Morning Market Briefing for the C5 Industry Chain

I. Key Focus Areas

1. Geopolitics & Crude Oil: The U.S. and Iran are scheduled to hold talks, leading the market to anticipate a easing of geopolitical tensions and a drop in international crude oil prices. NYMEX WTI futures (October contract) closed at $94.59/bbl, down $1.19/bbl (-1.24% WoW). ICE Brent futures (November contract) closed at $99.25/bbl, down $1.09/bbl (-1.09% WoW). China INE crude oil futures (November 2026 contract) fell by RMB 13.7 to RMB 717.1/bbl; the night session dropped by RMB 22.3 to RMB 694.8/bbl.

2. Naphtha Prices: As of the 22nd, Japanese naphtha closed at $905/ton, up $4/ton from the previous trading day. Singapore naphtha closed at $96.62/bbl, up $0.44/bbl from the previous trading day.

3. Domestic Pyrolysis C5: Yesterday, prices from major domestic pyrolysis C5 producers remained stable. Shandong mixed C5 continued to decline, ranging between RMB 7,200–7,330/ton. Private enterprises maintained weak pricing for cracked C5 today, largely aligning with major producer prices, so far without significantly dragging down the latter. In terms of deep processing, inventory levels for piperylene monomer remain low, supporting firm prices. Resin prices are currently stable, but buying interest is moderate.

4. Pyrolysis C5 Residual Liquid: The domestic market for pyrolysis C5 residual liquid declined yesterday. The gasoline market in Shandong was consolidating. Prices for substitute products like mixed C5 fell. Dragged down by these substitutes, the market for pyrolysis C5 residual liquid saw a notable decline.

5. Piperylene: The domestic piperylene market rose slightly yesterday. Supply within the plant was tight, leading factories to hold prices firmly and show reluctance to sell. Downstream demand was driven by rigid requirements and pre-holiday stockpiling. Mainstream ex-factory prices ranged from RMB 9,200–10,000/ton.

6. Isoprene: Domestic isoprene prices rose partially yesterday. Tight supply continued to support prices, with some low-priced resources seeing increased bidding activity. Market participants remained cautious, closely monitoring changes in raw material costs and downstream demand. Mainstream bid-ask prices in the East China market were RMB 13,600–14,200/ton.

7. Dicyclopentadiene (DCPD): DCPD prices remained stable yesterday, ranging between RMB 8,900–9,300/ton. Lower-end prices were steady for regular customers, while higher-end prices were subject to negotiation for spot goods. With the upcoming holiday break, there was slight pre-holiday stockpiling sentiment. Overall DCPD supply remains limited, providing certain price support.

8. Road Marking Paint C5 Petroleum Resin: Mainstream prices for road marking paint C5 petroleum resin were RMB 9,600–11,000/ton yesterday. Consecutive declines in international crude oil prices dampened terminal purchasing sentiment, while downstream acceptance of high prices weakened. The market maintained rigid volume transactions, though sporadic push-ups occurred on low-priced offers.

9. Adhesive C5 Petroleum Resin: Mainstream prices for piperylene adhesive C5 petroleum resin were RMB 11,500–13,600/ton, while de-cyclohexane adhesive C5 petroleum resin was priced at RMB 10,800–11,200/ton. Spot availability remains tight, with virtually no spot quantities available for September. Some manufacturers have suspended quotations, keeping negotiated prices stable.

Core Logic: Pyrolysis C5 is consolidating; Isoprene and Piperylene are rising slightly; DCPD is temporarily stable; C5 petroleum resins are stable with minor upward pushes.

II. Price Table

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

III. Market Outlook

Pyrolysis C5:
Domestic pyrolysis C5 prices are expected to remain temporarily stable. However, Shandong mixed C5 prices are projected to continue declining. Private enterprises face pressure to clear inventories before the holiday, maintaining downward price trends. Crude oil has fallen for five consecutive trading days. Light fractions, influenced by supply-demand dynamics, have seen drops far exceeding those of heavy materials and crude oil itself; caution is advised regarding crude and refined product trends. Poor recent sales of residual liquids have reduced some enterprises' willingness to purchase raw materials. In deep processing, low inventory levels for pentadiene monomers still provide support, while resin terminals are primarily engaging in rigid demand procurement.

Pyrolysis C5 Residual Liquid:
The market for pyrolysis C5 residual liquid is expected to weaken further. Falling crude oil prices and sluggish gasoline markets, combined with poor sales of mixed C5, exert downward pressure. Driven by substitute products, Chempricehub anticipates that refinery prices for pyrolysis C5 residual liquid will mainly trend downwards in the near term.

Mixed C5:
Overnight crude oil continued to fall, dampening market participation enthusiasm. Yesterday, refinery gasoline prices consolidated amid relatively good trading atmosphere. Mixed C5 prices declined yesterday, though sales improved. Today, under bearish crude oil conditions, Chempricehub expects the downward trend in the mixed C5 market to narrow.

Isoprene:
Isoprene prices are expected to consolidate at high levels. Although crude oil has fallen for five consecutive days and private sector pyrolysis C5 has weakened—reducing cost-side support—the tight supply pattern for isoprene persists. Factories maintain a strong stance on pricing, suggesting prices will likely consolidate at highs while awaiting direction.

Piperylene:
Piperylene prices are expected to remain temporarily stable. While crude oil and private sector pyrolysis C5 have recently weakened, the product's own supply remains tight. Furthermore, the resilience of the downstream resin industry attracts market attention, supporting expectations for temporary stability in piperylene prices.

Dicyclopentadiene (DCPD):
DCPD is expected to continue operating at elevated levels. Downstream demand performance is average, but spot supply is scarce and unlikely to ease in the short term. During the pre-holiday stocking period for Mid-Autumn and National Day festivals, market supply remains the dominant factor, sustaining firm high-level price trends.

C5 Petroleum Resins:
For road marking paint C5 petroleum resin, terminal construction volumes may be delayed due to excessively high raw material prices, and downstream acceptance of current prices is weak. Additionally, as resin supply gradually recovers, short-term shortages persist, keeping prices firm at high levels. For adhesive C5 petroleum resin, despite peak season demand, there remains a supply gap. With overall inventory extremely low, prices are expected to run stably for now.

IV. Data Calendar

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

Note:

1. ↓↑ indicates significant volatility, highlighting data dimensions with changes exceeding 3%.
2. ↗↘ indicates minor volatility, highlighting data dimensions with changes within 0–3%.