Cost Floor Provides Sustained Support, Pushing Pyrolysis C9 Prices Higher (Oct 23–29, 2026)

1. Market Highlights This Week

1. Industrial pyrolysis C9 production this week was 62,800 tons, with an operating rate of 79.09%.

2. Pyrolysis C9 prices continued to rise across the board this week, increasing by RMB 100/ton. The price range was RMB 5,950–6,200/ton.

3. Profit margins for industrial aromatic solvents were -RMB 39/ton, and profit margins for C9 thermally polymerized petroleum resin were -RMB 164/ton.

2. Weekly Market Analysis of Industrial Pyrolysis C9

Mainstream national quotes for pyrolysis C9 rose slightly this period. Geopolitical conflicts in the Middle East continued to disrupt markets during the cycle, causing Brent crude oil to fluctuate upwards and peak at USD 118/barrel, providing clear cost support. Prices for downstream industrial aromatic solvents remained stable but trending upward; strengthening gasoline market conditions, combined with consumption support from vessel order transactions, led to follow-on increases in raw material costs. Quotes for C9 thermally polymerized petroleum resin showed modest gains amidst stability, but limited price increases due to sluggish downstream demand and pressure on shipments. During the cycle, pyrolysis C9 production and capacity utilization rates increased slightly, leading to a marginal increase in market supply. Downstream buyers slowed their procurement activities, resulting in strong wait-and-see attitudes and bargaining behaviors. Independent refineries showed mixed pricing trends. Currently, gross margins for the two major downstream applications of pyrolysis C9 are weakening simultaneously. Gross margins for both industrial aromatic solvents and C9 petroleum resin declined significantly this period. Next period is expected to see continued slight increases in production and consumption, while gross margins for C9 petroleum resin still face downside potential. Overall, short-term pyrolysis C9 market trends are expected to fluctuate narrowly within a slightly bullish range.

Weekly Price Change Table for Domestic Industrial Pyrolysis C9

Unit: RMB/ton

Source: Chempricehub Information

3. Analysis of Downstream Markets for Industrial Pyrolysis C9

1. C9 Thermally Polymerized Petroleum Resin: Quotes for C9 thermally polymerized petroleum resin remained generally stable with some individual increases this period, while actual transactions were primarily based on negotiation. Although raw material pyrolysis C9 prices rose, downstream demand followed sluggishly, creating a strong wait-and-see atmosphere that limited market price gains. Overall shipment volumes faced certain pressure. Regarding market supply, slight fluctuations in operating loads among some enterprises led to a month-on-month increase in capacity utilization rates. Rising raw material costs provided some support, but end-market acceptance of high-priced resources remained low. Transaction sentiment was stale, resulting in only a slight increase in the average market price. The overall weekly average price of C9 thermally polymerized petroleum resin increased month-on-month, though bearish sentiment persists. Current market prices for Grade 10-11# C9 thermally polymerized petroleum resin are RMB 6,900–7,500/ton, and for Grade 16-18#, RMB 4,500–5,800/ton.

2. Industrial Aromatic Solvents: Specifically, domestic spot prices for industrial aromatic solvents trended strongly this cycle, fluctuating between RMB 7,000–8,400/ton. Prices remained stable but trending upward. Geopolitical conflicts have not yet eased, and crude oil futures continued to fluctuate strongly, with Brent crude peaking at USD 118/barrel. The gasoline market performed strongly with rising prices. Combined with continued vessel order transactions providing consumption support, competitor product prices also trended strongly, leading industrial aromatic solvents to primarily follow suit with price increases.

4. Market Forecast for Next Week

Supply and demand for pyrolysis C9 are expected to remain relatively balanced next period, with prices likely consolidating within a slightly bullish range. Key focus areas include:

1. Supply Side: No units completing maintenance and restarting are scheduled for next period. Multiple enterprise units will continue to experience load fluctuations, resulting in a slight overall increase in supply.

2. Demand Side: There are no new shutdowns or maintenance plans for C9 petroleum resin units, so overall operating rates will tend to stabilize. However, downstream resistance to high-priced raw materials and lackluster purchasing enthusiasm will provide limited support to market sentiment. Additionally, international crude oil futures are expected to rise next week, supporting market sentiment. Retail gasoline prices are rising, and recent vessel orders have been decent, with some exports contributing to internal consumption. Factories show strong willingness to maintain prices and ship goods, keeping industrial aromatic solvents stable but leaning stronger. Overall demand is expected to increase slightly.

3. Cost Side: Positive factors affecting crude oil demand will lead to a slight increase in pyrolysis C9 costs.

Overall, pyrolysis C9 prices next week are expected to remain primarily stable, with potential for further increases of RMB 50–100/ton. Reference price range: RMB 6,000–6,300/ton.

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