① [Chempricehub] Nov 2: Multiple parties continue to promote US-Iran peace talks, easing market concerns over supply risks and causing international crude oil prices to fall. NYMEX WTI crude futures for the December contract closed at $96.46/bbl, down $7.66/bbl (-7.36% WoW); ICE Brent crude futures for the January contract (rolled) closed at $104.77/bbl, down $8.66/bbl (-7.63% WoW). China INE crude oil futures for the December 2026 contract rose by 17.6 yuan to 745.2 yuan/bbl in the day session but fell by 64.2 yuan to 681 yuan/bbl in the night session.
② Today, the domestic capacity utilization rate for cyclohexanone is around 60%. The trend toward integrated production of cyclohexanone is well-established, with most plants co-producing caprolactam. Supply of merchant-grade material remains stable, while downstream chemical fiber orders are being fulfilled on a need-based basis.
③ Sinopec refineries in East, South, and Central China have lowered pure benzene prices by 300 yuan/ton to 10,000 yuan/ton, effective November 2.
Table 1: Domestic Cyclohexanone Price Summary (Unit: Yuan/ton)
| Market | Specification | Nov 2 | Nov 3 | Change | % Change |
|---|---|---|---|---|---|
| East China | Cyclohexanone | 11600 | 11400 | -200 | -1.72% |
| Data Source: Chempricehub |
Based on the East China market, today's reference price for cyclohexanone was 11,400 yuan/ton, representing a decline of approximately 1.72% from the previous trading day. Falling raw material prices for pure benzene have removed cost-side support. While spot supply of cyclohexanone remains stable, downstream buyers are cautious about chasing higher prices, leading to a weak downward trend in the market.
Today, the integration between cyclohexanone and caprolactam production has tightened, reducing the availability of merchant-grade cyclohexanone. Downstream chemical fiber orders have not increased significantly.
Pure benzene is trending weakly downward, removing cost support. With average downstream demand and stable spot supply, the cyclohexanone market is expected to remain weak in the short term.
Pure Benzene Market: On November 3, spot prices for pure benzene in the East China market plunged significantly, with negotiations ranging between 9,220–9,380 yuan/ton, largely consistent with morning expectations. A reversal in macro-geopolitical logic has reshaped cost-based pricing, which, combined with weakening fundamentals, has subjected pure benzene to dual pressure from both costs and supply-demand dynamics. The return of maintenance units domestically, coupled with expectations of increased imports, has led to a looser supply side. Meanwhile, sluggish downstream demand and a "buy on rise, not on fall" mentality have slowed procurement. Holders of inventory have largely reached a consensus on the short-term weak downward trajectory and are actively offering discounts to clear stock.
Caprolactam: Today, the market price for caprolactam in East China was 12,950 yuan/ton (cash-in-advance delivery), down 675 yuan/ton (-4.95%) from the previous business day. Upstream pure benzene posted prices were cut again by 400 yuan/ton today. As both spot and posted prices for pure benzene continue to decline, negative cost support for caprolactam has intensified. Caprolactam producers adjusted their quotes downward to 12,950 yuan/ton (cash-in-advance delivery). Downstream players remain cautious and are mostly adopting a wait-and-see approach, with the market lacking new transaction volume.
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