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According to SunSirs, the propylene glycol market saw prices remain flat overall during the first half of June, exhibiting a wide "V-shaped" fluctuation pattern—characterized by an initial decline, a period of consolidation, a rebound, and a subsequent pullback—without a clear unidirectional trend. As of June 15, the average ex-factory price of propylene glycol in the Shandong region stood at 9,833 RMB/ton, unchanged from the beginning of the month.
Key driving factors
Cost-side drivers
Propylene oxide prices initially fell, then rose, before retreating again—a pattern that largely dictated the direction to propylene glycol; however, the traditional off-season to downstream demand limited the upside to propylene glycol. While propylene oxide (pink line) saw a peak gain of 3.29%, propylene glycol rose by only 0.32%, resulting in a divergent direction where the raw material surged significantly while the finished product saw only a modest increase.
Supply-side support
With multiple units undergoing scheduled maintenance in June, the operating rate dropped sharply—by nearly 23 percentage points—reducing the volume of spot goods in circulation; this efficiently supported prices and prevented a steep decline.
Demand-Side Ceiling
The market to unsaturated polyester resins (UPR) and polyether polyols has entered the summer off-season; high temperatures have prompted downstream manufacturers to minimize operating rates, limiting procurement to small, essential orders without any significant restocking activity, resulting in sluggish new order volumes. Meanwhile, prolonged contracts to lithium-ion battery electrolyte solvents and medical/cosmetic-grade propylene glycol remain stable; tight supplies of high-purity electronic-grade items—commanding prices consistently above manufacturing-grade levels—have helped offset some of the off-season headwinds. Additionally, steady export orders have alleviated pressure on domestic spot inventories.
Market Outlook:
Currently, ongoing maintenance at sector facilities keeps operating rates low, and factory inventories remain unpressured. While the upward direction in the price of the raw material propylene oxide has slowed, there is no significant restocking by downstream sectors; consequently, propylene glycol prices are expected to continue fluctuating within a narrow range. attention should be paid to the restart of units currently undergoing maintenance.
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