Propylene Glycol Market Morning Brief (20260911)

I. Key Focus

1. September 10: There are no signs of easing in the US-Iran conflict, and the Houthis continue to pressure Saudi Arabia. Supply risks are still increasing, and international oil prices continued to rise. The NYMEX crude oil futures October contract stood at 102.48, up 6.43 USD/bbl, or +6.69% period-on-period; the ICE Brent crude futures November contract stood at 107.63, up 6.42 USD/bbl, or +6.34% period-on-period. China INE crude oil futures 2610 contract rose 45.9 to 768.4 yuan/bbl, and rose 47.6 to 816 yuan/bbl in the night session.

2. Raw materials: Today, major propylene oxide producers quoted new orders at RMB 11,650/mt, ex-works by wire transfer, up RMB 600/mt from the previous working day.

3. Supply: Monitor plant operations in Shandong.

4. Downstream developments: Unsaturated polyester resin market prices continued to rise; inquiries in the polyether spot market were limited.

Core Logic: The propylene oxide raw material market rose sharply. Supply-side plant operations were mainly stable, and shipments from operating plants continued to be good. With no incremental supply materializing and the market structure remaining tight, some sellers still achieved premium sales. The raw material side was firm and consolidating; downstream raw material inventories were low, and most buyers continued to follow up with purchases, keeping the market strong. In the propylene glycol market, raw material prices rose sharply, and suppliers’ quotations again broke through recent highs. At high levels, overall trading was light, with most participants taking a wait-and-see stance on the outlook; focus on today’s new-order quotations.

II. Price Table

Notes:

1. Propylene glycol and dimethyl carbonate are industrial grade.
2. Prices are in RMB, unit: yuan/mt.
3. Propylene glycol and dimethyl carbonate are ex-works with acceptance bill payment; propylene oxide and polyether are ex-works with cash remittance; unsaturated polyester resin is ex-works pickup.
4. The two-period prices are point-in-time prices for the previous two working weeks 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 were stable to firm. On the raw material side, the propylene oxide market remained relatively firm. In the propylene glycol market, participants in both domestic demand and export trade mainly chose to wait and see, remaining wary of high prices in the outlook. Overall, the domestic propylene glycol market is expected to remain stable to firm; continue to monitor plant operations and raw material price guidance.

IV. Data Calendar

Notes:

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