① [Chempricehub] Sept 17: The U.S. signaled that the U.S.-Iran conflict is nearing its end, with multiple parties continuing to push for de-escalation in the Middle East, leading to a decline in international crude oil prices. NYMEX WTI October futures fell $0.52/bbl to $101.91 (-0.51%); ICE Brent November futures dropped $1.01/bbl to $104.82 (-0.95%). China INE crude oil futures contract 2611 fell by RMB 33.4 to RMB 805/bbl; night session fell by RMB 42.5 to RMB 762.5/bbl.
② Today, domestic cyclohexanone capacity utilization stands at approximately 59.7%. The trend toward integrated production of cyclohexanone and caprolactam is well-established, with most plants co-producing both commodities. Supply of merchant-grade cyclohexanone remains stable, while downstream chemical fiber orders are being placed on an as-needed basis.
③ Sinopec refineries in East, South, and Central China have reduced pure benzene prices by RMB 300/ton to RMB 9,600/ton, effective September 18.
Table 1: Domestic Cyclohexanone Price Summary (Unit: RMB/ton)
| Market | Specification | Sept 17 | Sept 18 | Change | % Change |
|---|---|---|---|---|---|
| East China | Cyclohexanone | 10,675 | 10,625 | -50 | -0.47% |
Based on the East China market, today’s reference price for cyclohexanone is RMB 10,600–10,650/ton, down RMB 50/ton from the previous trading day (-0.47%). Weakness in raw material pure benzene has removed cost support, while downstream purchasing enthusiasm remains low. With ample spot supply, prices are trending downward amidst volatility.
Today, the integration between cyclohexanone and caprolactam production remains robust, ensuring stable supply of merchant-grade cyclohexanone and consistent market availability.
Raw material prices are running weakly, though cost support remains relatively stable. Downstream demand is moderate, and pressure to sell high-priced inventory persists. In the short term, cyclohexanone market trends are expected to follow pure benzene movements amid consolidation.
Pure Benzene Market:
Today, low-end pure benzene prices in East China saw narrow-range consolidation, with transaction centers declining compared to yesterday. Mainstream transactions were negotiated at RMB 9,350–9,490/ton. Signals from the U.S. regarding the near-end of the U.S.-Iran conflict have heightened expectations for geopolitical de-escalation, causing international oil prices to fall and dampening sentiment in the pure benzene market. Going forward, operating rates for petroleum-based benzene are expected to continue rising, and downstream profitability and utilization may improve. However, buyers remain cautious about chasing highs given elevated raw material costs. Overall, the fading geopolitical premium drove intraday declines, with transactions primarily focused on pre-holiday restocking based on genuine demand.
Caprolactam:
Today, caprolactam prices in East China held steady at RMB 14,400/ton (delivered, acceptance basis) compared to the previous working day. Upstream pure benzene markets are trending weaker, with Sinopec cutting posted pure benzene prices by RMB 300 to RMB 9,600/ton, weakening cost support. Some downstream buyers are seeking lower negotiation levels, but market activity remains cautious, with spot traders largely adopting a wait-and-see approach today.
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