Trading sentiment remains subdued, with ECH continuing its downward trend.

1. Today's Summary

① Glycerol prices consolidated within a range. The price of 99.5% glycerol in East China was between RMB 8,550 and 8,700 per ton (delivered to surrounding areas).

② ECH prices continued their downward trend. The market price in Jiangsu was RMB 11,050–11,150 per ton (acceptance delivered).

③ Cost support weakened, causing epoxy resin prices to continue declining.

2. Spot Market Overview

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

Data Source: Chempricehub Information

Taking the Jiangsu region as the benchmark, today's ECH price closed at RMB 11,100 per ton, a decrease of RMB 150 per ton compared to the previous period, consistent with morning expectations. Today, the ECH market price continued its downward trajectory. Currently, pessimistic sentiment pervades the market, and trading activity is weak. Production enterprises are experiencing average shipment rates, continuing to negotiate discounts for new orders to facilitate sales. However, downstream buyers lack confidence in future prospects and remain cautious in participating in new orders, focusing primarily on small-volume transactions driven by rigid demand. Actual order releases are limited.

3. Production Dynamics

Today, domestic ECH plants maintained low-load operations, with industry capacity utilization around 40%. The cost of propylene-route ECH was RMB 10,551 per ton, with a daily profit of RMB 249 per ton. The cost of glycerol-route ECH was RMB 11,625 per ton, resulting in a daily loss of RMB 375 per ton.

4. Price Forecast

Today, domestic ECH prices continued to decline. Market trading activity remained weak. Coupled with enterprises prioritizing shipments, market competition intensified, leading to discounted pricing for new orders. However, downstream confidence in future prospects remains insufficient, with participants adopting a cautious wait-and-see approach. Engagement is limited to small orders based on rigid demand, and actual transaction volumes are low. It is expected that domestic ECH prices will continue to adjust narrowly within a weak range in the near term.

5. Related Product Status

Epoxy Resin Market: Taking the East China region as the benchmark, today's net water ex-works price for liquid E-51 epoxy resin closed at RMB 15,000–15,300 per ton, a decrease of RMB 100 per ton compared to the previous period. In the Huangshan area, the cash price for solid E-12 epoxy resin in surrounding markets remained flat at RMB 14,500–14,900 per ton compared to the previous trading day, consistent with morning market expectations. On the cost side, raw material prices have declined. On the demand side, buyers are following trends cautiously amid the downturn. New order releases are insufficient, and the market center continues to drift lower.

Glycerol Market: Taking the East China region as the benchmark, today's price for 99.5% glycerol closed at RMB 8,625 per ton (delivered), remaining flat compared to the previous period. Freight reference costs were approximately RMB 150 per ton, largely matching morning expectations. Today, the domestic glycerol market operated steadily but sluggishly. Major downstream epoxy resin capacity utilization remains low, and price declines are relatively pronounced, dragging down the glycerol market. Trading atmosphere is thin, with very few actual transactions. It is expected that domestic glycerol prices will trend slightly weaker in the near term.

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

Data Source: Chempricehub Information
Remarks:

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