Exports Are Still Growing, but the In-Year Pattern Has Shifted
Overseas markets remain an important outlet for China's polyether polyol supply. In Jan–Jul 2026, China exported approximately 1.773 million tonnes, up 14.6% year on year; imports were about 0.124 million tonnes, down 29.5%, further strengthening the market's net-export position. However, export growth was not evenly distributed through the year. Shipments reached a clear high of about 0.422 million tonnes in March, then fell rapidly to around 0.190 million tonnes in April. From May through July, monthly volumes broadly returned to the 0.18–0.22 million tonne range. In other words, exports showed a clear pattern of front-loaded release followed by a return to more normal levels.
China's overseas polyether polyol flows also remained geographically diversified. In Jan–Aug, India was the largest single destination at about 0.238 million tonnes, followed by Türkiye at approximately 0.191 million tonnes and Vietnam at around 0.149 million tonnes. Indonesia, Russia, Brazil and Mexico also maintained meaningful volumes. As domestic supply capability continues to expand, the key question is no longer simply whether exports can keep growing, but how different overseas markets can absorb incremental Chinese supply in terms of price, timing and product mix.
Figure 3 China Polyether Polyol Export Pattern and Major Destinations in 2026
Prices Moved Higher Across the Board, but Not Every Grade Earned More
The price level of mainstream polyether polyol products rose markedly from last year. By the end of September, the average price of flexible foam polyether was about RMB 9,847/mt, up around 26% from the full-year 2025 average; high-resilience polyether averaged about RMB 10,319/mt, up 25%; CASE polyether averaged approximately RMB 10,302/mt, up 27%; and rigid foam polyether averaged around RMB 9,849/mt, up 21%. Conventional POP and high-resilience POP averaged roughly RMB 10,501/mt and RMB 10,854/mt, respectively, representing increases of about 24% and 21% from their 2025 averages.
During the year, polyether polyol prices remained closely linked to upstream propylene oxide (PO) costs. In March and April, crude oil, propylene and PO costs rose rapidly, lifting prices across the major polyether polyol grades. In the second quarter, PO prices retreated and the pass-through of high prices to end users encountered resistance, prompting a broader market correction. In August and September, the market strengthened again as PO moved higher. Overall, price changes in 2026 still showed a clear cost-driven pattern, but the ability to pass through those costs increasingly differed by product.
Figure 4 Average Prices for Major Polyether Polyol Grades in 2025 and Jan–Sep 2026
