① Mixed C5 prices rose by 11.60%, while pyrolysis C5 residue prices increased by 13.92%.
② Piperylene rose by 17.48%, isoprene by 9.82%, dicyclopentadiene (DCPD) by 20.48%, and pyrolysis C5 residue by 13.92%. Consequently, C5 precision separation enterprises reported losses.
③ Petroleum resin prices trended upward steadily, supported by robust downstream consumption and increased inventory stocking demand.
This month, the price of industrial pyrolysis C5 increased by RMB 200–1,100 per ton compared to the previous month, maintaining a continuous upward trend. The rise in crude oil prices this month, combined with strong gasoline exports supporting light C5 fractions, led to an average increase of RMB 909 per ton for Shandong pyrolysis C5 residue prices. This surge boosted bidding prices at private enterprises. However, as international crude oil prices pulled back and non-deep-processing demand declined, private enterprise pyrolysis C5 prices rapidly corrected downward by RMB 1,000–1,500 per ton. From a deep-processing perspective, inventories of pentadiene monomers and petroleum resins remained low, driving negotiated prices up slightly to recent highs.
The market for pyrolysis C5 residue experienced a "rise-then-fall" pattern this period, with the average price increasing. The national index monthly average price stood at RMB 7,443/ton, a month-on-month increase of 13.65%. Specifically, geopolitical conflicts in the Middle East caused fluctuations in crude oil prices, which ultimately rose. In September, average monthly prices for finished products at independent refineries in Shandong increased for both gasoline and diesel. The average monthly price for National VI Grade 92# gasoline was RMB 9,881/ton, a month-on-month increase of RMB 1,284/ton (up 14.94%). While favorable supply-demand dynamics for mixed C5 (a substitute product) ended, terminal demand remained solid throughout the month, causing mixed C5 prices to rise then fall, ending with a net increase. Regarding pyrolysis C5 residue: in the first half of the month, refinery prices fluctuated upward as traders and downstream factories actively entered the market. In the latter half, however, declining prices for mixed C5 dragged down sentiment, and refineries faced pressure to clear inventories before holidays, leading to price cuts to stimulate sales. Traders and downstream manufacturers lacked confidence in the future outlook, resulting in sluggish trading activity.
The domestic DCPD market continued its upward trend this month. Crude oil prices rose, briefly peaking at USD 108.75/barrel, while private-sector feedstock (pyrolysis C5) prices also surged, occasionally reaching highs of RMB 8,500/ton, thereby lifting state-owned enterprise C5 prices. Additional support for DCPD came from low supply volumes. Although units at Hongjing, Derong, and Jieyang Yisco restarted during the month, there was no significant increase in spot market availability. Low operating rates and export orders were the direct causes of constrained spot supply. On the demand side, Unsaturated Polyester Resin (UPR) consumers maintained rigid demand levels, experiencing noticeable raw material volatility. Phthalic anhydride, a related product, saw sharp price increases driven by rising industrial naphthalene costs, providing some support to DCPD. Meanwhile, hydrogenated DCPD resin producers resumed operations, increasing rigid consumption. These factors kept the DCPD market in a low-supply state, further stabilizing prices. As of September 28, ex-factory pickup prices for DCPD ranged from RMB 8,900–9,300/ton, with spot prices trending toward the upper end, and certain auction transactions reaching RMB 9,400/ton.
The piperylene market posted consecutive gains this month, primarily driven by the combination of rising costs and fundamental supply-demand tightness. Increases in crude oil and pyrolysis C5 feedstock prices, particularly pronounced in the private sector due to fuel market trends, elevated input costs. Some C5 separation plants faced tight spot supplies of raw materials, strengthening cost-side support. On the supply front, no new unit maintenance occurred; however, Fuhua Luhu’s restarted unit retained all output for internal use rather than external sale. Additionally, Derong and Hongjing units remained under maintenance, while other plants temporarily reduced loads or halted operations due to feedstock constraints, keeping overall spot resources tight. On the demand side, downstream resin producers increased operating rates, leading to steady growth in raw material consumption. The curing agent industry fulfilled existing backlog orders, while supply disruptions in certain regions prompted increased cross-regional inquiries and orders, fostering a bullish pricing sentiment due to localized scarcity. Driven by strengthening costs and tight spot supply-demand balance, market prices rose continuously. Currently, mainstream ex-factory prices for piperylene stand at RMB 8,000–8,800/ton.
Isoprene prices continued to rise this month. Cost pressures emerged from increases in crude oil and pyrolysis C5 prices, with private-sector C5 breaking through RMB 8,000/ton, tightening the flow of resources into deep processing. Supply remained constrained as restarts at Hongjing, Derong, and Jieyang Yisco proceeded slowly, and some enterprises reduced loads due to feedstock issues, prolonging tight market supply. Downstream, brief maintenance shutdowns affected some SIS and butyl rubber units, while IR production increased, maintaining a steady overall demand volume for raw materials. Although arbitrage opportunities existed for exports, shipment logistics and domestic supply tightness led to a passive contraction in export volumes. Tight supply and rising costs jointly supported the upward movement in isoprene prices. Currently, mainstream market offers for isoprene range from RMB 13,600–14,200/ton.
Domestic pyrolysis C5 prices are expected to decline slightly. The primary drivers include potential downside room for international crude oil prices, persistent short-term tightness in gasoline markets alongside a new round of price adjustments trending downward, and the normalization of mixed C5 supply recovery. Consequently, non-deep-processing demand is likely to remain weak. Conversely, in the deep-processing sector, downstream demand for pentadiene monomers and petroleum resins will maintain peak-season strength, with high consumption volumes. Supply will remain relatively tight, especially in northern China, due to Shell Phase II maintenance and delayed restarts at Hainan Refining & Chemical and Yangzi Petrochemical. Therefore, deep-processing support will keep pyrolysis C5 prices firm in the first half of the month. However, in the second half, if crude oil prices face downward pressure and both non-deep-processing and deep-processing activities weaken, prices may begin to soften slightly.
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