I. Key Focus Areas

1. Iran stated that it is not in a rush to begin negotiations until relevant conditions are met, and the Strait of Hormuz remains temporarily closed, driving up international crude oil prices. NYMEX WTI front-month November contract rose $1.64/bbl to $92.16 (+1.81%); ICE Brent November contract rose $3.83/bbl to $103.08 (+3.86%). China INE crude oil futures 2611 contract fell by 22 yuan to 695.1 yuan/bbl during the day session, then rebounded by 34.9 yuan to 730 yuan/bbl in the night session.

2. As of the 23rd, Japanese naphtha closed at $984.25/ton, down $10.75/ton from the previous trading day. Singapore naphtha closed at $95.21/barrel, down $1.41/barrel from the previous trading day.

3. Yesterday, domestic pyrolysis C5 prices from major state-owned enterprises remained stable. Shandong mixed C5 continued to decline, ranging between 7,100–7,300 yuan/ton. Private enterprise pyrolysis C5 prices saw a slight further decrease today, falling slightly below those of major enterprises and gradually exerting downward pressure on their pricing. In terms of downstream processing, piperylene monomer inventories remain low with firm prices; however, hardener producers halted operations during the holiday period, impacting demand for piperylene monomers. Pet resin prices have stabilized for now, though buying interest remains moderate.

4. The market for pyrolysis C5 raffinate declined yesterday. Gasoline prices in Shandong consolidated. Prices for substitutable products like mixed C5 fell. Dragged down by these substitutes, the pyrolysis C5 raffinate market experienced a notable drop.

5. The domestic piperylene market traded steadily yesterday. Weakening costs led participants to adopt a cautious stance; downstream hardener producers planned shutdowns during the upcoming holiday, reducing raw material demand. However, current factory inventories are at low levels, creating a tug-of-war between supply and demand, resulting in sideways consolidation. Mainstream ex-factory prices ranged from 9,200 to 10,000 yuan/ton.

6. Isoprene prices remained stable yesterday. Crude oil prices fell for five consecutive days, keeping market sentiment cautious. Significant resistance to price hikes downstream suppressed willingness to accept higher feedstock prices, with purchasing driven mainly by essential needs. Mainstream offer prices in East China ranged from 13,600 to 14,200 yuan/ton.

7. Dicyclopentadiene (DCPD) maintained a steady trend yesterday, trading within a range of 8,900–9,300 yuan/ton. Low-end prices were stable, while high-end prices involved spot negotiations. With the short holiday approaching, some pre-holiday stockpiling occurred. Overall DCPD supply remains limited, providing support to prices.

8. Mainstream prices for road marking grade C5 petroleum resins ranged from 9,600 to 11,000 yuan/ton. Downstream buyers mostly stuck to essential purchases due to relatively high resin prices, leading to slower shipments in some areas. Market activity was moderate, with minor discounts offered in sporadic transactions.

9. Mainstream prices for piperylene-based adhesive grade C5 petroleum resins ranged from 11,500 to 13,600 yuan/ton, while cyclohexane-free adhesive grade C5 petroleum resins ranged from 10,500 to 11,200 yuan/ton. Spot availability remains tight, with virtually no inventory available for September. Orders for next month are being negotiated, mostly executed at the latest prices.

Core Logic: Pyrolysis C5 consolidating; Isoprene stable; Piperylene stable; DCPD temporarily stable; C5 petroleum resins showing small upward adjustments amidst stability.

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 stable for now. Shandong mixed C5 prices previously continued to decline. Private enterprises are clearing inventory before the holiday, maintaining downward price trends, with some quoting below major enterprise levels. Weak sales of raffinate recently have reduced some enterprises' enthusiasm for accepting feedstocks. Regarding downstream processing, low inventories currently support piperylene monomer prices; however, anticipated shutdowns in the hardener industry during the National Day holiday may impact future demand. Terminal resin buyers are primarily making essential purchases.

The pyrolysis C5 raffinate market is expected to weaken and decline. Falling crude oil prices and weak gasoline fluctuations, along with poor sales of mixed C5, contribute to this outlook. Dragged down by substitute products, Chempricehub Info predicts that refinery prices for pyrolysis C5 raffinate will continue to fall in the near term.

Overnight crude oil prices continued to drop, dampening traders' entry into the market. Refinery gasoline prices consolidated yesterday amid decent buying and selling activity. Mixed C5 prices fell yesterday, but shipment volumes improved. Today, under bearish crude oil conditions, Chempricehub Info expects the downward momentum in the mixed C5 market to narrow.

Isoprene is expected to consolidate at high levels. Cost-side support is weakening, but the tight supply pattern for isoprene persists. Producers maintain strong price-holding sentiments, suggesting prices will likely consolidate at highs with a wait-and-see attitude.

Piperylene is expected to trade steadily for now. While crude oil and private sector pyrolysis C5 have weakened recently, product supply remains tight. Increased operating rates downstream in the resin sector provide support, keeping prices firm. Piperylene is expected to maintain stable consolidation.

DCPD is expected to remain elevated. Although downstream demand performance is average, spot supplies are scarce and unlikely to ease in the short term. Pre-holiday stockpiling cycles for Mid-Autumn and National Day holidays mean supply dominates the market in the short term, sustaining firm, high-level prices.

For road marking grade C5 petroleum resins, terminal construction volumes may be delayed due to high raw material costs, and downstream acceptance of prices is weak. Additionally, as resin supply gradually recovers, market stalemate persists, with sporadic price pullbacks. For adhesive grade C5 petroleum resins, despite peak season demand, there remains a supply gap. With overall inventory nearly depleted, prices continue to see sporadic increases.

IV. Data Calendar

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