Morning Market Briefing for the C5 Industry Chain

I. Key Focus Points

1. Reports suggest that the U.S. and Iran may resume negotiations, easing market concerns and causing international crude oil prices to fall. NYMEX WTI crude oil futures (December 2026 contract) closed at $95.78/bbl, down $4.52/bbl (-4.51% WoW); ICE Brent crude oil futures (November 2026 contract) closed at $100.34/bbl, down $3.53/bbl (-3.40% WoW). INE crude oil futures in China (November 2026 contract) fell by 23.6 yuan to 730.8 yuan/bbl; the night session dropped another 16.5 yuan to 714.3 yuan/bbl.

2. As of the 21st, Japanese naphtha closed at $901/ton, a decrease of $1.25/ton from the previous trading day. Singapore naphtha closed at $96.18/bbl, down $1.08/bbl from the previous trading day.

3. Yesterday, domestic cracked C5 prices from major state-owned enterprises remained stable, while private enterprise prices for cracked C5 continued to drop significantly, reaching 7,100 yuan/ton. Shandong mixed C5 prices continued to retreat intraday, with weak shipments of residual liquid notably impacting cracked C5. In terms of deep processing, piperylene monomer prices remained decent, and petroleum resin quotes held firm. However, downstream purchasing enthusiasm was average, driven primarily by rigid demand.

4. The domestic market for cracked C5 residual liquid mainly declined yesterday. Gasoline prices in the Shandong market consolidated. Prices for the homogeneous product, mixed C5, also fell. Dragged down by these homogeneous products, the market price of cracked C5 residual liquid dropped significantly.

5. The domestic piperylene market remained largely stable yesterday, with minor increases in some regions. Tight supply supported sellers' price retention, while downstream rigid demand and pre-holiday stockpiling maintained normal trading activity. Mainstream ex-factory prices ranged from 8,900 to 10,000 yuan/ton.

6. Isoprene prices remained stable and cautious yesterday. Some downstream SIS plants halted production, leading market participants to monitor changes in raw material demand within the industry. Trading sentiment was cautious. Mainstream offer prices in East China ranged from 13,600 to 14,200 yuan/ton.

7. Dicyclopentadiene (DCPD) maintained a steady trend yesterday, ranging between 8,900 and 9,300 yuan/ton. Low-end prices were stable for long-term clients, while high-end prices were subject to negotiation for spot goods. With the upcoming short holiday, there is some pre-holiday stockpiling sentiment. Overall DCPD supply remains limited, providing support and maintaining the trend of staying at high levels.

8. The mainstream price for road marking paint C5 petroleum resin was 9,600–11,000 yuan/ton yesterday. Consecutive declines in crude oil prices dampened end-user procurement sentiment, while downstream tolerance for high prices weakened. The market maintained rigid demand volumes, and mainstream transaction prices remained stable.

9. The mainstream price for piperylene adhesive C5 petroleum resin was 11,500–13,600 yuan/ton, while cycloaliphatic adhesive C5 petroleum resin ranged from 10,800–11,200 yuan/ton. Spot availability remains tight, with virtually no spot inventory expected in September. Several manufacturers have stopped quoting, keeping negotiated prices stable.

Core Logic: Cracked C5 consolidating, isoprene stable, piperylene slightly up in some regions, DCPD slightly up in some regions, and C5 petroleum resins showing slight upward momentum amid stability.

II. Price Table

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

III. Market Outlook

Domestic cracked C5 prices are expected to remain temporarily stable. Shandong mixed C5 prices are projected to continue declining, as private enterprises face pressure to clear inventory before the holiday, driving prices down. Weak recent shipments of residual liquid have reduced some enterprises' enthusiasm for procuring raw materials. Regarding deep processing, low inventory levels for piperylene monomers currently provide support, while resin end-users are primarily engaging in rigid-demand purchases.

The market for cracked C5 residual liquid is expected to weaken further. Significant drops in crude oil prices and poor shipment conditions for mixed C5 have created a bearish market atmosphere. Chempricehub forecasts that refinery prices for cracked C5 residual liquid will primarily decline in the near term.

Overnight crude oil prices fell sharply, dampening market participants' willingness to enter trades. Refinery gasoline prices consolidated yesterday, with relatively good buying and selling activity. Mixed C5 prices declined due to poor shipment performance. Under today's negative crude oil news, Chempricehub expects the mixed C5 market to continue falling.

Isoprene prices are expected to consolidate at high levels. Crude oil has fallen for four consecutive days, and private-sector cracked C5 prices have weakened rapidly, reducing cost-side support. However, the tight supply pattern for isoprene persists, and factories maintain strong pricing sentiment, suggesting prices will likely consolidate at high levels with a wait-and-see attitude.

Piperylene prices are expected to remain temporarily stable. Although crude oil and private-sector cracked C5 have recently weakened, the product itself faces tight supply, and the downstream resin industry remains robust, attracting market attention. Therefore, piperylene is expected to stabilize temporarily.

DCPD is expected to continue operating at high levels. While downstream demand performance is average, spot shortages are unlikely to ease in the short term. Additionally, with the stocking cycle ahead of the Mid-Autumn Festival and National Day holidays approaching, market supply and cost factors will dominate in the short term, maintaining a firm, high-level trend.

For road marking paint C5 petroleum resin, end-user construction volumes may be delayed due to excessively high raw material prices, and downstream acceptance of current prices is weak. Meanwhile, resin supply volumes are gradually recovering, but a shortage situation will persist in the short term, keeping prices firmly at high levels. For adhesive C5 petroleum resin, despite peak season demand, there remains a supply gap. With overall inventory nearly depleted, prices are expected to run stably for now.

IV. Data Calendar

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