This week, industrial-grade cracked C9 output was 59,800 mt, with an operating rate of 75.25%.
This week, cracked C9 prices continued to rise, with a movement of RMB150/mt, trading in the range of RMB5,550-5,800/mt.
This week, industrial-grade aromatic solvent profit was RMB125/mt, and C9 thermal-polymerized petroleum resin profit was -RMB45/mt.
This period, national mainstream quotes for cracked C9 continued to rise. During the period, there was no obvious easing in the US-Iran geopolitical conflict, Brent crude oil prices moved higher, and cost-side support was evident. Under geopolitical support, downstream industrial-grade aromatic solvent prices surged. Downstream customers entered the market to replenish stocks, auctions continued to clear at premiums, and gasoline vessel order transactions provided consumption support, leaving market bullish sentiment strong. C9 thermal-polymerized petroleum resin, driven by higher cracked C9 feedstock, continued to raise offer levels, but downstream resistance to high-priced resources intensified, with purchasing maintained mainly as small, need-based orders and trading deadlocked. Some maintenance units completed restarts, driving capacity utilization up MoM. During the period, cracked C9 market supply edged down slightly, cost support remained in place, downstream purchasing enthusiasm was moderate, and independent refineries actively pushed quotes higher. At present, cracked C9 output and capacity utilization are down MoM, while gross profits of the two major downstream products diverged. This period, industrial-grade aromatic solvent gross profit rose sharply, while C9 petroleum resin losses narrowed. Next period, output and consumption are expected to edge up. Overall, the short-term cracked C9 market is expected to remain firm.
Domestic Industrial-Grade Cracked C9 Market Price Weekly Change Table
Unit: RMB/mt
| Market | Last Week | This Week | Change |
|---|---|---|---|
| Northeast China | 5,250 | 5,400 | +150 |
| North China | 5,500 | 5,650 | +150 |
| East China | 5,462 | 5,612 | +150 |
| Central China | 5,500 | 5,650 | +150 |
| South China | 5,563 | 5,713 | +150 |
C9 thermal-polymerized petroleum resin: This period, the mainstream offer center in the C9 thermal-polymerized petroleum resin market continued its upward trend, with continuously rising feedstock cracked C9 as the core driver. During the week, the resin market continued to climb, but as prices continued to be pushed higher, downstream resistance to high-priced resources increased significantly. Currently, downstream purchasing is basically limited to small, need-based orders, and the overall trading atmosphere is somewhat deadlocked. On the supply side this period, some enterprises adjusted operating loads, and Yufu resumed shipments, driving a MoM rise in capacity utilization. Feedstock prices continued to rise, strengthening cost support, but downstream follow-through on actual orders slowed, and given limited market acceptance of high-priced resources, resin producers raised prices by varying degrees. This week, driven by costs, overall C9 thermal-polymerized petroleum resin market prices moved higher. At present, C9 thermal-polymerized petroleum resin 10-11# is priced at RMB6,850-7,400/mt, and 16-18# at RMB4,400-5,200/mt.
Industrial-grade aromatic solvent: This period, domestic industrial-grade aromatic solvent spot prices continued to rise, with a price fluctuation range of RMB6,550-7,850/mt. Industrial-grade aromatic solvent prices continued to surge. This week, there were no signs of easing in the geopolitical conflict, crude oil in the market ran at high levels, downstream customers entered to replenish stocks, auctions continued to see premiums, and transactions were fair. During the week, cumulative gasoline vessel order transactions totaled 85,000 mt, providing consumption support. In the short term, there is still no sign of easing in the geopolitical conflict, market bullish sentiment is high, and the overall trading pace is fair.
It is expected that in the next period, cracked C9 supply and demand will be relatively balanced, with prices mainly running firm. Key focus: 1. Supply side. No units are expected to complete maintenance and restart next period; some units will release cargoes, many enterprises' units will continue to see load fluctuations, and overall supply will increase slightly. 2. Demand side. No new shutdowns or maintenance units are expected for C9 petroleum resin, and the overall operating rate will stabilize. Downstream resistance to high-priced feedstock remains, purchasing enthusiasm is poor, and support for market sentiment is limited. In addition, international crude oil futures are expected to rise next week, offering limited support to the market. The gasoline market is expected to continue pushing higher, providing price support for industrial-grade aromatic solvent. Competing products' market prices are running relatively strong, and industrial-grade aromatic solvent will follow gasoline fluctuations and run on a relatively strong note. 3. Cost side. Due to bullish crude oil demand, cracked C9 costs will increase slightly. Overall, cracked C9 is expected to trade in the range of RMB5,700-5,950/mt next week.
For more weekly market analysis, please see the Chempricehub Information Industrial-Grade Cracked C9 Weekly Report.
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