Preface: Before the Labor Day holiday, the C5 petroleum resin market for road marking paint stabilized after a decline, while prices for C5 petroleum resin for adhesives remained firm, showing divergent market trends.

1. Market Review

Before the Labor Day holiday, the C5 petroleum resin market for road marking paint stabilized after a decline, while prices for C5 petroleum resin for adhesives remained firm, indicating divergent trends. Road marking paint C5 petroleum resin dropped by 500 yuan/ton to 12,000-14,500 yuan/ton, with low-end products priced at 11,000-12,000 yuan/ton. End-user construction volume decreased significantly year-on-year, and some local manufacturers showed increased willingness to sell. Early in the week, some prices underwent significant reductions, reaching around 12,000 yuan/ton. However, as the Labor Day holiday approached and the next procurement cycle for downstream users is expected after the holiday, manufacturers' willingness to offer discounts decreased. As price cuts had little effect on boosting sales, manufacturers' quotations gradually stabilized. Before the holiday, the mainstream price for adhesive-grade C5 petroleum resin was 16,000-17,500 yuan/ton, while the transaction price for dicyclopentadiene (DCPD)-free C5 petroleum resin was 13,000-14,000 yuan/ton. A significant correction in the price of piperylene, along with a 1,000 yuan/ton drop in rosin resin to 14,500 yuan/ton, led end-users to make only essential purchases of C5 petroleum resin, exacerbating bearish sentiment among end-users. However, due to limited spot supply from manufacturers, prices remained largely stable, with only sporadic concessions.

2. Data Analysis

Table 1: Data Sheet for Domestic C5 Petroleum Resin and Related Products

| Item | Product Name | 2025/4/23 | 2025/4/30 | Change Value | Change Rate | Unit |
| :--- | :--- | :--- | :--- | :--- | :--- | :--- |
| Production Gross Margin | Road Marking Paint C5 Petroleum Resin | 791 | 1730 | 939 | 118.71% | Yuan/ton |
| Capacity Utilization Rate | Adhesive C5 Petroleum Resin | -331 | 541 | 872 | -263.44% | |
| Item | Key Downstream | | | | | |
| Price | Label Adhesive | 20000 | 19000 | -1000 | -5% | |
| | Hot Melt Coating | 2100 | 2300 | +200 | 9.52% | |
| Data Source: chempricehub News | | | | | | |

Recently, the theoretical profit margin for the adhesive-grade C5 petroleum resin industry turned from loss to profit, benefiting from a significant price correction in upstream piperylene. Taking the Central China region as an example, the theoretical profit for sample C5 petroleum resin companies is currently -331 yuan/ton, up 872 yuan/ton from the previous Thursday. Although end-user demand is lackluster, C5 petroleum resin manufacturers have a low inclination to offer concessions, keeping the negotiation focus stable and allowing companies to turn from loss to profit.

The theoretical profit margin for the road marking paint C5 petroleum resin industry has further expanded, benefiting from a significant price correction in upstream cracked C5. Taking the Central China region as an example, the theoretical profit for sample C5 petroleum resin companies is currently 791 yuan/ton, up 939 yuan/ton from the previous Thursday. End-user demand performance is poor, but the phased correction in feedstock cracked C5 prices has driven profit increases.

The recovery and improvement in profit margins have significantly impacted the operational enthusiasm of C5 petroleum resin companies. Coupled with the weakening demand for gasoline, the overall capacity utilization rate of the C5 deep-processing industry is improving. Currently, the operating rate for C5 petroleum resin is around 64.10%, up 3.7 percentage points from the previous Thursday. It is expected that the operating rate will remain stable during the Labor Day holiday.

Overall, the C5 petroleum resin market currently faces dual pressures from costs and demand. On one hand, the room for feedstock cost reduction is limited, making it difficult for company profits to continue improving. On the other hand, end-user essential demand lacks sustained support, leaving room for slight price corrections.

3. Post-Holiday Trend Outlook

Table 2: Forecast Data Sheet for Domestic C5 Petroleum Resin

| | 2026/4/30 | 2026/5/6E | Change Value | Change Rate | Unit |
| :--- | :--- | :--- | :--- | :--- | :--- |
| Road Marking Paint C5 Petroleum Resin Price | 13300 | 13000 | -300 | -2.26% | Yuan/ton |
| Raw Material Cracked C5 Price | 6400 | 6000 | -400 | -6.25% | Yuan/ton |
| Adhesive C5 Petroleum Resin Price | 16500 | 16000 | -500 | -3.03% | Yuan/ton |
| Raw Material Piperylene Price | 12000 | 11000 | -1000 | -8.33% | Yuan/ton |
| Data Source: chempricehub News | | | | | |

From a cost perspective for road marking paint C5 petroleum resin, supply volumes of the core raw material, cracked C5, continue to rise slightly, increasing supply-demand pressure. The price decline is expected to be around 6.25%. The price center for road marking paint C5 petroleum resin is likely to see a minor correction due to insufficient supply volume. From a cost perspective for adhesive C5 petroleum resin, supply of the core raw material, piperylene, highlights a phase of oversupply. Supply-demand pressure increases, with a price decline expected around 8.33%. The price center for adhesive C5 petroleum resin is likely to see a minor correction due to insufficient downstream demand.

Analyzing supply and demand, the prices of raw materials C5 and piperylene are still significantly higher than before the war with the US/Iran. Additionally, the production enthusiasm of C5 petroleum resin companies is constrained, and there is an expectation for the operating rate to decline further. Meanwhile, next week will enter the Labor Day holiday, weakening the willingness of downstream companies to enter the market for procurement. After the holiday, inventory at companies that did not stock up earlier will likely be gradually depleted. This will create restocking motivation and demand post-holiday. Therefore, the volume of essential demand from downstream users is expected to increase significantly after the holiday. Furthermore, as international petroleum resin prices continue to rise, foreign demand may see some recovery.

In summary, in the short term, the supply volume of C5 petroleum resin is declining, while the volume of essential end-user demand is expected to increase. Some manufacturers show increased willingness to sell in the short term, and the recovery of foreign markets will take time. However, overall, downstream users have almost no spot inventory and are entering a new procurement cycle. Coupled with C5 petroleum resin supply continuing to remain at a low level, prices may correct in the short term under various pressures. In the medium to long term, a supply shortage will dominate the market.