Cost Support and Downstream Stockpiling Drive Continued Rise in Pyrolysis C9 (September 2026)

1. Key Highlights This Month

① The U.S. signaled that the U.S.-Iran conflict may be nearing a conclusion. Initially, Iran stated that conditions were not met and was in no rush to negotiate, keeping the Strait of Hormuz closed. Subsequently, Iran proposed a new peace plan, indicating willingness to open the Strait of Hormuz if accepted by the U.S., which eased market concerns.

② Pyrolysis C9 for industrial use continued to rise in September, with an increase of 550–600 RMB/ton. The mainstream market price range was 5,750–6,000 RMB/ton.

③ Margins for industrial aromatic solvents and C9 petroleum resins continued to decline slightly.

2. Market Analysis of Industrial Pyrolysis C9 This Month

In September, the domestic pyrolysis C9 market maintained a strong upward trend, with the monthly average price rising further compared to August. Early in the month, geopolitical tensions in the Middle East intensified again, causing Brent and WTI crude oil futures to both break through $100/barrel. This strengthened cost-side support. Additionally, demand for gasoline ship orders surged, with approximately 500,000 tons of gasoline exports. Downstream users of industrial aromatic solvents actively entered the market to replenish stocks, driving up pyrolysis C9 prices. Throughout the month, geopolitical disturbances fluctuated, keeping crude oil prices high and volatile. Combined with some refineries retaining raw materials for internal use and tightening external sales supply, refineries had strong incentives to raise prices, resulting in significant auction premiums. Towards the end of the month, expectations for U.S.-Iran peace talks increased, putting downward pressure on crude oil. However, fundamental resilience in the gasoline sector limited the depth of any potential correction in pyrolysis C9 prices. Downstream C9 thermally polymerized petroleum resin prices followed the rise in raw material costs, increasing continuously during the month, with the monthly average price rising month-on-month. Resin producers' capacity utilization rates improved compared to August. While rising raw material costs drove resin prices higher, resistance from end-users to high-priced resources limited the extent of the increase. The core driver of this month's market was crude oil cost increases fueled by geopolitics, supported by rigid demand for gasoline ship orders and supply contraction. Cost transmission bottlenecks downstream constrained the magnitude of price hikes. Overall, the market operated at high levels, but insufficient acceptance by end-users suppressed further upside. Looking ahead, pyrolysis C9 is expected to trend first up then down, with ongoing tug-of-war between crude oil price volatility and changes in downstream demand.

Core Price Table for Domestic Industrial Pyrolysis C9

Unit: RMB/ton

Source: Chempricehub Information

3. Downstream Market Analysis for Industrial Pyrolysis C9

In September, the monthly average price of raw material pyrolysis C9 continued to rise month-on-month, providing strong support for resin prices. Prices of thermally polymerized petroleum resin showed a gradual upward trend in the early and mid-month. Overall, the monthly average market price of C9 thermally polymerized petroleum resin rose month-on-month. As of the deadline, the mainstream market price for grades 9-11# was 7,100–7,500 RMB/ton, while grades 16-18# ranged from 4,700–5,800 RMB/ton. Capacity utilization rates for resin producers dipped then rose within the month, resulting in an overall increase compared to August. Raw material price increases led to corresponding rises in resin prices; however, as prices reached high levels, end-user resistance grew. In late September, approaching holidays, end-users primarily engaged in rigid-demand procurement. For October, raw material pyrolysis C9 prices are expected to start strong then weaken. On the supply side, Wudi Tongye and Gaocheng Hongda are scheduled to resume operations, potentially increasing industry operating loads. Overall, the C9 thermally polymerized petroleum resin market is expected to stabilize then soften, with continued attention needed on raw material trends and downstream demand.

In September, the average price of domestic industrial aromatic solvents rose. As of September 28, 2026, prices in East and South China were 6,500–8,000 RMB/ton, while North and Northeast China ranged from 7,000–8,000 RMB/ton. Entering September, geopolitical conflicts intensified again, pushing crude oil futures prices higher, with both Brent and WTI breaking through $100/barrel. Coupled with a significant increase in demand for gasoline ship orders—approximately 500,000 tons of gasoline exports in September—downstream customers actively entered the market to replenish stocks. Trading activity was vigorous, with factories continuously raising prices and notable auction premiums. Supported by gasoline ship order demand and partial suspension of external sales due to internal factory usage, overall market supply remained low, maintaining a predominantly strong trend.

4. Next Month Market Forecast

The pyrolysis C9 market is expected to follow a "strong-then-weak" trajectory, primarily characterized by stable operation with slight declines. Transaction centers will see limited downside room. International crude oil futures face bearish expectations, with risks of price pullbacks as geopolitical peace talks progress, gradually weakening cost-side support. Regarding downstream C9 petroleum resin, units at Wudi Tongye and Gaocheng Hongda have completed maintenance and restarted, leading to expectations of higher industry operating loads. However, end-users remain resistant to high-priced supplies and cautious in purchasing. Industrial aromatic solvents will rely on rigid demand consumption from gasoline ship orders, combined with traditional "Silver October" demand support. The market will likely follow gasoline trends—starting strong then weakening—with adequate rigid demand but insufficient willingness for large-scale stockpiling, resulting in a divergent demand landscape. Overall, rigid demand persists, but proactive stocking enthusiasm is limited. Supply-side pressure continues to emerge, with resin-related units restarting driving up industry operating rates and steadily increasing supply. In summary, the tug-of-war between rigid demand support and increased supply, coupled with weakening cost-side factors, suggests prices will remain stable with slight declines. The fluctuation range is estimated at 100–200 RMB/ton, with the mainstream transaction range likely settling between 5,400–5,700 RMB/ton.

For more monthly market analyses, please refer to the Industrial Pyrolysis C9 Monthly Report by Chempricehub Information.