1. Market Highlights This Week

1. Industrial-grade pyrolysis C9 production this week was 62,000 tons, with an operating rate of 78.09%.

2. Pyrolysis C9 prices remained largely stable with minor fluctuations; some regions saw a price increase of 100 RMB/ton. The trading range was 5,750–6,000 RMB/ton.

3. Profit margins for industrial aromatic solvents were 52 RMB/ton, while profits for C9 thermal polymerization petroleum resin were 89 RMB/ton.

2. Weekly Market Analysis: Industrial-Grade Pyrolysis C9

This period, mainstream national quotations for pyrolysis C9 remained generally stable. Due to the National Day holiday, tradable time during the cycle was limited. International crude oil futures dipped slightly, weakening cost-side support. Downstream demand for industrial aromatic solvents saw a minor post-holiday adjustment, but rigid replenishment needs provided some support; overall market transactions were limited. Quotations for C9 thermal polymerization petroleum resin remained steady. Although the restart of units led to increased capacity, downstream buyers maintained a wait-and-see attitude, resulting in stagnant transaction sentiment and limited positive impact on raw material pyrolysis C9. During the cycle, supply from independent refineries was relatively stable, but cost support was weak. Downstream procurement was primarily small-lot purchases based on immediate needs, creating a strong wait-and-see atmosphere. Independent refinery quotes were adjusted according to market trends. Currently, overall operating rates at pyrolysis C9 refineries are stable, with slight month-on-month changes in capacity utilization. The performance of the two major downstream products diverged: industrial aromatic solvent prices fluctuated slightly with local strength, while C9 thermal polymerization petroleum resin operated steadily with stagnant transactions. Next period, downstream resin operating rates are expected to rise slightly, and aromatic solvent markets may strengthen, with marginal improvements in terminal rigid demand. Overall, short-term pyrolysis C9 prices are expected to remain stable with minor fluctuations, lacking momentum for significant rises or falls.

Weekly Price Change Table for Domestic Industrial-Grade Pyrolysis C9

Unit: RMB/ton

Data Source: Chempricehub Information

3. Downstream Market Analysis for Industrial-Grade Pyrolysis C9

1. C9 Thermal Polymerization Petroleum Resin: Mainstream quotations for C9 thermal polymerization petroleum resin remained stable this period. Slight increases in raw material pyrolysis C9 prices provided some market support. Resin market conditions were steady. Post-holiday, most downstream buyers adopted a wait-and-see approach, leading to somewhat stagnant transaction sentiment. Regarding supply, Wudi Tongye and Gaocheng Hongda restarted operations, driving up month-on-month capacity utilization. The overall average weekly price for C9 thermal polymerization petroleum resin remained stable month-on-month, though bearish sentiment increased. Currently, the market price for Grade 10-11# is 7,100–7,500 RMB/ton, and for Grade 16-18#, it is 4,700–5,800 RMB/ton.

2. Industrial Aromatic Solvents: Specifically, industrial aromatic solvent prices showed mixed movements, with mainstream negotiations around 6,700–8,200 RMB/ton. During the cycle, coinciding with the National Day holiday, most market participants withdrew, leaving only one trading day within the period. Additionally, crude oil futures fell slightly due to G7 strategic reserve releases, causing industrial aromatic solvent prices to dip modestly compared to pre-holiday levels. Negotiations in the South China market remained stable overall, with average prices showing mixed changes compared to pre-holiday levels. Some customers engaged in post-holiday replenishment, supporting consumption within the market. Auction prices ran stronger than expected, providing additional support.

4. Next Week's Market Forecast

Supply and demand for pyrolysis C9 are expected to improve slightly next period, with prices likely to trend stably to moderately higher. Key focus areas include:

1. Supply Side: No new maintenance or shutdowns are scheduled for next period. Previously restarted enterprises will maintain normal production, leading to a slight increase in industry unit loads. Overall operating rates and capacity utilization are expected to continue their upward month-on-month trend.

2. Demand Side: Units in the C9 thermal polymerization petroleum resin industry are operating stably, with operating rates rising slightly, forming basic support for rigid demand for pyrolysis C9. However, downstream terminal markets still exhibit wait-and-see sentiments, with limited acceptance of high raw material prices. Procurement remains focused on small-lot, need-based replenishment and just-in-time usage, with no large-scale stockpiling evident, resulting in weak support for raw materials. Additionally, international crude oil futures are expected to rise next week, boosting market sentiment. The gasoline market is expected to continue trending stronger, supported by previous gasoline vessel orders and sustained strong crude oil prices post-holiday. Consequently, industrial aromatic solvents are expected to trend mainly stronger, providing steady bottom support for pyrolysis C9 demand.

3. Cost Side: International crude oil prices are expected to rise, allowing for slight increases in pyrolysis C9 costs, which will provide positive support for market prices.

Overall, the expected trading range for pyrolysis C9 next week is 5,850–6,100 RMB/ton.

For more detailed weekly market analysis, please refer to the Chempricehub Information Weekly Report on Industrial-Grade Pyrolysis C9.