This month, cracked C5 prices in North China rose by 400 yuan/t to 6,200 yuan/t; in East China, Yangzi's price rose by 500 yuan/t to 6,200 yuan/t; in South China, cracked C5 prices rose by 400 yuan/t to 6,100-6,200 yuan/t. In Central China, Zhongyuan suspended quotations. In Northeast China, mainstream prices rose by 400-600 yuan/t to a range of 5,850-6,440 yuan/t.
During this period, the pyrolysis C5 raffinate market trended upward with fluctuations, and average prices increased. The national index monthly average was 6,549 yuan/t, up 15.54% month-on-month. Specifically, supported by geopolitical factors, international crude oil prices were in an upward trend, with the monthly average higher than in July. In August, average refined oil prices at Shandong independent refineries rose for both gasoline and diesel. The monthly average price of China VI 92# gasoline was 8,597 yuan/t, up 736 yuan/t or 9.36% month-on-month. The market for the similar product mixed C5 rose continuously. With overlapping bullish market sentiment, pyrolysis C5 raffinate prices rose repeatedly during the month. Refineries continuously pushed prices upward, while traders and downstream plants showed strong willingness to transact, and overall market buying and selling sentiment was fairly warm.
This month, the domestic dicyclopentadiene market moved upward. Although supply recovered somewhat from the previous month, export growth has been relatively notable in recent months, while plant inventories generally remained low, leading to tight spot supply. During the month, crude oil price increases provided notable support to the market. Private-sector cracked C5 prices were buoyed by the refined-oil market, which in turn pushed up prices among major producers and further raised costs for C5 separation enterprises. As a result, the market remained on an upward track under the dual influence of cost and supply. On the downstream side, procurement of hydrogenated DCPD resin picked up slightly, while UPR remained in its off-season and maintained only rigid demand. Overall demand improved compared with last month. As of August 27, ex-works DCPD prices for self-pickup were 7,300-8,000 yuan/t, mainly concentrated toward the high end.
This month, the piperylene market rose continuously, with key price drivers being the combination of cost and supply-demand fundamentals. Crude oil and cracked C5 feedstock prices rose, while private-sector cracked C5 prices posted more pronounced gains, driven by the refined-oil market. Some C5 separation enterprises faced tight spot feedstock replenishment and higher feedstock costs, providing strong cost support during the month. On the supply side, no additional unit maintenance was scheduled this month. The Fuhua LuHua unit resumed production, but its output was entirely for captive use and not sold externally. In addition, Derong and Hongjing units were under maintenance, and some plants temporarily reduced operating rates or shut down briefly due to feedstock constraints, keeping overall spot supply tight. On the demand side, downstream resin operating rates increased, and feedstock consumption grew steadily. In the curing-agent sector, producers were executing existing orders, while some regional enterprises experienced feedstock supply disruptions, leading to more cross-regional inquiries and orders. Regional supply tightness strengthened the market's price-supporting sentiment. Driven by stronger costs and tight spot supply-demand conditions, market prices rose continuously. As of now, mainstream ex-works piperylene prices are 8,000-8,800 yuan/t.
This month, isoprene prices rose continuously, with supply tightness acting as the key factor. During the month, rising crude oil and cracked C5 prices provided strong cost support for isoprene. On the supply side, Derong and Hongjing units were under maintenance, and some units reduced operating rates. Together with increased captive use and inter-supply arrangements, spot circulation shrank and inventories fell, prompting producers to hold firm on prices. Downstream SIS output increased, driving feedstock consumption. Although the negative spread in the SIS segment was a drag, other downstream segments enjoyed healthy spreads and purchased actively, while export arbitrage remained available. In August, supply was tight and both domestic and export demand were relatively good; with cost support combined with supply-demand factors, isoprene prices rose steadily. As of now, mainstream isoprene market quotations are 12,600-13,300 yuan/t.
Domestic cracked C5 prices are expected to rise. The main reasons are as follows: international crude oil prices are expected to rise first and then fall in the first half of next month; gasoline will remain tight in the short term; and mixed C5 supply recovery will be slow. Thus, demand from non-deep-processing sectors will stay elevated. Meanwhile, demand for piperylene monomers and downstream petroleum resin is entering its peak season, keeping consumption high as well. On the supply side, the tightness will continue because Shell Phase I is under maintenance, Hainan Refining & Petrochemical and Yangzi Petrochemical have delayed restarts, and some northern units are reprocessing material internally. In the first half of the month, non-deep-processing demand will still dominate, and cracked C5 prices will rise. In the second half, crude oil may have room to fall, but non-deep-processing demand will face pre-National Day stockpiling. Deep-processing demand is expected to remain acceptable, and prices will stay firm.
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