This week, industrial pyrolysis C9 production was 61,500 tons, with an operating rate of 77.39%.
This week, pyrolysis C9 prices remained stable, trading in the range of RMB 5,750–6,000/ton.
This week, the profit margin for industrial aromatic solvents was -RMB 69/ton, while the profit margin for C9 thermally polymerized petroleum resin was RMB 57/ton.
| Figure 1: Pyrolysis C9 Price Trend (2025–2026E, RMB/ton) |
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| Data source: Chempricehub Information |
Mainstream national quotes for pyrolysis C9 remained stable this period. Geopolitical tensions between the US and Iran showed signs of easing, leading to a pullback in Brent crude oil prices, which provided limited cost-side support. As geopolitical premiums faded, downstream industrial aromatic solvent prices fluctuated mixedly, with gross margins dropping significantly compared to the previous period. Downstream customers reduced inventories ahead of holidays, causing transaction volumes to weaken slightly. C9 thermally polymerized petroleum resin offers rose steadily within stability, driven by stable feedstock costs from pyrolysis C9, improving profitability. However, downstream resistance to high prices kept transactions primarily limited to small orders based on rigid demand. During this period, market supply of pyrolysis C9 increased slightly, but cost support remained weak. Downstream procurement was cautious, with most players adopting a wait-and-see approach, although independent refineries maintained firm quotes. Currently, pyrolysis C9 output and capacity utilization rates have risen slightly compared to the previous period. Gross margin trends for the two major downstream products diverged: industrial aromatic solvent margins declined, while losses for C9 petroleum resin narrowed. Next period, output and consumption are expected to continue rising slightly, offering potential for downstream margin recovery. Overall, short-term pyrolysis C9 market conditions are expected to remain in consolidation.
Weekly Price Change Table for Domestic Industrial Pyrolysis C9
Unit: RMB/ton
| Market | Last Week | This Week | Change |
|---|---|---|---|
| Northeast China | 5650 | 5650 | 0 |
| North China | 5850 | 5850 | 0 |
| East China | 5812 | 5812 | 0 |
| Central China | 5850 | 5850 | 0 |
| South China | 5913 | 5913 | 0 |
Data source: Chempricehub Information
C9 Thermally Polymerized Petroleum Resin: Mainstream market offers for C9 thermally polymerized petroleum resin rose steadily within stability this period, supported by stable feedstock prices for pyrolysis C9. Resin prices edged up during the week, but downstream resistance to high-priced resources was evident. With the holiday approaching, some enterprises offered discounts in negotiations. Downstream procurement remained focused on small orders for rigid demand, resulting in a somewhat stalemate-like trading atmosphere. Regarding supply, enterprise operating loads fluctuated slightly, keeping capacity utilization rates stable compared to the previous period. Stable raw material prices provided certain cost support, but market acceptance of high-priced resources was limited. Some enterprises had room for transaction discounts, maintaining a stalemate in market trading. Overall, C9 thermally polymerized petroleum resin prices rose compared to the previous period, though bearish sentiment increased. Current market prices for Grade 10-11# C9 thermally polymerized petroleum resin are RMB 7,100–7,500/ton, and for Grade 16-18#, they are RMB 4,700–5,800/ton.
Industrial Aromatic Solvents: This period, spot prices for domestic industrial aromatic solvents fluctuated mixedly, ranging from RMB 6,650–8,000/ton. Geopolitical conflicts showed signs of easing, and after five consecutive days of decline, crude oil futures rebounded, providing limited support to the market. The gasoline market performed strongly during the week, with prices showing no significant drop. Continued transactions in gasoline shipping supported consumption. However, affected by falling crude oil prices and pre-holiday inventory reductions, prices dipped slightly. In the South China market, prices remained relatively firm due to tight supply of competing products.
Supply and demand dynamics for pyrolysis C9 are expected to remain balanced. Cost-side support is likely to be weak, while downstream procurement will remain cautious. Short-term market prices are expected to consolidate within the current range.
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