Trading activity is subdued, with ECH trading in a range.

1. Daily Summary

① Glycerin prices remained largely stable with minor fluctuations. The price for 99.5% glycerin in East China was between 8,800 and 9,000 RMB/ton (delivered to surrounding areas).

② ECH prices traded sideways. In the Jiangsu market, the price was 11,200–11,300 RMB/ton (delivered via acceptance bills).

③ Although cost support weakened, downstream rigid demand persisted, keeping epoxy resin prices primarily stable.

2. Spot Market Overview

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

Taking the Jiangsu region as a benchmark, today’s ECH price closed at 11,250 RMB/ton, unchanged from the previous period, aligning with morning expectations. Today, fundamental changes in the ECH market were limited, with prices consolidating within their range. Currently, costs and supply still provide support to the market. Although producers are inclined to maintain high prices, downstream buyers remain cautious about high-priced raw materials. Participation in new orders is limited, with transactions mainly restricted to small volumes driven by rigid demand. This has hindered the sales of high-priced ECH, with new negotiations occurring within the existing price range, resulting in a relatively quiet market atmosphere.

3. Production Dynamics

Today, domestic ECH production continued to operate at low loads, with industry capacity utilization around 44%. For propylene-based ECH, the cost was 10,524 RMB/ton, yielding a daily profit of 426 RMB/ton. For glycerin-based ECH, the cost was 11,900 RMB/ton, resulting in a daily loss of 650 RMB/ton.

4. Price Forecast

Today, domestic ECH prices consolidated within their range. At the beginning of the week, fundamental changes in the market were limited. Although producers aimed to sustain high prices and quoted new orders at elevated levels, sales at these high prices faced resistance. Downstream participation was limited, preventing significant volume increases in actual transactions, which remained confined to rigid demand purchases. Therefore, domestic ECH prices are expected to continue trading with overall stability and minor fluctuations in the near term.

5. Related Products

Epoxy Resin Market: Taking East China as a benchmark, today’s ex-factory price (net water basis) for liquid E-51 epoxy resin closed at 15,000–15,300 RMB/ton, unchanged from the previous period. In the Huangshan region, the price for solid E-12 epoxy resin (cash settlement, surrounding areas) closed at 14,400–14,800 RMB/ton, remaining flat compared to the previous trading day, consistent with morning market expectations. On the raw material side, BPA prices continued to weaken. Given severe prior losses in the epoxy resin market, factories show strong willingness to maintain prices; however, insufficient follow-through from downstream demand has led to a market center that remains stable but slightly weak.

Glycerin Market: Taking East China as a benchmark, today’s delivered price for 99.5% glycerin closed at 8,900 RMB/ton, unchanged from the previous period. Freight costs are referenced at approximately 150 RMB/ton, broadly aligning with morning expectations. Today, the domestic glycerin market remained temporarily stable. Downstream demand showed weakness, with low enthusiasm for raw material procurement. Sellers focused on negotiating sales, making it difficult to close deals at high prices. In the short term, downstream demand is unlikely to see significant growth, providing limited price support. Consequently, the domestic glycerin market is expected to primarily consolidate within its current range.

Table 2: Domestic ECH Data Overview (Unit: RMB/ton)