Trading volume is sluggish, with monomer prices experiencing a slight downward adjustment.

1. Today's Summary

① Raw Materials: Ethylene oxide prices in East China reached 9,100 RMB/ton; domestic ethylene prices remained stable at 10,050 RMB/ton.

② Demand: Downstream enterprises are mostly adopting a wait-and-see approach, with moderate purchasing enthusiasm.

2. Spot Market Overview

Table 1: Price Summary of Domestic Polycarboxylate Superplasticizer Monomers (Unit: RMB/ton)

Today, the market price for domestic polycarboxylate superplasticizer monomers showed slight softening amid overall stability. Ethylene oxide, the primary raw material, maintained steady operations. Tight supply conditions within the market continued to provide support, with transactions driven primarily by rigid demand. Export pressure on ethylene producers has not yet become prominent; however, weak buying interest from downstream sectors and a strong wait-and-see attitude have limited fluctuations in mainstream offers. With cost-side support present but trading sentiment among monomer suppliers remaining quiet, downstream buyers are selectively replenishing stocks based on actual needs at lower price points. In summary, the price for EPEG in the key East China market is expected to range between 9,800 and 10,100 RMB/ton in the next working day.

3. Production Dynamics

Today, the capacity utilization rate for the polycarboxylate superplasticizer monomer industry stood at 28.78%, representing a period-on-period decline. The gross profit margin for HPEG was -232 RMB/ton.

4. Price Forecast

In the next working day, domestic polycarboxylate superplasticizer monomer prices may trend slightly weaker. The key raw material, ethylene oxide, is likely to remain temporarily stable. Some units that underwent prior maintenance are expected to restart, which may alleviate current tight supply conditions. Downstream procurement remains driven by rigid demand. For ethylene, recent sluggish shipments have increased supplier pressure, suggesting possible further price concessions, though cost support may establish a floor. Monomer manufacturers anticipate an increase in spot supply availability. Downstream sentiment leans bearish regarding future prospects, maintaining small-scale purchases based on immediate needs, with limited volume growth in new orders and transactions negotiated on a case-by-case basis. In summary, EPEG prices in the key East China market are projected to range between 9,800 and 10,300 RMB/ton.

5. Related Products Status

① Ethylene Oxide (Raw Material): Ethylene oxide prices are expected to remain stable. On the supply side, robust MEG market conditions have led co-production units to prioritize MEG output; ethylene oxide production units are operating smoothly, maintaining stable supply. On the demand side, downstream markets are procuring mainly based on rigid orders, with cautious entry attitudes and prevailing wait-and-see sentiment. Regarding costs, export pressure for domestic ethylene producers in East China is manageable. Increased circulation of peripheral resources at lower prices has fostered a wait-and-see mood in the market, potentially leading to a slight decline in domestic ethylene prices. Overall, without clear guidance from supply-demand fundamentals and limited cost support, ethylene oxide prices are expected to remain stable in the short term, requiring continued monitoring of upstream and downstream developments.

6. Data Calendar

Table 2: Domestic Polycarboxylate Superplasticizer Monomer Data Overview (Unit: 10,000 tons)