Cost Support Lacks, Cyclohexanone Prices Continue to Decline (Nov. 6–12, 2026)

1. Key Market Focus for the Week

① The feedstock benzene market plummeted, leaving costs without support.
② High integration rates between cyclohexanone and caprolactam have resulted in weak supply-demand equilibrium for spot cyclohexanone.

2. Weekly Market Analysis

This period saw a decline in the weekly average price of cyclohexanone. The weekly average spot price in East China stood at 10,280 RMB/ton, representing a drop of approximately 9.67% from the previous week’s average. During the week, the market price of feedstock benzene fell sharply, with Sinopec’s listed benzene price being lowered multiple times to 7,900 RMB/ton, removing cost-side support. Operating loads for spot cyclohexanone remained low, while downstream buyers were cautious about following higher prices, causing the market to trend downward in line with the benzene sector.

3. Market Outlook for Next Week

The spot cyclohexanone market is expected to continue its weak downward trend next week. Key factors to watch include:

1. Supply: Overall operating rates for domestic commercial cyclohexanone units remain low, with a mix of restarts and maintenance ensuring stable availability of spot resources.
2. Demand: Integrated cyclohexanone-caprolactam capacity accounts for a high proportion of domestic production, meaning most caprolactam producers have sufficient self-supplied raw materials. Order follow-through in the chemical fiber sector remains sluggish, while the solvent sector maintains procurement strictly based on immediate needs, resulting in overall weak demand performance.
3. Costs: Benzene supply and demand are both projected to increase next week, leading to inventory accumulation according to balance sheets. However, port inventories may see a slight drawdown due to mismatches between delivery and arrival timings. While there is some restocking demand triggered by lower prices, the expectation of inventory buildup makes it difficult to generate sustained upward momentum. The reference spot price for East China next week is estimated at 7,800–8,100 RMB/ton. Cost-side support for cyclohexanone remains lacking.

In summary, with feedstock benzene trending weakly in a range-bound manner, continued lack of cost-side support, and cyclohexanone prices not yet returning to a reasonable spread relative to benzene, the short-term cyclohexanone market is expected to maintain its weak trajectory.