[Lead]: In June, downstream demand is in the off-season. In addition, earlier finished product inventory sales have decreased, with some spot goods still on the market. This has led to a significant slowdown in C5 petroleum resin offtake, with the market becoming buyer-driven and prices declining.

1. Pyrolysis C5 and dicyclopentadiene prices fluctuate near bottom and decline

As of this Friday, North China pyrolysis C5 fell 100 yuan/ton to 5,250 yuan/ton, East China fell 100 yuan/ton to 5,250 yuan/ton, Northeast China was at 4,900-5,300 yuan/ton, South China fell 100 yuan/ton to 5,100-5,250 yuan/ton, and some private-sector prices rebounded to 5,150-5,403 yuan/ton. Domestic dicyclopentadiene fell to 6,950-8,000 yuan/ton. Downstream demand continues to weaken, overall bargaining power strengthens, and prices continue to stabilize and weaken.

2. C5 petroleum resin downstream demand decreases in off-season combined with demand decline

Driven by shortages in early Q2, downstream offtake exceeded original demand. First, earlier inventories need to be digested; second, under bearish expectations in the industry chain, market transaction volumes dropped significantly, with mostly scattered small-lot purchases; third, downstream product prices also continued to fall, coupled with overall weak end-user demand.

Overall analysis: Raw material pyrolysis C5 and dicyclopentadiene prices continue to decline at the bottom. First, international oil prices have fallen sharply; second, weak end-user demand has led to continuously lower deep-processing demand, providing insufficient cost support. At the same time, downstream demand shrinks significantly in the off-season, manufacturers have insufficient orders, market transaction volume is low, and operating rates of C5 petroleum resin manufacturers continue to decline.

Table 1 C5 petroleum resin plant dynamics

| Company Name | Capacity (10,000 tons) | Maintenance Start | Maintenance End | Remarks |
| :--- | :--- | :--- | :--- | :--- |
| Fushun Huaxing | 1 | 2025/12/25 | 6/20 | Seasonal maintenance |
| Anhui Tongxin | 4 | 2025/12/15 | End of December | Seasonal maintenance |
| Fuhua Luhua | 3.6 | 5/28 | End of June | Temporary maintenance |
| Wuhan Luhua | 2.8 | 6/10 | Mid-July | Temporary maintenance |
| Shandong Ruishen | 2 | 6/10 | Mid-July | Temporary maintenance |
| Puyang Ruishen | 2 | 4/7 | 6/11 | Temporary maintenance |
| Huizhou Yisike | 5 | 6/6 | 6/15 | Temporary maintenance |
| Zhejiang Derong | 3.5 | 7/15 | 9/15 | Routine maintenance |
| Xinjiang Tianli | 2 | 7/10 | 8/10 | Autumn maintenance |
| Daqing Huake | 2.5 | 7/25 | 8/25 | Temporary maintenance |

Data source: chempricehub Information

Outlook: After the holiday, raw material C5 and dicyclopentadiene prices are expected to continue a slight decline. Moreover, end-user demand is mostly scattered small lots, market transaction volume is insufficient, C5 petroleum resin operating rates continue to fall to 45-55%, the market remains sluggish on both supply and demand sides, the rate of decline in C5 petroleum resin prices has slowed significantly, and negotiated prices are mostly fluctuating slightly downward.