Cost-side support remains evident, with prices for cracked C9 rising (Oct 16–22, 2026)

1. Weekly Market Highlights

1. Industrial pyrolysis C9 output this week was 61,400 tons, with an operating rate of 77.24%.
2. Pyrolysis C9 prices rose across the board this week, with increases ranging from 100 to 200 yuan/ton. The price range moved to 5,850–6,100 yuan/ton.
3. Profit margins for industrial aromatic solvents were -19 yuan/ton this week, while profit margins for C9 thermally polymerized petroleum resin were -90 yuan/ton.

2. Weekly Analysis of the Industrial Pyrolysis C9 Market

Figure 1: Pyrolysis C9 Price Trend Chart (2025–2026E) (yuan/ton)
Data Source: Chempricehub Information

Mainstream national quotes for pyrolysis C9 edged higher during this period. Ongoing geopolitical conflicts in the Middle East continued to disrupt markets, causing Brent crude oil to fluctuate and strengthen, providing some support on the cost side. Downstream industrial aromatic solvent prices remained stable but weak, with limited improvement in transactions; only localized areas in South China showed firmness. Demand follow-through for C9 thermally polymerized petroleum resin lacked momentum, putting pressure on shipments and hindering price hikes. During this period, pyrolysis C9 production and capacity utilization rates rose slightly, increasing market supply. Downstream buyers remained cautious, creating a strong atmosphere for negotiation, while independent refineries followed suit with slight price increases. 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's expected production and consumption will continue to rise slightly, leaving room for further decline in downstream gross margins. Overall, the short-term pyrolysis C9 market is expected to trade within a narrow range.

Weekly Price Change Table for Domestic Industrial Pyrolysis C9 Market Prices

Unit: Yuan/Ton

Data Source: Chempricehub Information

3. Analysis of Downstream Markets for Industrial Pyrolysis C9

1. C9 Thermally Polymerized Petroleum Resin: Market offers for C9 thermally polymerized petroleum resin remained stable during this period, with actual transactions primarily based on negotiation. Although feedstock pyrolysis C9 prices rose, downstream demand follow-through was sluggish, resulting in a strong wait-and-see sentiment and limited upward pricing power. Shipments faced overall pressure, leading to poor resource flow. On the supply side, some enterprises reduced operating loads, driving down the capacity utilization rate month-over-month. Rising raw material costs provided some support, but end-user acceptance of high-priced resources remained low, leading to a stalemate in transaction activity. The average weekly market price for C9 thermally polymerized petroleum resin declined compared to the previous week, intensifying pessimistic sentiment. Currently, the market price for Grade 10-11# C9 thermally polymerized petroleum resin is 6,900–7,400 yuan/ton, and for Grade 16-18#, it is 4,700–5,800 yuan/ton.

2. Industrial Aromatic Solvents: Specifically, domestic spot prices for industrial aromatic solvents trended stronger during this period, with a price fluctuation range of 6,850–8,400 yuan/ton. However, the overall price movement was stable yet weak. Geopolitical conflicts have not eased, and crude oil futures continued to fluctuate strongly. Nevertheless, the gasoline market operated weakly during the week, with prices declining. Combined with increased other costs suppressing raw material prices and falling competitor product prices, industrial aromatic solvents mainly followed these declines. Overall transaction improvements were limited. The South China market saw relatively firm prices due to tight supply of competitor products.

4. Next Week Market Forecast

It is estimated that supply and demand for pyrolysis C9 will remain relatively balanced next period, with prices likely to consolidate. Key focus points include:

1. Supply Side: No units completing maintenance and restarting are scheduled for next period. Production at Hainan Refining & Chemical has stabilized after startup, while multiple enterprise units continue to experience load fluctuations. Overall supply is expected to increase slightly.
2. Demand Side: There are no new shutdowns or maintenance plans for C9 petroleum resin units, so overall operating rates tend to stabilize. Downstream resistance to high-priced raw materials results in poor purchasing enthusiasm, offering limited support to market sentiment. Additionally, international crude oil futures are expected to rise next week, providing psychological support to the market. Retail gasoline prices are rising, supporting prices, while wholesale prices mostly remain stable or consolidate. Industrial aromatic solvent prices will see minor adjustments, focusing on consuming existing inventory. Overall demand is expected to increase slightly.
3. Cost Side: Positive factors from crude oil demand will lead to a slight increase in pyrolysis C9 costs.

Comprehensive View: Pyrolysis C9 prices are expected to remain stable next week, with potential for further increases of 50–100 yuan/ton. The reference trading range is 5,900–6,200 yuan/ton, adjusted from the current 5,850–6,100 yuan/ton.

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