Trading sentiment is moderate; ECH is largely stable with minor fluctuations (September 11, 2026).

1. Today's Highlights
   ① Glycerine prices were largely stable with minor fluctuations. The price of 99.5% glycerine in East China was RMB 9,200–9,250/mt (delivered to surrounding areas).
   ② ECH quotations remained firm within a range. The Jiangsu market price was RMB 11,500–11,600/mt, delivered against acceptance.
   ③ Cost pressure intensified further, and epoxy resin prices rose.

2. Spot Overview
   Table 1 Domestic ECH Price Summary (Unit: RMB/mt)

Taking Jiangsu as the benchmark, today's ECH price closed at RMB 11,550/mt, flat day on day, in line with morning expectations. Today's ECH market was mainly characterized by firm quotations within a range. Cost support was evident, and with no pressure from spot supply, producers still had the inclination to push up prices. New orders were mostly quoted at the high end, but downstream buyers were cautious about high-priced feedstock, while low-priced cargoes were difficult to source. Transactions were mainly for essential needs, and actual order releases were limited.

3. Production Dynamics
   Today, domestic ECH continued to operate at low load, with industry capacity utilization at around 49%. The cost of propylene-based ECH was RMB 9,842/mt, with a daily profit of RMB 1,533/mt; the cost of glycerine-based ECH was RMB 12,225/mt, with a daily profit of RMB -675/mt.

4. Price Forecast
   Today, domestic ECH ran in high-level consolidation. At present, cost support is evident, and available spot resources in the market are relatively limited. Producers have a positive mindset and are holding firm quotations, and the market's bullish atmosphere remains. However, downstream buyers are resistant to high-priced feedstock and mainly make small-volume purchases for essential needs, so actual order volumes are limited. In the short term, domestic ECH is expected to continue firm quotations, with the price center likely to move upward. Further attention should be paid to downstream follow-up.

5. Related Products
   Epoxy resin market: Taking East China as the benchmark, today's liquid E-51 epoxy resin ex-works net water price closed at RMB 15,200–15,500/mt, up RMB 100/mt day on day; the solid E-12 epoxy resin cash payment surrounding-area price in Huangshan closed at RMB 14,000–14,400/mt, flat from the previous trading day, in line with morning market expectations. Raw material bisphenol A prices rose sharply, and epoxy resin plants continued to raise their opening prices. Offer prices were widely raised, but downstream follow-up at high prices was weak, limiting actual transaction increases, with deals mainly in small volumes.

Glycerine market: Taking East China as the benchmark, today 99.5% glycerine closed at RMB 9,225/mt delivered, flat day on day, with freight referenced at RMB 150/mt, basically in line with morning expectations. Today, domestic glycerine market prices were stable. Crude glycerine feedstock prices remained high, providing strong cost support. Glycerine producers' plants operated steadily, with relatively ample supply, while downstream epichlorohydrin operating rates were stable and glycerine procurement was mainly for essential needs. In the short term, domestic glycerine market prices are expected to consolidate within a range.

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