1. Key Focus Points

1. Crude Oil Markets: Middle Eastern instability persists, but signals of willingness to negotiate between Russia and Ukraine have led to mixed movements in international crude oil prices. NYMEX WTI futures for the December contract closed at $97.15/bbl, down $0.67/bbl (-0.68% WoW); ICE Brent futures for the December contract closed at $108.82/bbl, up $0.03/bbl (+0.03% WoW). China INE crude oil futures for the December 2026 contract fell by 26.5 to 700.8 RMB/bbl; night session trading dropped a further 10.5 to 690.3 RMB/bbl.

2. Naphtha Prices: As of October 21, Japanese naphtha closed at $994.12/ton, down $15.27/ton from the previous trading day. Singapore naphtha closed at $105.28/bbl, down $1.85/bbl from the previous trading day.

3. Domestic Cracked C5 & Residuals: Yesterday, major domestic producers maintained stable prices for cracked C5. Shandong mixed C5 prices hovered around 6,960 RMB/ton, while private enterprise cracked C5 prices remained acceptable. Raffinate C5 prices were lower than feedstock costs, providing support for cracked C5 prices. Deep processing enterprises rely more heavily on the value of their downstream products to cover costs. In deep processing, low inventory levels of pentadiene monomers combined with robust downstream demand continued to push prices higher. Resin prices remained stable with moderate buying interest, primarily driven by rigid demand.

4. Cracked C5 Residual Liquid Market: Yesterday, parts of the domestic cracked C5 residual liquid market saw price declines. The gasoline market focused on destocking end-users, while refineries accumulated gasoline inventories. Homogeneous product (mixed C5) markets rebounded after stabilizing. With bullish and bearish factors intertwined, cracked C5 residual liquid prices experienced catch-up declines.

5. Isoprene Market: Yesterday, domestic isoprene prices rose broadly. Tight supply conditions persisted, supporting sellers' determination to hold prices high. Downstream consumption was mainly driven by rigid demand, with buyers making moderate purchases despite rising prices. Mainstream ex-factory prices ranged from 9,200 to 10,600 RMB/ton.

6. Piperylene Market: Yesterday, some domestic piperylene prices increased. Tight intra-market supply supported sellers' pricing power. Some downstream buyers chased highs for rigid demand transactions. Overall tradable resources were limited, with most activity involving contract fulfillment and prior orders. East China mainstream offer prices ranged from 14,100 to 14,900 RMB/ton.

7. Dicyclopentadiene (DCPD) Market: Yesterday, domestic DCPD ex-factory self-pickup prices ranged from 9,500 to 9,950 RMB/ton. Auction prices rose to 10,050 RMB/ton, while low-end stable customers and prior orders held firm. Market supply remained scarce, with some downstream rigid demand purchasing intent. Execution of export orders further supported market strength.

8. Road Marking Paint C5 Petroleum Resin: Yesterday, mainstream prices for road marking paint C5 petroleum resin ranged from 9,850 to 11,000 RMB/ton. Temporary maintenance shutdowns at some units reduced supply volumes. Continuous losses in non-deep-processing directions led to smooth shipments and delivery based on existing orders, causing negotiated prices to stabilize or slightly increase.

9. Adhesive C5 Petroleum Resin: Yesterday, mainstream prices for isoprene-based adhesive C5 petroleum resin ranged from 11,800 to 13,600 RMB/ton, while de-cyclicized adhesive C5 petroleum resin ranged from 10,500 to 11,200 RMB/ton. Manufacturers were mostly fulfilling orders with limited spot availability. Significant cost pressures kept prices consolidating at high levels.

Core Logic: Cracked C5 prices are temporarily stable; Isoprene, Piperylene, and DCPD prices are rising; C5 petroleum resin prices are operating steadily.

2. Price Table

Table 1: Summary of Domestic Cracked C5 Industry Chain (Unit: RMB/ton)

3. Market Outlook

Cracked C5: Domestic cracked C5 prices are expected to remain stable among major producers, while private enterprise prices will likely stay firm. Shandong mixed C5 transaction prices recovered yesterday but remain below cracked C5 prices. Currently, residual liquid prices continue to drag down deep processing profitability, thereby providing cost support for deep processing products. In terms of deep processing, low inventory levels of pentadiene monomers are driving firm upward price trends. Although resin costs provide strong support, downstream demand performance remains unenthusiastic.

Cracked C5 Residual Liquid: The market is expected to maintain stability amid wait-and-see sentiment. There are no obvious positive catalysts in the terminal gasoline market. Refineries dealing in homogeneous products (mixed C5) chased higher prices for transactions yesterday. With bullish and bearish factors intertwined, Chempricehub expects the cracked C5 residual liquid market to remain stable and cautious in the near term.

Mixed C5/Gasoline: Overnight crude oil fluctuated within a narrow range, offering limited guidance to the market. Yesterday's gasoline production-sales ratio did not exceed 100%, suggesting potential price declines today. Despite weak terminal performance, mixed C5 refineries chased higher prices for transactions yesterday. Chempricehub expects mixed C5 market prices to remain stable with a slight upward bias today.

Isoprene: Prices are expected to consolidate at high levels. Overall tight supply continues to support the market, with localized shortages prominent. However, main downstream players lack momentum to push prices higher. Persistent profit losses pose risks to operating rates, leading to expectations of temporary price stabilization.

Piperylene: Prices are expected to stabilize temporarily. Factories currently face no inventory pressure, supporting sellers' pricing power. However, with prices already at high levels, resistance to passing costs downstream remains significant. Piperylene prices are expected to consolidate temporarily.

Dicyclopentadiene (DCPD): A firm trend is expected to persist. Short-term spot supply lacks incremental volume, while downstream rigid demand maintains usage levels despite high costs. Amidst supply-demand博弈 (tug-of-war), the high-price trend is unlikely to diminish.

C5 Petroleum Resins: For road marking paint resin, scarce manufacturer spot inventory and persistent cost pressures clash with weak downstream acceptance of high prices, resulting in stagnant trading and sporadic slight increases in negotiated prices. For adhesive resin, manufacturers have satisfactory order backlogs and strong cost-side support, keeping negotiated prices firm.

4. Data Calendar

Table 2: Domestic Cracked C5 Industry Chain Data Overview (Unit: 10,000 tons)

Notes:

1. ↓↑ indicates significant volatility, highlighting data dimensions with changes exceeding ±3%.
2. ↗↘ indicates narrow-range volatility, highlighting data dimensions with changes within ±0-3%.