In the first half of this year, the domestic epoxy resin market has been falling since May. The price of liquid epoxy resin dropped from 27,000 yuan/ton in mid-May to 17,400 yuan/ton in early August. In less than three months, the price dropped by nearly 10,000 RMB, or 36%. However, the decline was reversed in August.

Liquid epoxy resin:Driven by the cost and market recovery, the domestic liquid epoxy resin market continued to rise in August, and continued to rise weakly in the last days of the month, with prices falling slightly. By the end of August, the reference price of liquid epoxy resin in East China market was RMB 19,300/ton, up RMB 1,600/ton, or 9%.

Solid epoxy resin: Due to the cost increase and influence of the large-scale shutdown and production restriction of solid epoxy resin factories in Huangshan area, the price of solid epoxy resin continued to rise and had not shown a downward trend by the end of the month. By the end of August, the reference price of solid epoxy resin in Huangshan market was RMB18,000/ton, up RMB1,200/ton or 7.2% year-on-year.

Bisphenol A: On August 15 and 20, Yanhua poly-carbon 180,000 tons/year device and Sinopec Mitsui 120,000 tons/year device stopped maintenance respectively, and the maintenance plan was announced in advance. The market circulation of BPA products was reduced, and the price of BPA continued to rise in August. By the end of August, the reference price of bisphenol A in East China market was 13,000 yuan/ton, up 1,200 yuan/ton or 10.2% compared with last month.
Epichlorohydrin: Good news and bad news were intertwined in the epichlorohydrin market in August: on the one hand, the bottoming out of glycerol prices brought cost support and the recovery of the downstream epoxy resin market drove the market atmosphere. On the other hand, the start-up load of cyclic chlorine resin plants increased significantly and the demand for raw materials from the shutdown/restricted production of Huangshan solid resin plant dropped. Under the combined effect of various factors, the price of epichlorohydrin was maintained at RMB10,800-11,800/ton in August. By the end of August, the reference price of propylene oxide in East China market was RMB11,300/ton, basically unchanged from the end of July.

Looking ahead to September, Jiangsu Ruiheng and Fujian Huangyang units will gradually increase their load, and Shanghai Yuanbang’s new unit is expected to be put into operation in September. Domestic epoxy resin supply continues to increase, and the contradiction between supply and demand is becoming increasingly acute. On the cost side: before mid-September, the two major BPA plants have not resumed production, and the BPA market still has a high probability of rising; with the increase in the operating rate of Huangshan solid resin plant and the rebound of glycerol price, epichlorohydrin price is low and has the possibility of rising in September. September belongs to the traditional peak season for downstream wind power, electronics and home decoration and building materials, and the downstream demand is expected to recover to some extent.

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