How does China's propylene glycol supply structure differ from global producers, and what are the implications?
This rally is not purely cost-push. The data center liquid cooling narrative—especially Nvidia's shift to full liquid cooling using PG-based coolants—is adding a demand premium. Producers like Shida Shenghua and Haike Xinyuan are reportedly running at full capacity with minimal inventory, suggesting tightness may persist through 2026.
