• Sept 8: Houthi forces attacked Saudi oil facilities, the US–Iran military conflict continued, and supply risks pushed international oil prices higher. NYMEX crude oil futures for October delivery settled at $93.03/bbl, up $1.55/bbl, or +1.69% period-on-period; ICE Brent futures for November delivery settled at $97.92/bbl, up $0.92/bbl, or +0.95% period-on-period. China's INE crude oil futures (2610 contract) rose 14.8 yuan/bbl to 703.3 yuan/bbl, and added a further 11.4 yuan/bbl to reach 714.7 yuan/bbl in the night session.

• Feedstock: Major propylene oxide producers' new-order offers stood at 10,250 yuan/ton ex-works on a T/T basis today, up 300 yuan/ton from the previous working day.

• Supply: Pay attention to plant operating conditions in the Shandong region.

• Downstream dynamics: Unsaturated resin market prices are running steadily, while polyether spot offers are consolidating within a narrow range.

Core logic: The feedstock PO market weakened first and then turned strong. On the supply side, units largely ran stably; producers currently in operation trimmed offers appropriately after seeing only moderate offtake, waiting for the adjustment to transmit downstream. Toward the afternoon, however, feedstock propylene rebounded sharply to high levels, lifting market sentiment. Downstream buyers began purchasing one after another, and the market resumed a strong tone. In the propylene glycol market, actual transactions yesterday were mainly concluded through negotiation; with the feedstock side running firm in the afternoon, trading sentiment warmed slightly. Watch today's new-order offers.

2. Price Table

Notes:

1. Both propylene glycol and dimethyl carbonate are industrial grade.
2. Prices are quoted in RMB, unit: yuan/ton.
3. Propylene glycol and dimethyl carbonate are ex-works quotes settled by acceptance bill; propylene oxide and polyether are ex-works quotes settled in cash; unsaturated resin is quoted on an ex-plant pickup basis.
4. The prices for the two periods are point-in-time prices from the two working weeks preceding the current week, not weekly averages.
5. The change rate is calculated period-on-period.

3. Market Outlook

Propylene glycol prices trended down on a weak note last working day. On the feedstock front, the propylene oxide market has regained strength on the support of feedstock propylene, and short-term bullish support remains intact. In the propylene glycol market, the cost side has rebounded upward again, and sellers show a strong willingness to support higher prices, with attention on downstream feedback from domestic demand. Overall, the domestic propylene glycol market is expected to run with a firm bias; continue to monitor plant operating conditions and feedstock price guidance.

4. Data Calendar

Notes:

1. ↓↑ indicates a significant fluctuation, highlighting metrics with a change exceeding 3%.
2. ↗↘ indicates a narrow fluctuation, highlighting metrics with a change within 0–3%.