Weekly Propylene Glycol Market Outlook (September 20, 2026)

I. Key Focus Points

1. September 18: International crude oil prices fell due to improved expectations for the repair of Saudi Arabian oil pipelines, combined with signs of easing tensions in the Middle East. The NYMEX WTI crude oil futures October contract closed at $100.3 per barrel, down $1.61/barrel (-1.58% WoW). The ICE Brent crude oil futures November contract closed at $103.87 per barrel, down $0.95/barrel (-0.91% WoW). The China INE crude oil futures November 2026 contract fell by 50.6 yuan to 754.4 yuan/barrel; the night session dropped another 19.6 yuan to 734.8 yuan/barrel.
2. Raw Materials: Today’s new offer price for Propylene Oxide (PO) was quoted at 11,700 RMB/ton (ex-factory, wire transfer basis).
3. Supply: Monitor operational status of plants in the Shandong region.
4. Downstream Dynamics: Unsaturated resin market followed the downward trend with narrow fluctuations; spot Polyether market offers fluctuated lower.

Core Logic: The raw material PO market remained stable but showed a slight decline. Supply-side plant operations experienced some volatility, while Qixiang maintained normal external sales. Following a period of sideways trading, market participants are watching for weakening trends in crude oil and propylene, leading to cautious procurement from downstream sectors. In the Propylene Glycol (PG) market, continued declines in raw material costs have weakened holders' sentiment. Suppliers lowered their offer prices yesterday in line with cost reductions, resulting in strong wait-and-see attitudes. Attention is focused on today’s new order offer prices.

II. Price Table

Notes:

1. PG and DMC prices refer to industrial grade.
2. All prices are in RMB, unit: RMB/ton.
3. Pricing basis: PG and DMC are ex-factory bank acceptance draft basis; PO and Polyether are ex-factory cash/wire transfer basis; Unsaturated Resin is ex-factory pickup basis.
4. The two periods represent point-in-time prices from the previous two working weeks prior to this week, not weekly averages.
5. Change rate refers to the Week-on-Week (WoW) percentage change.

III. Market Outlook

The domestic PG market price continued its weak trend during the last working day. Regarding raw materials, the PO market may show volatility and weakness. In the PG market, suppliers’ offer prices fell again to stage-specific lows yesterday, and the raw material side remains weak, sustaining bearish sentiment within the market. Overall, the domestic PG market is expected to consolidate weakly. Continued attention should be paid to plant operations and raw material price guidance.

IV. Data Calendar

Notes:

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