① [Chempricehub] Oct 19: Geopolitical tensions in the Middle East and between Russia and Ukraine remain unstable, but the US has exempted certain sanctions against Russia, leading to mixed movements in international crude oil prices. NYMEX WTI crude futures for November settled at $103.66/bbl, up $2.25/bbl (+2.22%); ICE Brent crude futures for December closed at $109.55/bbl, down $0.31/bbl (-0.28%). China INE crude oil futures for December 2026 fell by 4.2 yuan to 718.8 yuan/bbl during the day session, then rose by 16.8 yuan to 735.6 yuan/bbl in the night session.
② Today, the domestic cyclohexanone capacity utilization rate stands at approximately 59.7%. The integration trend of cyclohexanone production is well-established, with most facilities co-producing caprolactam. Supply of commodity-grade cyclohexanone remains stable, while downstream chemical fiber orders are being placed on an as-needed basis.
③ Sinopec refineries in East, South, and Central China have lowered pure benzene prices by 200 yuan/ton to 10,600 yuan/ton, effective October 16.
Table 1: Domestic Cyclohexanone Price Summary (Unit: Yuan/Ton)
| Market | Specification | Oct 19 | Oct 20 | Change | % Change |
|---|---|---|---|---|---|
| East China | Cyclohexanone | 11,625 | 11,625 | 0 | 0% |
| Data Source: Chempricehub |
Based on the East China market, today's reference price for cyclohexanone is 11,600–11,650 yuan/ton, unchanged from the previous trading day. Cost pressure from raw materials persists, spot supply of cyclohexanone is stable, and downstream buyers are cautious about following higher prices, resulting in a stagnant and fluctuating market.
Today, the integration between cyclohexanone and caprolactam production is fully operational, reducing the supply of commodity cyclohexanone. Chemical fiber orders remain limited.
Pure benzene is fluctuating, maintaining cost-side pressure. Capacity utilization for commodity cyclohexanone remains moderate, and downstream procurement is primarily demand-driven. In the short term, cyclohexanone prices are expected to fluctuate alongside pure benzene.
Pure Benzene Market: On October 20, spot negotiations for pure benzene in East China ranged from 10,250 to 10,530 yuan/ton, largely aligning with morning forecasts. Rising international crude oil prices boosted market sentiment, causing both futures and spot prices for pure benzene to stabilize and rise. Port inventories remain low, keeping spot circulation tight. Downstream users are mainly purchasing high-priced raw materials based on rigid demand, with limited willingness to chase price increases. Overall, supported by rising costs and low inventory levels, short-term market sentiment has improved slightly.
Caprolactam: Today, the East China caprolactam market price was 14,100 yuan/ton (delivered, acceptance-based), down 200 yuan/ton from the previous working day, representing a decline of 1.4%. With pure benzene markets fluctuating and sulfur prices falling, cost support for caprolactam has weakened. Producer quotes were adjusted downward to 14,100 yuan/ton. Downstream sentiment remains bearish, with some counter-offers coming in lower. No significant new transactions were observed in the caprolactam market today.
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