[Market information]：Market Analysis of Polyether polyol industry chain market shock in the future

propylene oxide: In May, the epoxypropane market continued its weak and volatile operation, generally showing a trend of rising first and then falling. During the May Day holiday, the raw material liquid chlorine rebounded widely and the cost support was strong. In addition, Jilin Shenhua, Daze, Sanyue and Huatai devices were reduced or stopped. With favorable supply and cost, the company raised the factory price and the logistics recovered after the holiday, the market continued to explore slightly, but the downstream demand was limited, superimposed on the East China market with abundant spot and flat atmosphere. In the first ten days of the month, the spot basically showed a situation of "tight north and loose south", and the market gradually consolidated sideways. In the middle of the month, as the demand continued to be light, while the raw material liquid chlorine withdrew, and the market was bearish and other falling atmosphere, the factory inventory was under pressure. Shandong's representative factory decisively lowered the factory price, but the downstream chased up and down, and they all avoided risks, after the price fell to the lowest point of the month, Wanhua Phase II parking, Sinochem Quanzhou down negative, the market atmosphere back to warm, ring C stop the rebound, by the downstream demand short-term impact, rebound only 200 yuan/ton, hold steady wait-and-see.

ethylene oxide: In May, the domestic market of ethylene oxide was mainly stable, and the price decreased significantly at the end of the month. Ethylene prices continued to fall during the month, especially in Asia, with a larger decline and pressure on the cost of ethylene oxide gradually easing. At the same time, downstream and terminal demand performance continued to be weak, and the enthusiasm for receiving goods was low. As ethylene prices continue to fall, the market at the end of the month and other falling sentiment gradually, factory shipments are poor, market trading continued to be light.

Polyether: In May, the domestic polyether market strengthened and fell steadily. The May Day holiday is about to be ushered in at the beginning of the month, but the stock-up intention before the holiday is weak, the pace of shipment is slow, the demand for the holiday is still relatively light, the market wait-and-see mentality is strong, the end of the market is approaching, the polyether is just in need of replenishment, the new orders are slightly followed up, the demand performance is acceptable, but the overall sustainability is difficult to maintain, the price is gradually falling down under the rising price, and the demand is weak. Until the middle and late, the demand has improved, however, affected by the terminal recession, demand is difficult to maintain, and the supply is sufficient, coupled with the impact of the epidemic still exists, the exuberant situation is difficult to find, at the end of the month in the cyclopropyl cost support and polyether plus purchase under the cyclopropyl, the price slightly upward, favorable support slightly increased.

ethylene oxide: It is expected that the domestic market will be dominated by weak consolidation in June. Ethylene market expectations are still weak, but the downside may have been limited. After the general decline of ethylene oxide, the theoretical profit space narrowed again, the plant start is expected to remain basically stable, downstream and terminal demand or will gradually recover, it is expected that the short-term market digestion and finishing mainly, pay attention to the demand recovery situation.

Polyether: The domestic market is expected to be volatile in June. At present, affected by the epidemic situation and uncertain factors in the release of new production capacity, polyether is likely to rise and fall. The Dragon Boat Festival holiday is ushered in at the beginning of the month. However, the replenishment just ended in the second half of last month, and the demand in the terminal market is relatively weak. Therefore, the probability of centralized replenishment before the festival is relatively low, and it is mostly maintained as needed. In addition, there are new products launched in Cyclic C in the first half of the year. The overall trend may not be too good. After the middle of the month, the downstream, and the domestic epidemic has been recovering, demand than the previous period or have a certain improvement, downstream interest in raw material procurement or have increased, supply and demand relations or have increased, coupled with the impact of cyclopropyl costs, so polyether ups and downs are likely, it is expected that the polyether market or shock wait-and-see, prices or slightly increased.