1. Key Focus Points

1. Mediators continue to push for US-Iran peace talks, slightly easing market concerns over supply risks, leading to a decline in international crude oil prices.

   • NYMEX WTI crude oil futures (December contract) closed at $101.76/bbl, down $1.51/bbl (-1.46% WoW).
   • ICE Brent crude oil futures (December contract) closed at $115.81/bbl, down $0.91/bbl (-0.78% WoW).
   • China INE crude oil futures (contract 2612) rose by 22.7 to 739.7 yuan/bbl during the day session but fell by 6.4 to 733.3 yuan/bbl in the night session.

2. As of the 26th, Japanese naphtha closed at $1,046.25/ton, up $15.75/ton from the previous trading day. Singapore naphtha closed at $111.54/barrel, up $1.84/barrel from the previous trading day.

3. Yesterday, domestic cracking C5 prices from major enterprises increased by 100 yuan/ton. Shandong mixed C5 prices hovered around 7,430–7,450 yuan/ton, with an order fulfillment rate of only 20%, indicating sluggish shipments. Residual liquid prices remained below those of raw material cracking C5. Prices for cracking C5 from private enterprises saw slight declines in some cases, narrowing the price gap between major and private enterprises.

   • In downstream processing, low inventory levels of isoprene monomers and robust downstream demand continued to drive price increases.
   • Resin prices remained stable with average buying interest, primarily driven by rigid demand procurement.

4. Yesterday, most markets for domestic cracking C5 residual liquid maintained stability while adopting a wait-and-see approach, with sporadic declines in certain areas.

   • Gasoline market prices rose, reflecting inventory accumulation at refineries.
   • The market for homogeneous product mixed C5 continued to trend higher.
   • Limited bullish sentiment in the market led most regions for cracking C5 residual liquid to maintain stability and a wait-and-see stance.

5. Yesterday, the domestic piperylene market stabilized temporarily with localized fluctuations. Downstream profit margins faced pressure, overall buying enthusiasm was weak, and transactions were mainly driven by rigid demand. Mainstream ex-factory prices ranged from 9,200 to 10,600 yuan/ton.

6. Yesterday, the domestic isoprene market mostly trended upward, with tight supply conditions continuing within the industry. Active inquiries from overseas USD-denominated markets and proactive follow-up on export orders further exacerbated spot liquidity constraints. Producers maintained a bullish sentiment, with quotes primarily aimed at supporting prices. Mainstream bid/offer prices in the East China market ranged from 14,100 to 15,200 yuan/ton.

7. Yesterday, the domestic dicyclopentadiene (DCPD) market continued its upward trend. Ex-factory self-pickup prices ranged from 9,700 to 10,000 yuan/ton, primarily supplied to existing clients and fulfilling prior orders. Spot availability was tight, pushing auction prices up to 10,350 yuan/ton. Downstream rigid demand procurement supported firm market operations.

8. Yesterday, mainstream prices for road marking paint C5 petroleum resin ranged from 9,850 to 11,000 yuan/ton. Temporary maintenance shutdowns at some units reduced supply volumes, coupled with continuous losses in non-deep-processing directions. Although raw material C5 prices rose early in the week, downstream acceptance remained weak. Consequently, resin prices saw sporadic increases, with most remaining stable.

9. Yesterday, mainstream prices for piperylene adhesive C5 petroleum resin ranged from 11,800 to 13,600 yuan/ton, while de-cyclized adhesive C5 petroleum resin ranged from 10,500 to 11,200 yuan/ton. Raw material shortages led to reduced operating loads and lower supply volumes. Most downstream buyers have pre-booked November cargo, keeping short-term supply tight. Prices are expected to rise steadily.

Core Logic: Cracking C5 remains temporarily stable; isoprene sees partial increases; piperylene remains stable; DCPD continues to rise; C5 petroleum resin prices show sporadic increases.

2. Price Table

Table 1: Summary of Domestic Cracking C5 Industry Chain (Unit: Yuan/Ton)

3. Market Outlook

Cracking C5:
Domestic cracking C5 prices from major enterprises are expected to remain stable. Private enterprise prices saw slight declines yesterday. Mixed C5 prices rose yesterday, but shipment rates were average. Currently, residual liquid prices consistently drag down raw material costs, providing cost support for piperylene and resin prices. Low inventory levels of piperylene and export support keep prices firm. On the resin front, weak downstream demand and moderate purchasing enthusiasm mean that current price increases face limited acceptance from downstream users.

Cracking C5 Residual Liquid:
The market for cracking C5 residual liquid is expected to strengthen. Amid Middle Eastern conflicts, crude oil prices remain high, driving gasoline market prices up and improving shipment conditions. Refinery supplies of homogeneous product mixed C5 are tight, pushing prices higher. Boosted by these homogeneous products and firm raw material trends, Chempricehub Information anticipates a potential upside for cracking C5 residual liquid prices in the near term.

Mixed C5:
Overnight crude oil price declines have dampened market participants' willingness to enter. Yesterday, gasoline market prices rose, but shipment sentiment was poor. Refinery prices for mixed C5 increased due to tight spot availability. Chempricehub Information expects the mixed C5 market to consolidate at high levels today.

Isoprene:
Isoprene prices are expected to consolidate at high levels. Tight overall supply continues to provide support, with localized supply constraints being particularly pronounced. However, declining crude oil prices and weak momentum from downstream main users limit price gains. Persistent profit losses pose a risk of adjusted operating loads. Therefore, prices are expected to stabilize temporarily.

Piperylene:
Piperylene prices are expected to remain temporarily stable. Factories currently face no significant inventory pressure, supporting price firmness. However, with prices already at high levels, downward transmission resistance remains substantial. Additionally, falling crude oil prices introduce instability on the cost side. Piperylene prices are likely to hold steady as the market adopts a wait-and-see approach.

Dicyclopentadiene (DCPD):
DCPD prices are expected to maintain a firm trend. Short-term spot supply will not increase significantly, while downstream users maintain necessary consumption volumes despite high costs. Under supply-demand balancing dynamics, the upward trend is unlikely to diminish.

C5 Petroleum Resins:
For road marking paint C5 petroleum resin, scarce manufacturer spot inventories and persistent cost pressures clash with weak downstream acceptance of high prices, resulting in a stalemate in market transactions. Sporadic price increases are still possible in the short term. For adhesive C5 petroleum resin, manufacturers have decent order books, strong cost-side support, and reduced supply volumes. Negotiated prices are expected to rise slightly while maintaining overall stability.

4. Data Calendar

Table 2: Domestic Cracking C5 Industry Chain Data Overview (Unit: 10,000 Tons)