Industrial-grade cracked C9 output this week was 61,000 tons, with an operating rate of 76.74%.
Cracked C9 prices remained stable this week, trading within the range of RMB 5,750–6,000 per ton.
The profit margin for industrial aromatic solvents was -RMB 25/ton, while the profit margin for C9 thermally polymerized petroleum resin was RMB 89/ton.
| Figure 1: Cracked C9 Price Trend (2025–2026E) (RMB/ton) |
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| Source: Chempricehub Information |
During this period, mainstream national quotations for cracked C9 remained stable. Geopolitical news had limited impact on market sentiment, and Brent crude oil fluctuated within a narrow range, providing moderate cost support. Downstream industrial aromatic solvent prices trended stronger, with decent transaction volumes in the market; downstream buyers replenished stocks based on demand, and rigid procurement remained steady. Quotations for C9 thermally polymerized petroleum resin held stable, supported by the steady price of raw material cracked C9. As holidays approached, downstream purchasing enthusiasm slowed, with transactions mainly consisting of small orders driven by rigid demand. Within the cycle, supply of cracked C9 increased slightly. Cost support was moderate, downstream buyers purchased according to needs, and wait-and-see sentiment persisted, while independent refineries maintained firm quotations. Currently, cracked C9 production volume and capacity utilization have risen slightly month-on-month. Trends for the two major downstream products have diverged: industrial aromatic solvent prices are trending stronger, while transactions for C9 thermally polymerized petroleum resin remain stale. Next period, production and consumption are expected to continue rising slightly, with marginal improvement anticipated in downstream demand. Overall, short-term cracked C9 market trends are expected to maintain stability.
Weekly Price Change Table for Domestic Industrial-Grade Cracked C9
Unit: RMB/ton
| Market | Last Week | This Week | Change |
|---|---|---|---|
| Northeast China | 5650 | 5650 | 0 |
| North China | 5850 | 5850 | 0 |
| East China | 5812 | 5812 | 0 |
| Central China | 5850 | 5850 | 0 |
| South China | 5913 | 5913 | 0 |
Source: Chempricehub Information
C9 Thermally Polymerized Petroleum Resin: Mainstream quotations for C9 thermally polymerized petroleum resin remained stable during this period, with the steady price of raw material cracked C9 providing some market support. Resin market conditions were stable throughout the week. With holidays approaching, downstream purchasing enthusiasm slowed. Some enterprises offered room for discounts in transaction negotiations. Overall, market transaction momentum was somewhat stagnant. Regarding supply, adjustments in operating loads at certain enterprises led to a month-on-month decrease in capacity utilization. The average weekly market price for C9 thermally polymerized petroleum resin rose slightly month-on-month, but bearish sentiment increased. Currently, the market price for C9 thermally polymerized petroleum resin grades 10–11# is RMB 7,100–7,500/ton, and for grades 16–18# is RMB 4,700–5,800/ton.
Industrial Aromatic Solvents: During this cycle, spot prices for domestic industrial aromatic solvents trended stronger, fluctuating within the range of RMB 6,700–8,200/ton. Geopolitical conflicts persisted without easing, causing crude oil futures to strengthen initially before weakening, ending the week with higher average prices, which provided limited support to the market. Gasoline markets continued to perform strongly during the week, with vessel orders totaling approximately 100,000 tons, supporting post-holiday consumption. Industrial aromatic solvent prices followed fluctuations in competing products and finished goods markets, trending stronger overall, with decent transaction volumes.
It is expected that supply and demand for cracked C9 will be relatively balanced next period, with prices likely consolidating within a stable range. Key points to watch: 1. Focus on geopolitical developments and their impact on crude oil costs. 2. Monitor changes in downstream demand, particularly regarding holiday-related inventory restocking. Overall, the market is expected to maintain a steady consolidation trend in the short term.
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