I. Key Points

1. Tightening tensions in the Middle East continue to pose supply risks, while market sentiment regarding global demand remains pessimistic, leading to mixed movements in international crude oil prices. NYMEX WTI crude futures (November contract) rose by $2.88/bbl to $97.97/bbl (+3.03% WoW); ICE Brent crude futures (December contract) fell by $0.14/bbl to $105.92/bbl (-0.13% WoW). China INE crude oil futures (December 2026 contract) dropped by 21.3 yuan to 725.2 yuan/bbl, then rebounded by 0.8 yuan to 726 yuan/bbl during the night session.
2. As of the 15th, Japanese naphtha closed at $988/ton, down $12.75/ton from the previous trading day; Singapore naphtha closed at $104.52/barrel, down $1.67/barrel from the previous trading day.
3. Yesterday, domestic pyrolysis C5 prices from major state-owned enterprises remained stable. Shandong mixed C5 sales were average, with little price difference between private enterprise pyrolysis C5 and major enterprise products. In terms of deep processing, isoprene monomer inventory levels remain low while downstream demand is robust, keeping prices elevated. Resin prices are temporarily stable, with moderate buying interest.
4. Yesterday, the domestic pyrolysis C5 residual liquid market fluctuated within a narrow range. The gasoline market consolidated, with a production-sales ratio of 69%. Prices for substitute product mixed C5 faced downward pressure, resulting in weak market trading activity. Despite the sluggish atmosphere, high crude oil prices provided support, leading to a wait-and-see approach in the pyrolysis C5 residual liquid market.
5. Yesterday, domestic piperylene prices remained mostly stable, with slight increases in some regions. Some downstream buyers made necessary purchases, but overall capacity to chase higher prices was limited, resulting in cautious trading. Mainstream ex-factory prices ranged from 9,200 to 10,300 yuan/ton.
6. Yesterday, the domestic isoprene market consolidated at high levels. Tradable resources in the market were limited, with transactions primarily fulfilling long-term contracts and prior agreements. Attention remains focused on raw material supply and downstream pricing. Mainstream bid prices in the East China market ranged from 14,000 to 14,600 yuan/ton.
7. Yesterday, domestic dicyclopentadiene (DCPD) ex-factory self-pickup prices ranged from 9,300 to 9,800 yuan/ton, with lower-end prices stabilizing due to existing customers and prior orders. Market supply remains tight; combined with decreased production and exports, spot prices remain high. Costs for some downstream raw materials have already exceeded 10,000 yuan/ton. Amidst tight supply, only essential demand persists, and this tight situation is expected to continue in the short term.
8. Yesterday, mainstream prices for road marking paint grade C5 petroleum resin ranged from 9,850 to 11,000 yuan/ton. Downstream users, facing high resin prices, maintained essential procurement levels. Manufacturers face significant cost pressures, and losses persist in non-deep-processing directions, leading to firm negotiation prices.
9. Yesterday, mainstream prices for piperylene adhesive grade C5 petroleum resin ranged from 11,800 to 13,600 yuan/ton, while DCPD-free adhesive grade C5 petroleum resin ranged from 10,500 to 11,200 yuan/ton. Manufacturers were mostly delivering against orders with limited spot availability. Stable essential downstream demand kept prices steady.

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

II. Price Table

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

III. Market Outlook

Domestic pyrolysis C5 prices from major state-owned enterprises are expected to remain stable. Private enterprise prices may see a slight recovery, with some approaching parity with major enterprises. Major enterprise prices are expected to stay temporarily stable. Mixed C5 prices remain acceptable. Regarding deep processing, isoprene monomer prices are expected to remain firm, while enthusiasm for resin procurement is moderate.

The pyrolysis C5 residual liquid market is expected to face downward pressure. Gasoline refineries have performed poorly for several days, lacking motivation to maintain prices. Shipping atmosphere for mixed C5 refineries is quiet, leaving room for further price declines. Dragged down by substitute products, Chempricehub expects a downward trend in the pyrolysis C5 residual liquid market in the near term.

Overnight crude oil fluctuations were narrow, providing limited guidance to the market. Gasoline refineries continue to accumulate inventory and may reduce prices to clear stock today. End-market performance is weak, and mixed C5 shipments yesterday were poor. Chempricehub expects the mixed C5 market to continue its weak consolidation trend today.

Isoprene is expected to consolidate at high levels. The overall tight supply pattern for isoprene will continue. Factories face no inventory pressure, but main downstream buyers lack the strength to chase higher prices, suggesting prices will remain high and stable.

Piperylene is expected to consolidate at high levels. The absence of inventory pressure at factories supports firm pricing; however, downstream users face cost pressures and lack procurement motivation, remaining in cautious observation mode. Thus, piperylene is expected to stabilize at high levels.

The center of gravity for dicyclopentadiene prices is expected to shift upward. There is no increase in spot supply in the short term, while downstream essential demand continues to shrink under high costs. Today, attention is focused on the Daqing Huake auction.

For road marking paint grade C5 petroleum resin, scarce manufacturer spot availability and persistent cost pressures contrast with weak downstream acceptance of high prices. Market trading is stalemate-like, with negotiated prices remaining stable at high levels. For adhesive grade C5 petroleum resin, transaction volumes remain high. Supported by strong cost-side factors driven by high international 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)