Lead-in: Recently, the domestic spot market for cyclohexanone has continued to decline. The upstream raw material, pure benzene, has fallen, removing cost support, while downstream caprolactam operating rates remain low. With bullish and bearish factors pulling against each other, cyclohexanone prices have dropped rapidly. As of November 6, the reference price for cyclohexanone in East China was 10,700–10,900 RMB/ton (spot delivery), a weekly decrease of 7.3%.
| Figure 1: 2026 Cyclohexanone Price Trend Chart (RMB/ton) |
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| Data Source: Chempricehub |
Weekly Price Overview of Cyclohexanone and Related Products (Unit: RMB/ton)
| Product | Region/Grade | Nov 6 | Oct 30 | Change | % Change |
|---|---|---|---|---|---|
| Pure Benzene | East China Spot | 8370 | 10065 | -1695 | -16.84% |
| Cyclohexanone | East China Spot | 10800 | 11650 | -850 | -7.3% |
| Caprolactam | Liquid East China Spot | 12600 | 13625 | -1025 | -7.52% |
| PA6 Conventional Spinning Chips | East China Market | 13350 | 14500 | -1150 | -7.93% |
Data Source: Chempricehub
Domestic cyclohexanone prices have recently fallen sharply due to a significant drop in the pure benzene market. Sinopec has lowered its listed benzene price multiple times to 8,500 RMB/ton, and East China spot benzene prices have dropped to around 8,370 RMB/ton, leaving the cost side without support. Although the commodity volume load rate for cyclohexanone is very low, downstream products such as caprolactam and PA6 have also seen rapid price declines. Overall market sentiment is bearish, with weak purchasing enthusiasm from downstream chemical fiber and solvent sectors, leading to a quick drop in cyclohexanone prices. As of November 6, the reference price for cyclohexanone in East China was 10,700–10,900 RMB/ton (spot delivery), down 7.3% week-on-week.
| Figure 2: 2026 Cyclohexanone Theoretical Profit Trend Chart (RMB/ton) |
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| Data Source: Chempricehub |
The integration of cyclohexanone and caprolactam production continues to improve. As a key chemical intermediate, the proportion of cyclohexanone sold externally is gradually shrinking. Recently, the price spread between pure benzene and cyclohexanone has mostly hovered around 1,000 RMB/ton. Since November, pure benzene prices have fallen rapidly while cyclohexanone followed slowly, widening the benzene-cyclohexanone spread to 1,500–2,500 RMB/ton. As of November 6, the spread was approximately 2,400 RMB/ton, resulting in a profit of 900 RMB/ton. While data indicates profitability, trading activity and order volumes for cyclohexanone remain weak.
Operating Status of Commodity-Grade Cyclohexanone Units (Unit: 10,000 tons/year)
| Manufacturer | Capacity | Unit Status |
|---|---|---|
| Yangmei Fengxi | 6 | Normal operation, small external sales |
| Dongming Xuyang | 37 | Primarily self-consumption, small external sales |
| Hualu Hengsheng | 52 | Normal operation, partial external sales |
| Inner Mongolia Qinghua | 20 | Shutdown |
| Henan Shouheng | 20 | Shutdown |
| Chongqing Huafon | 20 | Normal production, external sales |
| Fujian Shenyuan | 80 | Primarily self-consumption, small external sales |
Data Source: Chempricehub
Regarding commodity-grade cyclohexanone units, many are shut down, such as those at Inner Mongolia Qinghua and Henan Shouheng, reducing supply competition pressure. However, due to the trend toward cyclohexanone-caprolactam integration and the overall low operating loads of downstream caprolactam plants, combined with mixed market factors, the solvent market continues to purchase on an as-needed basis. Consequently, downstream willingness to buy externally remains weak, resulting in a state of weak equilibrium between supply and demand for cyclohexanone.
On the cost side, the downward shift in pure benzene costs resonates with weakening supply-demand dynamics for cyclohexanone itself. A loosening supply-demand balance sheet, coupled with inventory accumulation at ports, further suppresses the market. In the short term, pure benzene is expected to maintain weak oscillations, meaning cost support for cyclohexanone remains insufficient. On the supply-demand side, given the high degree of industry integration, downstream caprolactam operating rates are unlikely to recover quickly. Although available commodity cyclohexanone sources are limited, November sees both restarts and maintenance plans for commodity units, keeping supply and demand in a weak equilibrium. Currently, the price spread between cyclohexanone and pure benzene has not returned to a reasonable range. With multiple negative factors intertwined, the domestic cyclohexanone market is expected to continue running weakly in the short term.
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