Industrial pyrolysis C9 production this week was 62,000 tons, with an operating rate of 78.08%.
Pyrolysis C9 prices remained largely stable with minor fluctuations; some were raised by 50 RMB/ton, with the price range at 5,750–6,000 RMB/ton.
The profit margin for industrial aromatic solvents was 165 RMB/ton, and for C9 thermal polymerization petroleum resin, it was 16 RMB/ton.
Mainstream domestic quotes for pyrolysis C9 remained stable during this period. Recurring geopolitical risks in the Middle East caused international crude oil prices to first drop and then rebound, providing limited cost support for pyrolysis C9. Downstream industrial aromatic solvent prices showed mixed movements, with gross margins rising significantly on a weekly basis, while essential demand transactions remained acceptable. C9 thermal polymerization petroleum resin faced sluggish demand follow-up, keeping quotes steady but causing significant contraction in gross margins; downstream buyers resisted high prices, with transactions primarily consisting of small orders based on essential demand. During this period, pyrolysis C9 production remained flat compared to the previous period, capacity utilization slightly declined, and market supply remained at a high level. With weak cost support, downstream purchasing was cautious, mostly in a wait-and-see mode, while independent refinery quotes remained firm. Currently, the gross margin trends of the two major downstream products of pyrolysis C9 are diverging: industrial aromatic solvent margins rose sharply this period, while C9 petroleum resin margins clearly fell back. For the next period, production and consumption volumes are expected to decline slightly, accompanied by weakening downstream margins. Overall, short-term pyrolysis C9 market conditions will likely undergo oscillatory consolidation.
Weekly Price Change Table for Domestic Industrial Pyrolysis C9
Unit: RMB/ton
| Region | Last Week | This Week | Change |
|---|---|---|---|
| Northeast | 5,750 | 5,800 | +50 |
| North China | 5,850 | 5,850 | 0 |
| East China | 5,812 | 5,812 | 0 |
| Central China | 5,850 | 5,850 | 0 |
| South China | 5,913 | 5,913 | 0 |
Data Source: Chempricehub Information
C9 Thermal Polymerization Petroleum Resin: In terms of supply this period, some enterprises reduced operating loads and cut production, leading to a week-on-week decline in capacity utilization. Raw material prices remained stable, providing certain cost support; however, terminal markets had limited acceptance of high-priced resources, causing some transaction prices to retreat, resulting in a stalemate in market trading atmosphere. The overall weekly price of C9 thermal polymerization petroleum resin declined week-on-week, with bearish sentiment intensifying. Currently, the market price for C9 thermal polymerization petroleum resin grades 10–11# is 7,000–7,400 RMB/ton, and for grades 16–18#, it is 4,700–5,800 RMB/ton.
Industrial Aromatic Solvents: During this period, spot prices for domestic industrial aromatic solvents trended strongly, with a fluctuation range of 6,900–8,400 RMB/ton. Geopolitical conflicts have not yet eased, and crude oil futures continued to rise, offering limited support to the market. Within the week, the gasoline market performed weakly, with prices falling slightly; however, gasoline vessel transactions continued to provide consumption support. Supported by firm prices of competing products, industrial aromatic solvents maintained a strong trend, driven by essential demand transactions.
It is expected that supply and demand for pyrolysis C9 will remain relatively balanced in the next period, with prices mainly undergoing consolidation. Key focus areas include:
Supply Side: Some refineries will operate at reduced loads in the next period, with no new units coming online. Multiple enterprise units will see load reductions, leading to a slight decrease in overall supply.
Demand Side: There are currently no additional planned shutdowns or maintenance for C9 petroleum resin units. Considering the current market dynamics, downstream procurement remains cautious due to weak cost support and diverging margin trends among downstream products.
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