**High Cost Pressure; Domestic Cyclohexanone Maintains a Firm Trend (Oct 9–15, 2026)**

1. Key Market Focus for the Week

① Pure benzene prices fluctuated at high levels, creating significant cost-side pressure.
② The integration rate between cyclohexanone and caprolactam is high, resulting in a weak balance of supply and demand for cyclohexanone spot goods.

2. Weekly Market Analysis

During this period, the weekly average market price of cyclohexanone rose. The weekly average spot price in East China was 11,505 yuan/ton, representing an increase of approximately 1.37% compared to the previous week. Within the week, pure benzene markets experienced range-bound fluctuations, maintaining heavy cost-side pressure. Operating rates for cyclohexanone spot production remained low, and with producers facing losses, market prices trended strongly within a narrow range.

3. Next Week’s Market Forecast

The cyclohexanone spot market is expected to follow pure benzene trends with continued volatility. Key factors to monitor include:

1. Supply Side: Domestic operating rates for commercial cyclohexanone units remain low, leading to limited spot supply in the market.
2. Demand Side: A high proportion of domestic capacity is integrated between cyclohexanone and caprolactam, allowing most caprolactam producers to maintain sufficient raw material self-sufficiency. Meanwhile, order inflows from the chemical fiber sector remain weak, and solvent applications are purchasing strictly on an as-needed basis, resulting in overall sluggish demand.
3. Cost Side: The pure benzene market is projected to decline amid volatility next week. While geopolitical risk premiums support oil prices, weak demand limits potential gains. Both supply and demand for pure benzene are decreasing; defensive load reductions by refineries have tightened supply, while downstream loss-making has led to reduced output and lower demand, narrowing the supply-demand gap. Due to timing differences in cargo pickup, actual inventory drawdowns are occurring at East China ports, maintaining a tight spot supply pattern that supports near-month contracts. The negotiated price range for East China pure benzene is expected to be 10,000–10,500 yuan/ton next week, meaning cost pressure on cyclohexanone persists.