Introduction: Recently, the domestic spot cyclohexanone market has continued its downward trend. The upstream raw material side lacks cost support, coupled with generally low operating rates in the downstream caprolactam sector. With multiple bullish and bearish factors pulling against each other, market prices remain in a downward channel. As of June 26, the East China cyclohexanone price is referenced at 8200-8300 yuan/ton.
Fundamentals Remain Weak, Cyclohexanone Market Under Pressure to Decline
Weekly Price List of Cyclohexanone and Related Products (Unit: yuan/ton)
| Product | Region/Grade | June | May | Change | Change % |
|---|---|---|---|---|---|
| Benzene | East China spot | 7290 | 8194 | -904.00 | -11.03% |
| Cyclohexanone | East China spot | 9031 | 9950 | -919.00 | -9.24% |
| Caprolactam | Liquid East China spot | 11176 | 11924 | -747.68 | -6.27% |
| PA6 Regular Spinning Chips | East China market | 11406 | 12245 | -839.18 | -6.85% |
| PA6 High-Speed Spinning Chips | East China spot | 12014 | 13008 | -994.00 | -7.64% |
| Nylon Filament POY | East China | 13921 | 15034 | -1113.00 | -7.40% |
| Nylon Staple Fiber 1.5D | East China | 13655 | 14900 | -1245 | -8.36% |
In June 2026, prices of upstream and downstream products for domestic cyclohexanone weakened across the board, forming a coherent downward transmission from top to bottom. The price declines showed layered differences: upstream raw materials fell most sharply, downstream textile products experienced the next largest decline, while intermediate chemical intermediates saw relatively moderate drops. The price of raw material benzene dropped significantly, with loose market supply and low capacity utilization rates of downstream caprolactam. Overall demand for chemical fiber chips and solvent markets was tepid, directly dragging down the cost center of cyclohexanone. As of June 26, the East China cyclohexanone price is referenced at 8200-8300 yuan/ton, cash delivery.
High Raw Material Prices Pressure, Cyclohexanone Industry Profitability Diverges
Currently, the cyclohexanone-caprolactam integrated supporting system continues to improve. As a key chemical intermediate, the proportion of cyclohexanone external sales commodities is gradually shrinking. Recently, the price spread between benzene and cyclohexanone has fluctuated within the range of 1500-2000 yuan/ton. Industry profitability performance shows divergence: the hydration process's profit is close to the cost line, operating on thin margins, while the oxidation process purchasing external benzene is in a loss state. As of June 26, the theoretical profit for the hydration method cyclohexanone is 185 yuan/ton, and the oxidation method is at a loss of 815 yuan/ton.
Downstream Caprolactam Capacity Utilization Low, Follow-up Orders for Chemical Fiber Limited
Operating Status of Some Caprolactam Enterprises (Unit: 10,000 tons/year)
| Enterprise Name | Caprolactam Capacity | Caprolactam Operation Status |
|---|---|---|
| Shanxi Lubao | 10 | Operating at 90% load. |
| Shanxi Yangmei | 30 | 200,000-ton unit in normal production, 100,000-ton unit shut down. |
| Nanjing Dongfang | 40 | Unit shut down. |
| Baling Hengyi | 50 | Operating at about 60% load. |
| Zhejiang Juhua | 10 | Unit shut down. |
| Fujian Tianchen | 35 | Operating at about 80% load. |
| Yongrong Technology | 65 | Operating at about 70% load. |
| Pingmei Shenma | 38 | Operating at 70-80% load. |
| Hunan Petrochemical | 60 | Operating at about 80% load. |
| Lunan Chemical | 40 | Operating at about 60% load. |
Data source: chempricehub Information
From the downstream demand perspective, most domestic caprolactam enterprises have their own supporting cyclohexanone production capacity, only occasionally procuring raw materials externally in small amounts. However, this month, the overall industry operating rates are generally low, chemical fiber orders are slow and small in number, and the scale of rigid demand procurement has significantly contracted.
On the other hand, the production operations of cyclohexanone export-type units are stable. After the downstream caprolactam reduced loads, the amount of commercial goods available for external sale by some enterprises has simultaneously increased. Market circulating supply is ample, further exacerbating the supply pressure on the spot market.
Multiple Bullish and Bearish Factors Intertwined, Short-Term Market Difficult to Change Weak Fluctuations
On the cost side, the supply-demand pattern of benzene in July is expected to improve, and the market anticipates prices may open low and then rise, but the recovery momentum is limited. On the supply-demand side, against the backdrop of improving industry integration, it is difficult for downstream caprolactam operating rates to quickly recover. The supply of market-circulating commodity S is continuously ample, and the spot market is generally in a supply-exceeds-demand pattern. With multiple bearish factors superimposed, the cyclohexanone market lacks upward driving forces in the short term and will continue to operate in a weak trend.
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