① [Chempricehub] Oct 15: Tightening geopolitical tensions in the Middle East continue to pose supply risks, while market optimism regarding global demand prospects remains low. International crude oil prices moved mixed. NYMEX WTI futures (November contract) rose by USD 2.88/bbl to USD 97.97/bbl (+3.03% WoW); ICE Brent futures (December contract) fell by USD 0.14/bbl to USD 105.92/bbl (-0.13% WoW). INE crude oil futures (contract 2612) dropped by CNY 21.3 to CNY 725.2/bbl, then rebounded by CNY 0.8 to CNY 726/bbl during the night session.
② Today, the domestic cyclohexanone capacity utilization rate stood at approximately 59.7%. The trend toward integrated production is well-established, with most plants co-producing caprolactam alongside cyclohexanone. Supply of merchant-grade cyclohexanone remains stable, while downstream chemical fiber orders are being placed on an as-needed basis.
③ Sinopec refineries in East China, South China, and Central China have lowered their pure benzene prices by CNY 200/ton to CNY 10,600/ton, effective October 16.
Table 1: Domestic Cyclohexanone Price Summary (Unit: CNY/ton)
| Market | Specification | Oct 15 | Oct 16 | Change | % Change |
|---|---|---|---|---|---|
| East China | Cyclohexanone | 11,650 | 11,625 | -25 | -0.21% |
Based on the East China market, today’s reference price for cyclohexanone ranged between CNY 11,600–11,650/ton, a decrease of CNY 25/ton from the previous trading day (-0.21%). Raw material cost pressures remain significant. While spot supply of cyclohexanone is stable, downstream buyers are cautious about accepting high prices, resulting in a volatile market trend.
Today, integration between cyclohexanone and caprolactam production has further improved, leading to a reduction in merchant-grade cyclohexanone supply. Downstream chemical fiber order intake remains limited.
Pure benzene prices are trending lower amidst volatility, offering little support to costs. Capacity utilization for merchant-grade cyclohexanone remains moderate, with downstream procurement driven primarily by immediate needs. In the short term, cyclohexanone prices are expected to fluctuate in tandem with pure benzene trends.
Pure Benzene Market:
Spot prices in the East China market declined today, with transaction ranges settling between CNY 10,250–10,350/ton, largely consistent with morning guidance. Market sentiment has shifted notably bearish. Although the recovery of pure benzene supply is slower than anticipated and port inventories in East China continued to decline week-on-week—maintaining a tight spot liquidity pattern—expectations of reduced demand now outweigh expectations of reduced supply. Negative feedback from downstream sectors is becoming apparent, and confidence in the sustainability of high prices is weakening. This is reflected in longer-dated futures contracts falling more sharply than near-term contracts.
Caprolactam:
Today, the East China caprolactam market price was quoted at CNY 14,300/ton (acceptance of bank acceptance bills, delivered), up CNY 100/ton (+0.7%) from the previous working day. Caprolactam prices edged higher today, supported by firm producer pricing and an upward shift in transaction levels. Spot transactions in East China centered around CNY 14,300/ton (acceptance of bank acceptance bills, delivered), with downstream buyers procuring based on actual needs.
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