Stalemate in Bull-Bear Tug-of-War; Market Remains Sideways for Now (Sep 14, 2026)

1. Daily Summary

① Plant shutdowns occurred at Zhenhai Phase 2, Guoen, and Qixiang facilities within the market, resulting in slightly subdued trading activity.

② Today’s domestic propylene oxide capacity utilization rate stood at 66.51%.

2. Spot Market Overview

Table 1: Domestic Propylene Oxide Price Summary (Unit: CNY/ton)

Data Source: Chempricehub Information

Taking the Shandong region as the benchmark, today's propylene oxide price closed at 12,000 CNY/ton, a quarter-on-quarter increase consistent with morning expectations.

Today, the domestic propylene oxide market remained stable at high levels. Supply-side plants operated steadily, while shipments from active factories slowed slightly. Trading sentiment in East China was moderate; however, suppliers overall maintained low inventory levels without significant pressure. The spot price of raw material propylene rebounded after falling, leading to reduced cost support compared to previous periods. Downstream transmission effects were limited, with some observers reducing their positions slightly.

3. Production Dynamics

Propylene oxide capacity utilization was 66.51%. Currently, units such as Zhenhai Phase 2, Guoen, and Qixiang have shut down, causing a slight decline in cost support.

4. Price Forecast

Looking ahead, the market is expected to remain stable at elevated levels amid ongoing bargaining. Participants are waiting for news guidance, primarily maintaining stability or anticipating narrow adjustments once increased supply volumes are realized.

5. Related Products Status

Propylene Market: Today, the Shandong propylene market rebounded after declining, with mainstream closing prices referencing 9,600–9,770 CNY/ton and an average price of 9,685 CNY/ton, down 340 CNY/ton from the previous working day. During the weekend, propylene sellers continued to offer discounts, stimulating restocking activities among traders. Combined with localized reductions in supply, this boosted trading sentiment within the market. Companies offered small price increases, premiums on actual transactions widened, and transaction centers rose accordingly; however, the average price remained weak compared to the previous working day.

Liquid Chlorine Market: Over the weekend, downstream demand sufficiently supported liquid chlorine price increases followed by stabilization, prompting some enterprises to raise operating rates. Currently, liquid chlorine prices in the Lubei region range from 300–350 CNY/ton, in Southern and Southwestern Shandong regions from 200–450 CNY/ton, and in the Jiaodong Peninsula region from 300–350 CNY/ton.

Flexible Foam Polyether Market: Flexible foam polyether prices remained at high levels. Reference prices for Shandong spot cash were 12,800–13,200 CNY/ton; negotiated prices for East China delivered spot cash were 12,600–13,000 CNY/ton; and negotiated prices for South China delivered spot cash were 12,700–13,000 CNY/ton. Specific negotiations vary. In the early session, the spot market operated at high levels with suppliers concentrating on holding firm prices for new orders. Spot supply was not abundant, and downstream purchasing behavior was cautious at high prices. Trading atmosphere was flat, with strong wait-and-see sentiment prevailing.

6. Data Calendar

Table 2: Domestic Propylene Oxide Data Overview (Unit: 10k tons, CNY/ton)

Data Source: Chempricehub Information
Notes:

1. ↓↑ indicates significant volatility, highlighting data dimensions with changes exceeding 3%.
2. ↗↘ indicates narrow-range volatility, highlighting data dimensions with changes within 0–3%.