Deep Processing Demand Strengthens, Keeping Cracked C5 Prices Firm (Sep 18–24, 2026)

1. Key Market Focus for This Week

① East China mixed C5 prices rose by 3.58%, while Shandong pyrolysis C5 residual liquid prices fell by 3.78%.
② Deep-processing grade piperylene prices increased, driving petroleum resin prices up by RMB 300–500/ton.
③ Supply volumes of pyrolysis C5 saw a slight increase.

2. Weekly Market Analysis

During the week (September 18 to September 24, 2026), industrial-grade pyrolysis C5 prices remained stable at approximately RMB 7,300/ton, while private enterprise prices continued to decline. On Thursday, September 24, North China quoted pyrolysis C5 at RMB 7,300/ton, East China at RMB 7,300/ton, Northeast China at RMB 6,950–7,060/ton, and South China at RMB 7,150–7,300/ton. Some private enterprises raised their prices to RMB 7,200–7,303/ton.

3. Analysis of Market Influencing Factors

This period, the domestic dicyclopentadiene (DCPD) market maintained a firm trend. Although raw material pyrolysis C5 prices from private enterprises softened, quotes from major state-owned refineries remained strong. Combined with generally low inventory levels at processing plants, there was no significant downward pressure on prices. Additionally, minor pre-holiday stockpiling sentiment provided some support to the market. Downstream unsaturated polyester resin (UPR) plants engaged in limited stockpiling ahead of post-holiday resumption, while demand for hydrogenated DCPD petroleum resin remained driven by essential needs. As plant operating rates recovered slightly, consumption of essential materials also increased. Currently, market support is primarily derived from the supply side. As of September 24, ex-factory self-pickup prices for DCPD ranged from RMB 8,900 to 9,300/ton, with lower-end prices stable among regular customers and higher-end prices subject to spot negotiations.

This period, domestic piperylene prices continued to rise. The lower end increased by RMB 300/ton, while the upper end stabilized between RMB 9,200 and 10,000/ton. Crude oil ended a five-day losing streak, and pyrolysis C5 prices from private enterprises continued to weaken; however, quotes from major refineries remained stable. The flow of pyrolysis C5 into deep-processing segments remained limited, with some separation units maintaining low operating loads. Consequently, on-site supply remained tight, providing pricing support to producers. Downstream resin production and prices rose in tandem, offering some consumption support for raw materials, while the curing agent sector maintained essential procurement. However, downstream participants were cautious about chasing highs, and market transactions largely revolved around essential demand.

This period, domestic isoprene prices remained temporarily stable and consolidated, with mainstream market offers holding steady between RMB 13,600 and 14,200/ton. Crude oil ended its five-day decline, leading to weaker quotes for pyrolysis C5 from private enterprises, although prices from major units remained firm. Meanwhile, the volume of pyrolysis C5 flowing into deep-processing segments did not show significant growth, and some separation enterprises maintained low-load production, keeping on-site raw material supply tight. On the downstream side, temporary shutdowns at some SIS (styrene-isoprene-styrene) units led to a decrease in raw material consumption. Orders in the curing agent industry were weak, with many enterprises planning shutdowns during the holiday period, resulting in insufficient enthusiasm for raw material procurement. Overall, the tight supply situation persisted, but the pace of downstream demand follow-through slowed. Current raw material prices are at relatively high levels, increasing downstream resistance and leading to more cautious purchasing operations.

The market for pyrolysis carbon-five residual liquid declined overall this period, with average prices closing lower. As of September 24, the national weekly average price index for domestic pyrolysis C5 residual liquid was RMB 7,401/ton, a decrease of RMB 228/ton from the previous week, representing a drop of 2.99%. Specifically, the domestic price range for pyrolysis C5 residual liquid was RMB 7,230–7,615/ton during the week. Geopolitical risk aversion eased somewhat within the week, leading to a decline in international crude oil prices. The refined oil market in Shandong remained firm. The gasoline market saw only a slight increase before the holiday due to station restocking. Simultaneously, refineries lowered prices to boost sales under pressure to clear mixed C5 inventories. Dragged down by similar products, the market for pyrolysis C5 residual liquid fluctuated downwards. Refineries mostly followed market trends. Traders and downstream factories showed poor willingness to take delivery, resulting in sluggish transaction activity throughout the week.

4. Next Week's Market Forecast

Pyrolysis C5 prices are expected to remain stable in the next period. Key points to watch include:

1. The maintenance season is ending, with units gradually restarting.
2. Demand increases from non-deep-processing directions are limited; therefore, support for pyrolysis C5 residual liquid prices remains weak, and prices are expected to continue declining slightly.
3. In the deep-processing direction, piperylene prices are likely to remain flat or decline slightly. Downstream acceptance of petroleum resin is weak, leading to sporadic price reductions.