I. Key Points

1. Geopolitical Situation & Crude Oil Prices: The Middle East and Russia-Ukraine situations remain unstable, but the US has exempted certain sanctions against Russia, causing mixed movements in international crude oil prices. NYMEX WTI futures (November contract) rose by $2.25/barrel to $103.66, a +2.22% change; ICE Brent futures (December contract) fell by $0.31/barrel to $109.55, a -0.28% change. China INE crude oil futures (December 2026 contract) dropped by 4.2 yuan/barrel to 718.8 yuan/barrel during the day session, but rebounded by 16.8 yuan/barrel to 735.6 yuan/barrel in the night session.
2. Naphtha Prices: As of the 19th, Japanese naphtha closed at $995.5/ton, up $19.5/ton from the previous trading day. Singapore naphtha closed at $105.71/barrel, up $1.15/barrel from the previous trading day.
3. Domestic Pyrolysis C5: Yesterday, major domestic pyrolysis C5 producers raised prices. Shandong mixed C5 prices remained weak at 6,800 yuan/ton, while private enterprise pyrolysis C5 prices held relatively well. Raffinate C5 dragged down overall pricing. In terms of deep processing, low inventory levels for piperylene monomers and strong downstream demand continue to push prices higher. Resin prices remained stable with moderate buying interest, primarily driven by rigid demand.
4. Pyrolysis C5 Residual Liquid: Market prices for some domestic pyrolysis C5 residual liquid products declined yesterday. End-user sentiment in the gasoline market was poor, leading to inventory buildup at refineries, and homogeneous product mixed C5 prices continued to fall. Although high crude oil prices provided support, weak end-market demand resulted in mainstream pyrolysis C5 residual liquid prices remaining stable, with slight declines in sporadic markets.
5. Piperylene: Domestic piperylene market prices stabilized and consolidated yesterday. Affected by the decline in residual liquid prices, the China Index dipped slightly. Factories face no significant inventory pressure, focusing on downstream product prices and operating rates. Mainstream ex-factory prices ranged from 9,200 to 10,300 yuan/ton.
6. Isoprene: The domestic isoprene market maintained high-level consolidation yesterday. Upstream major pyrolysis C5 producers raised intraday prices, but the product itself is already at a relative high level. With limited spot resources available for trading, factory prices remained stable, prioritizing delivery of long-term contracts and prior orders. Mainstream offer prices in the East China market ranged from 14,000 to 14,600 yuan/ton.
7. Dicyclopentadiene (DCPD): Ex-factory self-pickup prices for domestic DCPD were 9,500–9,950 yuan/ton yesterday. Lower-end prices supported existing customers and prior orders, while higher-end prices reflected small amounts of spot availability. Market supply remains tight, with most factories holding little or no inventory. Downstream rigid demand persists, supporting firm market conditions.
8. Road Marking Paint C5 Petroleum Resin: Mainstream prices for road marking paint C5 petroleum resin were 9,850–11,000 yuan/ton yesterday. Rising C5 feedstock costs have intensified cost pressures for manufacturers. With non-deep-processing sectors continuing to operate at a loss, manufacturers have a strong intent to raise prices, resulting in sporadic price increases in negotiations.
9. Adhesive C5 Petroleum Resin: Mainstream prices for piperylene-based adhesive C5 petroleum resin were 11,800–13,600 yuan/ton, while cyclohexane-free adhesive C5 petroleum resin ranged from 10,500–11,200 yuan/ton. Manufacturers are mostly fulfilling orders with limited spot availability. Facing significant cost pressures, prices are consolidating at high levels.

Core Logic: Pyrolysis C5 is temporarily stable; Isoprene is stable; Piperylene is stable; Dicyclopentadiene is rising; C5 petroleum resins are operating steadily.

II. Price Table

Table 1: Summary of Domestic Pyrolysis C5 Industry Chain Prices (Unit: Yuan/Ton)

III. Market Outlook

Pyrolysis C5: Major domestic pyrolysis C5 prices are expected to remain stable, with private enterprise prices holding firm, although Shandong mixed C5 prices are expected to remain weak. Regarding deep processing, low inventory levels for pentadiene monomers will support firm prices, while purchasing enthusiasm for resins is expected to remain moderate.

Pyrolysis C5 Residual Liquid: The market faces downward expectations. Refinery sales of gasoline components have been sluggish for several days, leading to bearish outlooks. Mixed C5 prices at refineries remain weak due to its status as a homogeneous substitute. With a soft end-market and no obvious positive catalysts, Chempricehub anticipates that pyrolysis C5 residual liquid prices may decline in the near term.

Mixed C5: Crude oil opened with mixed trends, offering limited guidance to the market. Trading activity in the gasoline market is quiet. While yesterday's mixed C5 sales atmosphere was mild, end-user sentiment remains poor. Chempricehub expects mixed C5 prices to trend weaker today.

Isoprene: Prices are expected to consolidate at high levels. The overall tight supply situation for isoprene continues, leaving factories without inventory pressure. However, downstream buyers lack the momentum to chase further highs, suggesting price stabilization at current elevated levels.

Piperylene: Prices are expected to maintain high-level consolidation. Factories generally face no inventory pressure, providing support for prices. However, downstream sectors are under cost pressure, resulting in weak production and sales enthusiasm. Raw material procurement will likely be limited to rigid demand.

Dicyclopentadiene (DCPD): A firm upward trend is expected to persist. Short-term spot supply increments are absent, while downstream users maintain consumption based on rigid demand despite high costs. Amidst supply-demand dynamics, prices are expected to remain elevated.

C5 Petroleum Resins:

• For Road Marking Paint: Scarce manufacturer spot availability and persistent cost pressures contrast with weak downstream acceptance of high prices. Market transactions are stagnant, and negotiated prices are expected to remain stable at high levels.
• For Adhesives: Transaction volumes remain high. Supported by strong cost-side factors due to elevated international crude oil prices, negotiated prices are expected to remain firm.

IV. Data Calendar

Table 2: Domestic Pyrolysis C5 Industry Chain Data Overview (Unit: 10,000 Tons)