1. Key Market Focus This Month

① Uncertainties persist regarding the Middle East and Russia-Ukraine situations. The conflict between the Houthis and Saudi Arabia continues, while the U.S. has exempted certain sanctions on Russia. Consultations among Iran, Saudi Arabia, Turkey, and Pakistan aim to maintain stability, easing market risk concerns amidst a bull-bear tug-of-war.

② Cracked C9 prices continued to rise in October, with increases ranging from 200 to 450 RMB/ton. The mainstream market price range stood at 5,950–6,200 RMB/ton.

③ Profits for industrial aromatic solvents and C9 petroleum resins saw a slight increase.

2. Monthly Market Analysis of Industrial Cracked C9

In October, the domestic cracked C9 market trended upward with fluctuations, resulting in an overall monthly average price higher than September's. Early in the month, geopolitical conflicts in the Middle East showed no signs of easing, driving Brent crude oil prices above $118/barrel. Strong cost-side support, combined with sustained demand for gasoline blending components and decent demand for industrial aromatic solvents, led to partial diversion of supply for export, pushing cracked C9 prices higher. Mid-month, mixed geopolitical news caused crude oil to fluctuate at high levels, while downstream aromatic solvent plants actively replenished stocks, and refineries maintained strong pricing intentions. By month-end, consultations among Iran, Saudi Arabia, Turkey, and Pakistan eased expectations of escalating geopolitical tensions, creating downward pressure on crude oil. However, transaction resilience remained in the aromatic solvent sector, limiting significant declines in cracked C9 prices. Downstream C9 thermally polymerized petroleum resin prices followed a "decline then rise" pattern, increasing mid-to-late month alongside rising cracked C9 costs, leading to a slight month-over-month increase in the average price. Resin producers' operating rates decreased compared to September. Rising raw material costs drove resin prices up, but end-users resisted high-priced resources, limiting the extent of resin price increases. The core driver this month was crude oil costs influenced by geopolitics, supported by gasoline blending demand and export diversions. End-user demand was primarily based on rigid needs, with poor transmission constraining price hikes. The overall market operated at high levels, but insufficient downstream demand follow-through suppressed further upside potential. Looking ahead, cracked C9 is expected to undergo narrow-range consolidation, with ongoing interplay between crude oil price volatility, refinery supply increments, and changes in downstream demand.

Core Table of Domestic Industrial Cracked C9 Market Prices

Unit: RMB/ton

Source: Chempricehub Information

3. Downstream Market Analysis of Industrial Cracked C9

In October, thermally polymerized petroleum resin exhibited a "decline then rise" trend. Sales were slow in early October, with some companies offering discounts to move inventory, dragging down the average price. From mid-to-late October, rising cracked C9 prices pushed resin prices up, but gains were limited due to sluggish downstream demand follow-through. As of the reporting deadline, the mainstream market price for grades 9-11 was 6,900–7,400 RMB/ton, and for grades 16-18, it was 4,700–5,800 RMB/ton. Within the month, resin producers' operating rates followed a "decrease-increase-decrease" pattern, with the overall rate lower than in September. While raw material prices rose, resin prices lacked momentum to keep pace fully. End-user resistance to high-priced resources intensified, with procurement driven mainly by rigid demand. For November, considering raw material cracked C9 prices and supply-side plans for startups at Gaocheng Hongda and Wudi Tongye, industry operating loads may increase. Overall, the C9 thermally polymerized petroleum resin market is expected to maintain stable consolidation, though attention must be paid to raw material trends and downstream demand.

In October, the average price of domestic industrial aromatic solvents rose. As of October 28, 2026, prices in East and South China ranged from 7,100 to 8,400 RMB/ton, while North and Northeast China ranged from 7,700 to 7,900 RMB/ton. Entering October, geopolitical conflicts showed no signs of easing, causing crude oil futures to surge again, with Brent breaking through $118/barrel. Combined with sustained consumption support from gasoline blending demand, domestic component demand remained decent. Partial supply diversion for exports reduced domestic supply pressure. Downstream customers actively entered the market to replenish stocks, maintaining decent transaction volumes. Factories held firm on prices, driving overall negotiated prices higher.

4. Next Month Market Forecast

The cracked C9 market is expected to undergo narrow-range consolidation with bullish oscillation, though upside potential remains constrained. International crude oil futures face upward expectations amid persistent geopolitical risks, suggesting room for price increases and strengthened cost-side support. On the downstream side, planned startups at Wudi Tongye and Gaocheng Hongda facilities are expected to lift industry operating rates for C9 petroleum resin. However, end-users remain cautious about high-priced resources, limiting active stocking. For industrial aromatic solvents, rigid demand support from gasoline blending is gradually weakening as seasonal demand fades, making sustained strength difficult. While rigid demand persists, willingness for large-scale replenishment is low, resulting in divergent demand patterns. Overall, the resin sector will contribute incremental demand, but proactive stocking enthusiasm is limited. Supply-side pressure will emerge slowly as associated units restart, leading to a slight increase in supply. In summary, cost support and supply increments will create a tug-of-war, while weak end-user demand suppresses upside space. Prices are expected to oscillate narrowly with a bullish bias, fluctuating within a range of 100–200 RMB/ton, with the mainstream transaction range likely settling between 5,800 and 6,200 RMB/ton.

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