Morning Market Brief: C5 Industry Chain

I. Key Points to Watch

1. Continued instability in the Middle East, combined with hurricanes causing shutdowns of some offshore oil wells in the United States, has driven international crude oil prices higher. NYMEX WTI futures for the November contract rose by $3.21/bbl to $91.49, a week-on-week increase of +3.64%. ICE Brent futures for the December contract rose by $4.08/bbl to $104.28, a week-on-week increase of +4.07%. China INE crude oil futures for the November 2026 contract rose by 41.3 yuan to 737.4 yuan/barrel, while falling by 4.6 yuan to 732.8 yuan/barrel during the night session.

2. As of October 8, Japanese naphtha closed at $972.14/ton, an increase of $35.77/ton from the previous trading day. Singapore naphtha closed at $102.34/barrel, an increase of $4.45/barrel from the previous trading day.

3. Yesterday, domestic prices for pyrolysis C5 from major enterprises remained stable. Shandong mixed C5 prices edged up slightly to 7,410 yuan/ton, with improved shipment volumes. Today, private enterprise pyrolysis C5 prices are expected to remain temporarily stable, with some quotes slightly below those of major enterprises. In terms of deep processing, piperylene monomer inventories remain at low levels, supporting firm prices. Resin prices are currently stable, with moderate buying interest.

4. Yesterday, the market for pyrolysis C5 residual liquid maintained stable pricing while executing existing contracts. Gasoline prices in the Shandong region fluctuated within a narrow range. Prices for homogeneous product mixed C5 oscillated narrowly, with improving sales sentiment. With expectations for restocking after the holiday, the pyrolysis C5 residual liquid market is predicted to experience narrow-range fluctuations.

5. Yesterday, the domestic piperylene (trans-1,4-pentadiene) market saw partial increases. Strong trends in crude oil and bulk chemical futures supported costs and trading sentiment. Product supply remains relatively tight, prompting holders to maintain firm prices and withhold sales. Downstream buyers are primarily focused on observing the market and digesting previous inventory, with only limited negotiation based on rigid demand. Mainstream ex-factory prices ranged from 9,200 to 10,300 yuan/ton.

6. Yesterday, the domestic isoprene market remained strong. Supported by tight product supply, rising crude oil, and strengthening chemical futures, traders maintained firm prices and were reluctant to sell. After the holiday, downstream buyers made only sporadic small-volume purchases, with the market primarily focused on fulfilling previous contracts. Mainstream bid/ask prices in the East China market ranged from 13,700 to 14,600 yuan/ton.

7. Yesterday, the lower end of the dicyclopentadiene price range shifted upward, settling between 9,100 and 9,300 yuan/ton. The lower end stabilized with existing clients, while spot negotiations occurred at the higher end. Following the return from the holiday, downstream acceptance willingness recovered slightly due to stronger crude oil and commodity markets. Since factories did not accumulate significant inventory during the holiday, supply remains limited.

8. Yesterday, mainstream prices for road-marking paint C5 petroleum resin ranged from 9,750 to 11,000 yuan/ton. Downstream users mostly maintained rigid-demand purchasing due to relatively high resin prices. Post-holiday sentiment among downstream buyers is largely wait-and-see. Market transaction atmosphere varied, resulting in sporadic price increases and decreases.

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. High prices may amplify certain risks for downstream users, who are primarily purchasing based on rigid demand. On the first day after the holiday, manufacturers experienced varying shipment results. Short-term spot availability is low, keeping prices consolidating at high levels.

   Core Logic: Pyrolysis C5 consolidation; Isoprene rise; Piperylene rise; Dicyclopentadiene rise; C5 Petroleum Resin steady with slight upward push.

II. Price Table

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

III. Market Outlook

Domestic pyrolysis C5 prices are expected to remain temporarily stable. Shandong mixed C5 prices have rebounded to 7,400 yuan/ton. Private enterprise prices are expected to hold reasonably well, with some lower quotes gradually converging towards major enterprise levels. Regarding deep processing, piperylene inventories remain low, supporting firm prices, while resin buyers show a wait-and-see attitude.

The pyrolysis C5 residual liquid market is expected to fluctuate within a narrow range. Yesterday, mainstream gasoline prices remained stable and consolidated. Sales activity for mixed C5 in the Shandong market heated up, with a mainstream price of 7,410 yuan/ton. Boosted by post-holiday restocking, Chempricehub predicts that the recent pyrolysis C5 residual liquid market will experience narrow-range fluctuations.

Overnight crude oil price increases stimulated market participation. Yesterday, local refinery gasoline prices in Shandong remained stable, with a good shipment atmosphere. Market-wide restocking led to chasing-high transactions in the mixed C5 market yesterday. Chempricehub expects mixed C5 prices to rise today.

Isoprene is expected to be stable but leaning strong. The overall tight supply pattern for isoprene continues, with factories facing no inventory pressure, and strong crude oil providing support. Considering that downstream users are primarily digesting previous raw material inventories, prices are expected to remain firm.

Piperylene is expected to consolidate at high levels. Crude oil prices are high, and factories generally face no inventory pressure, supporting firm prices. However, downstream rigid demand is limited, and buyers are mostly cautious and waiting. Piperylene is expected to consolidate at high levels.

Dicyclopentadiene is expected to remain firm at high levels. Positive external market sentiment, combined with support from post-holiday rigid demand and limited spot availability, supports the market. Recent trends indicate the market will continue to operate at high levels.

For road-marking paint C5 petroleum resin, terminal construction volume in the northernmost regions may decrease slightly in the short term. Manufacturer spot availability is scarce, and downstream users face restocking needs, leaving little room for discounts; negotiated prices remain stable. For adhesive C5 petroleum resin, supply is gradually recovering, and market transaction volumes remain high. Short-term supply tightness keeps negotiated prices firm.

IV. Data Calendar

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