Morning Market Alert for the C5 Industry Chain

I. Key Points

1. Mediators such as Qatar continue to promote US-Iran peace talks, combined with the partial recovery of Saudi crude oil supply, leading to a decline in international oil prices. NYMEX WTI crude oil futures (November contract) fell by USD 3.22/bbl to USD 89.38/bbl, a decrease of -3.48% period-over-period; ICE Brent crude oil futures (November contract) fell by USD 2.69/bbl to USD 102.59/bbl, a decrease of -2.56% period-over-period. China INE crude oil futures (November 2026 contract) dropped by CNY 17.2 to CNY 716.9/bbl, and declined further by CNY 11.7 to CNY 705.2/bbl during the night session.

2. As of September 29, Japanese naphtha closed at USD 878.75/ton, down USD 19.5/ton from the previous trading day. Singapore naphtha closed at USD 91.94/barrel, down USD 3.09/barrel from the previous trading day.

3. Yesterday, domestic pyrolysis C5 prices from major state-owned enterprises remained stable. Shandong mixed C5 held steady at CNY 7,500/ton. Private enterprise pyrolysis C5 prices remained temporarily stable today, slightly below those of major state-owned enterprises. In terms of deep processing, isoprene and piperylene monomer inventories are low, supporting firm prices. However, hardener manufacturers suspended operations during the holiday period, impacting demand for these monomers somewhat. Resin prices remain temporarily stable, with moderate buying interest.

4. Yesterday, the market for pyrolysis C5 residual liquid maintained stable pricing while executing existing contracts. Prices in the Shandong market saw upward pressure. Gasoline prices in Shandong fluctuated within a narrow range. The price of its substitute product, mixed C5, trended strongly. With the National Day holiday approaching, it is expected that the market for pyrolysis C5 residual liquid will maintain stability while fulfilling existing contracts.

5. Yesterday, the domestic piperylene market continued to be stable. Feedstock pyrolysis C5 performance was steady. Trading activity slowed ahead of the holiday, with most transactions focused on executing prior contracts. Mainstream ex-factory prices ranged from CNY 9,200 to CNY 10,000/ton.

6. Yesterday, the domestic isoprene market continued to be stable. Major downstream users completed pre-holiday stockpiling and are primarily executing orders. Other downstream users entered the market only for small-volume purchases, keeping prices consolidating at high levels. Mainstream bid/ask prices in the East China market were CNY 13,600–14,200/ton.

7. Yesterday, dicyclopentadiene (DCPD) maintained a steady trend, ranging between CNY 8,900 and CNY 9,300/ton. Lower-end prices remained stable for regular customers, while higher-end prices involved spot negotiations. Approaching holidays and transportation constraints have lowered purchasing intent. DCPD supply remains tight, maintaining a consolidating trend.

8. Yesterday, mainstream prices for road-marking paint grade C5 petroleum resin were CNY 9,600–11,000/ton. Downstream users, facing relatively high resin prices, mostly maintained rigid-demand procurement. Local sales slowed, market liquidity weakened slightly, and negotiated prices dipped marginally.

9. Yesterday, mainstream prices for piperylene-based adhesive grade C5 petroleum resin were CNY 11,500–13,600/ton, and for de-cyclized adhesive grade C5 petroleum resin were CNY 10,500–11,200/ton. High prices may amplify certain risks for downstream users. However, rigid demand and stockpiling activities remain active. Spot inventory is limited in the short term, so prices are currently running stably.

Core Logic: Pyrolysis C5 is consolidating; isoprene is stable; piperylene is stable; DCPD is temporarily stable; C5 petroleum resin is stable with slight upward pressure.

II. Price Table

Table 1 Summary of Domestic Pyrolysis C5 Industry Chain (Unit: CNY/ton)

III. Market Outlook

Domestic pyrolysis C5 prices are expected to remain temporarily stable. Shandong mixed C5 prices held steady yesterday. Recent private enterprise pyrolysis C5 prices are roughly equal to or slightly lower than those of major state-owned enterprises, with minimal price gaps. In the deep processing sector, isoprene and piperylene monomer inventories are low, supporting acceptable prices. End-users of resins are currently focusing on rigid-demand procurement.

The market for pyrolysis C5 residual liquid is expected to maintain mainstream stability. Gasoline prices are generally stable with sporadic adjustments. Supply and demand fundamentals for mixed C5 remain unchanged. There is an expectation of restocking before the National Day holiday. Chempricehub Information predicts that refineries will maintain stable prices for shipments of pyrolysis C5 residual liquid in the near term.

Overnight crude oil prices rose, but the gain had limited supportive effect on the market. The gasoline market is stable and consolidating, with good sales sentiment. Approaching the National Day holiday, Chempricehub expects the mixed C5 market to remain stable and consolidate.

Isoprene prices are expected to consolidate at high levels. The overall tight supply pattern for isoprene continues, with factories facing no inventory pressure. However, crude oil prices fell, and downstream stockpiling is largely complete ahead of the holiday, suggesting prices will consolidate at high levels while waiting for direction.

Piperylene prices are expected to remain temporarily stable. Factory inventories are low, but with the holiday approaching, there is an expectation that downstream hardener industries will suspend operations. Rigid demand from the resin sector is limited, and crude oil prices fell, leading to an outlook for temporary stability in piperylene prices.

DCPD prices are expected to remain temporarily stable. Downstream demand performance is average, but the situation of limited spot supply is difficult to alleviate in the short term. Factories are maintaining low inventory levels. Combined with pre-National Day stockpiling, the market is expected to maintain a consolidating trend before the holiday.

For road-marking paint grade C5 petroleum resin, end-user construction volumes have not shown significant improvement, and resin supply has increased. Overall prices are temporarily stable with sporadic pullbacks. For adhesive grade C5 petroleum resin, there remains a supply gap despite peak season demand. Overall inventory is scarce, and some traders still have intentions to push prices up.

IV. Data Calendar

Table 2 List of Domestic Pyrolysis C5 Industry Chain Data (Unit: 10,000 tons)