① [Chempricehub] Nov 5: The US-Iran outlook remains uncertain, with the possibility of renewed conflict between the two sides still existing, thereby increasing supply risks and driving up international crude oil prices. NYMEX WTI December futures closed at $90.52/bbl, up $2.40/bbl (+2.72%); ICE Brent January futures closed at $98.29/bbl, up $3.67/bbl (+3.88%). China INE November futures (SC2612) fell by CNY 37.8 to CNY 638.4/bbl during the day session and rose by CNY 1.40 to CNY 639.8/bbl in the night session.
② Today, the domestic cyclohexanone capacity utilization rate is approximately 60%. The trend toward integrated cyclohexanone production has matured, with most units co-producing caprolactam. Commodity-level supply remains stable, while downstream chemical fiber orders are being followed on an as-needed basis.
③ Sinopec refineries in East, South, and Central China lowered pure benzene prices by CNY 300/ton to CNY 8,500/ton, effective November 6.
Table 1: Domestic Cyclohexanone Price Summary (Unit: CNY/ton)
| Market | Specification | Nov 5 | Nov 6 | Change | % Change |
|---|---|---|---|---|---|
| East China | Cyclohexanone | 11,000 | 10,800 | -200 | -1.82% |
| Data Source: Chempricehub |
Based on the East China market, today's cyclohexanone price reference range is CNY 10,700–10,900/ton, representing a decline of approximately 1.82% from the previous trading day. Falling raw material (pure benzene) prices have weakened cost support. Downstream buyers remain cautious about accepting higher prices, causing market prices to continue their downward trend.
Today, improved integration between cyclohexanone and caprolactam production has reduced the supply of commodity-grade cyclohexanone. Follow-up orders from the chemical fiber sector remain limited.
With pure benzene trending weakly and lacking cost support, combined with moderate downstream demand and stable spot supply, the cyclohexanone market is expected to maintain a weak trend in the short term.
Pure Benzene: On November 6, spot pure benzene in East China continued its weak trend, with negotiated prices ranging from CNY 8,270–8,470/ton, largely consistent with morning forecasts. Pressure on international oil prices has lowered cost support, leading to declines in pure benzene prices. Although downstream margins have improved due to the sharp drop in pure benzene costs, operating rates have increased only marginally, resulting in insufficient demand support and continued pressure on market sentiment. The combination of collapsing costs and rising supply maintains a short-term bearish pattern, although low inventory levels provide some constraint against further significant declines.
Caprolactam: Today, the East China caprolactam market price stood at CNY 12,600/ton (acceptance-based delivery), remaining stable compared to the previous working day. The caprolactam market is currently characterized by a wait-and-see attitude. While upstream pure benzene prices continue to fall, creating negative pressure on the cost side, the absence of new transaction guidance in the caprolactam spot market means prices show no obvious fluctuation.
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