Propylene Glycol Market Morning Brief (20260910)

I. Key Points

1. Sep 9: There are still no signs of easing in the US-Iran conflict, and Houthi forces have intensified attacks on Saudi oil facilities, exacerbating supply risks; international oil prices continued to rise. NYMEX crude oil futures October contract stood at USD 96.05/bbl, up USD 3.02/bbl, or +3.25% period-on-period; ICE Brent crude futures November contract stood at USD 101.21/bbl, up USD 3.29/bbl, or +3.36% period-on-period. China INE crude oil futures 2610 contract rose CNY 19.2 to CNY 722.5/bbl, and rose CNY 50.6 in the night session to CNY 773.1/bbl.

2. Feedstock: Today, new order quotations from major propylene oxide producers were CNY 11,050/t, ex-works by T/T, up CNY 800/t from the previous working day.

3. Supply: Pay attention to plant operations in Shandong.

4. Downstream developments: Unsaturated resin market prices fluctuated upward; polyether spot market quotations rose broadly.

Core logic: The feedstock propylene oxide market first rebounded and pushed higher. Supply-side plants in the market were mostly stable; operating plants, observing the strong rise in feedstock propylene, turned firm and sought price increases. In some regions, the high-low price spread widened; amid tight supply, some sales carried a certain premium. Meanwhile, the feedstock side continued to rise, and downstream wait-and-see buyers gradually followed with purchases. In the propylene glycol market, major market plants showed no obvious incremental volume, and market sentiment was mostly wait-and-see. After raw material prices rose broadly yesterday afternoon, downstream players cautiously chased the highs; attention is on today's new order quotations.

II. Price Table

Notes:

1. Propylene glycol and dimethyl carbonate are both industrial grade.
2. Prices are in RMB, unit: CNY/t.
3. Propylene glycol and dimethyl carbonate are ex-works on acceptance bill; propylene oxide and polyether are ex-works on cash payment; unsaturated resin is ex-works pickup.
4. The prices for the two periods are point-in-time prices from the previous two working days before this week, not weekly average prices.
5. The change rate is the period-on-period change rate.

III. Market Outlook

On the previous working day, propylene glycol market prices edged up. On the feedstock side, the propylene oxide market was supported by feedstock propylene; new order quotations rose broadly in the afternoon, and the overall market consolidated with a firm bias. In the propylene glycol market, costs rose broadly, and suppliers' quotations may follow raw material increases, but actual transactions remain to be seen. Overall, the domestic propylene glycol market is expected to run with a firm bias; continue to monitor plant operations and raw material price guidance.

IV. Data Calendar

Notes:

1. ↓↑ indicate significant fluctuations, highlighting data dimensions with changes exceeding 3%.
2. ↗↘ indicate narrow fluctuations, highlighting data with changes within 0–3%.