The market continued its downward trend before stabilizing, with trading activity picking up.

1. Today's Summary

① Plant shutdowns at Zhenhai Phase 2, CNOOC Fine Chemicals, and other units have led to a recovery in trading sentiment within the domestic market.

② The domestic propylene oxide (PO) capacity utilization rate stood at 67.56% today.

2. Spot Market Overview

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

Data Source: Chempricehub Information

Taking the Shandong region as the benchmark, today’s propylene oxide price closed at 11,100 RMB/ton, representing a month-over-month decrease consistent with morning expectations.

Today, the domestic propylene oxide market continued its downward trend. Supply-side fluctuations at certain plants resulted in reduced output, though the impact remains limited for now. Operating factories under pressure negotiated shipments, lowering prices to recent lows, which improved sales volume and alleviated some pressure. Currently, the PO-propylene spread remains inverted. Downstream demand has released some rigid requirements, leading to increased purchasing, while all parties await feedback from end-users.

3. Production Dynamics

The propylene oxide capacity utilization rate is 67.56%. Recently, units such as Zhenhai Phase 2 and CNOOC Fine Chemicals have been shut down. Cost support remains relatively strong, and the PO-propylene spread continues to be inverted.

4. Price Forecast

Looking ahead, supplier pressure is easing, and prices are expected to remain stable tomorrow. However, the propylene side appears weak for now; the market still needs appropriate support from either downstream follow-up or supply reductions.

5. Related Products Status

Propylene Market: Today, propylene prices in Shandong dropped significantly. The mainstream closing reference was 11,000–11,200 RMB/ton, with an average of 11,100 RMB/ton, a decrease of 450 RMB/ton compared to the previous working day. A clear decline in international crude oil prices, combined with increased inventory circulation, has dampened traders' sentiment. Enterprises offered wide discounts, while downstream buyers entered the market selectively based on low prices and rigid demand. Trading activity remained generally moderate.

Liquid Chlorine Market: Today, upstream enterprises in Shandong slowed their shipments, leading to increasing inventories due to reduced terminal demand. Liquid chlorine prices remained stable. Current prices are 450–550 RMB/ton in the Lubéi region, 400–450 RMB/ton in the Lunan and Southwest Shandong regions, and 450–550 RMB/ton in the Jiaodong Peninsula region.

Soft Foam Polyether Market: Price updates indicate Shandong references at 11,400–11,700 RMB/ton (cash basis), East China negotiations at 11,600–11,800 RMB/ton (cash delivered), and South China negotiations at 11,800–12,200 RMB/ton (cash delivered). Specific transactions vary. In the afternoon session, the spot market trended downward. Affected by significant drops in raw material prices, polyether manufacturers concentrated on adjusting new order quotes downwards, resulting in a notable increase in low-price offers. Downstream buyers mostly adopted a wait-and-see approach, limiting actual transaction volumes.

6. Data Calendar

Table 2: Domestic Propylene Oxide Data Overview (Units: 10,000 tons, RMB/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%.