Propylene Glycol Market Weekly Outlook (September 14, 2026)

I. Key Points

1. Oil Prices (Sep 11): Despite ongoing tensions in the Middle East, diplomatic efforts to de-escalate risks have led to a decline in international crude oil prices. NYMEX WTI October futures fell by USD 2.43/bbl to USD 100.05/bbl (-2.37% WoW); ICE Brent November futures dropped by USD 3.02/bbl to USD 104.61/bbl (-2.81% WoW). China INE crude oil futures contract SC2610 rose by CNY 41.5 to CNY 809.9/bbl, while night session trading saw an increase of CNY 40.2 to CNY 850.1/bbl.
2. Raw Materials: Today, major propylene oxide (PO) producers quoted new orders at CNY 12,050/ton ex-factory (T/T basis).
3. Supply: Monitor operational status of plants in the Shandong region.
4. Downstream Dynamics: Unsaturated resin market prices continued to rise; spot quotes for polyether increased significantly.

Core Logic: The raw material PO market continued its upward trend. Supply-side plant operations remained largely stable, maintaining a relatively tight balance. Active factories reported healthy shipments, with chaotic market quotes often involving premium sales. While cost-push inflation has slowed slightly, downstream demand remains supported by low inventory levels. The market outlook favors price increases over declines, with buyers mostly following passively. In the propylene glycol (PG) market, fluctuating crude oil prices and rising upstream feedstock costs have pushed supplier quotes higher. However, transactions at these elevated levels are sparse, as downstream users remain cautious due to fear of high prices. Attention is focused on today's new order quotes.

II. Price Table

Notes:

1. PG and DMC are industrial grade.
2. Prices are in RMB, unit: CNY/ton.
3. PG and DMC prices are ex-factory based on bank acceptance bills; PO and polyether prices are ex-factory based on cash transfer; unsaturated resin prices are factory pickup.
4. The two price points represent snapshot prices from the previous two working weeks prior to this week, not weekly averages.
5. Change rate refers to the period-over-period percentage change.

III. Market Outlook

Last week, domestic PG market prices surged continuously. Regarding raw materials, cost support for the PO market has eased, but the tight supply-demand structure remains unchanged, keeping the market relatively strong. Producers may still anticipate further upside. In the PG market, suppliers maintain a wait-and-see attitude with a willingness to hold prices firm, while domestic downstream sentiment remains weak. Overall, the domestic PG market is expected to operate with a bullish bias. Continue to monitor plant operations within the market and guidance from raw material price trends.

IV. Data Calendar

Notes:

1. ↓↑ indicates significant volatility, highlighting data dimensions where changes exceed 3%.
2. ↗↘ indicates narrow-range fluctuations, highlighting data dimensions where changes are within 0–3%.