Downstream procurement enthusiasm remains moderate, with pyrolysis C9 prices continuing to rise (September 11–17, 2026)

1. Key Market Highlights This Week

1. Industrial pyrolysis C9 production this week totaled 60,300 tons, with an operating rate of 75.86%.

2. This week, pyrolysis C9 prices continued to rise, increasing by 200 RMB/ton. The price range moved between 5,750 and 6,000 RMB/ton.

3. This week, the profit margin for industrial aromatic solvents was 78 RMB/ton, while the profit margin for C9 thermally polymerized petroleum resin was -6 RMB/ton.

2. Weekly Analysis of the Industrial Pyrolysis C9 Market

This period, mainstream national quotes for pyrolysis C9 continued to rise. Geopolitical conflicts between the US and Iran showed no significant easing during the cycle, causing Brent crude oil prices to surge and providing strong cost-side support. Driven by geopolitical factors, downstream industrial aromatic solvent prices surged; however, gross margins declined month-on-month. Downstream customers replenished inventory on demand, resulting in moderate trading activity. C9 thermally polymerized petroleum resin prices maintained an upward trend, driven by rising feedstock costs for pyrolysis C9. Losses narrowed further as downstream procurement remained focused on rigid demand. During the cycle, supply of pyrolysis C9 increased slightly. Cost support remained firm, but downstream purchasing was cautious, with most parties adopting a wait-and-see approach. Independent refinery quotes held steady. Currently, pyrolysis C9 production and capacity utilization rates rose slightly compared to the previous period. Gross margins for the two major downstream products diverged: industrial aromatic solvent margins fell, while losses for C9 petroleum resin narrowed. For the next period, production and consumption are expected to recover slightly, with downstream margins likely to repair simultaneously. Overall, short-term pyrolysis C9 market trends are expected to remain bullish.

Weekly Price Change Table for Domestic Industrial Pyrolysis C9 Market Prices

Unit: RMB/ton

Data Source: Chempricehub Information

3. Analysis of the Downstream Market for Industrial Pyrolysis C9

1. C9 Thermally Polymerized Petroleum Resin: This period, mainstream quotes for the C9 thermally polymerized petroleum resin market remained stable or rose, primarily supported by continuously increasing prices for the feedstock, pyrolysis C9. While resin prices climbed throughout the week, downstream resistance to high-priced resources became evident as prices surged. Current downstream procurement is largely limited to small orders based on rigid demand, leading to a somewhat stalemate in overall trading sentiment. Regarding supply, enterprise operating loads remained stable, keeping capacity utilization rates steady compared to the previous period. Although raw material prices continued to rise, strengthening cost support, the pace of actual downstream orders slowed, and acceptance of high-priced resources remained limited, contributing to a stalemate in market transactions. Influenced by cost pressures, the overall price of C9 thermally polymerized petroleum resin continued to rise this week. Currently, the market price for Grade 10-11# C9 thermally polymerized petroleum resin is 7,000–7,500 RMB/ton, while the market price for Grade 16-18# is 4,700–5,800 RMB/ton.

2. Industrial Aromatic Solvents: This period, spot prices for domestic industrial aromatic solvents continued to rise, fluctuating within the range of 6,800–7,950 RMB/ton. Prices pushed higher again. This week, geopolitical conflicts showed no signs of easing, and crude oil futures continued to surge, with both Brent and WTI closing above $100/barrel, providing support to the market. The gasoline market performed strongly during the week, with prices rising consecutively. Continued transaction volume in gasoline shipments supported consumption. With no immediate signs of relief from geopolitical tensions, bullish sentiment ran high, and overall trading pace remained acceptable.

4. Next Week's Market Forecast

It is expected that supply and demand for pyrolysis C9 will remain relatively balanced in the next period, with prices maintaining a firm trend. Key points to watch include:

1. Supply Side: No units are scheduled to resume operations after maintenance in the next period, except for Yangzi Petrochemical. Many enterprises will continue to experience fluctuations in operating loads, leading to a slight increase in overall supply.

2. Demand Side: There are no new shutdowns or maintenance plans for C9 petroleum resin units, so the overall operating rate is expected to stabilize. However, downstream resistance to high-priced raw materials persists, resulting in low purchasing enthusiasm and limited psychological support for the market. Additionally, international crude oil futures are expected to decline next week, offering limited support to the sector. The gasoline market is predicted to fall before rising, with pre-holiday stockpiling providing some demand support. Competitor product markets are trending stronger, and industrial aromatic solvents are expected to follow gasoline price movements, remaining relatively strong. Overall demand is expected to increase slightly.

3. Cost Side: Negative impacts on crude oil demand may lead to a slight decrease in pyrolysis C9 costs.

In summary, the expected operating range for pyrolysis C9 next week is 5,900–6,150 RMB/ton.

For more weekly market analysis, please refer to the Chempricehub Information Weekly Report on Industrial Pyrolysis C9.