① [Chempricehub] Oct 23: International crude oil prices rose as the market focused on the potential escalation of US-Iran tensions and the ongoing risk of Houthi attacks on Saudi energy facilities. NYMEX WTI futures (December contract) settled at $103.27/bbl, up $3.80/bbl (+3.82% WoW); ICE Brent futures (December contract) closed at $116.72/bbl, up $3.55/bbl (+3.14% WoW). INE Crude Oil Futures (contract 2612) in China rose by 15 CNY to 717 CNY/barrel during the day session and gained another 27.4 CNY to reach 744.4 CNY/barrel in the night session.
② Today, the domestic capacity utilization rate for cyclohexanone stood at approximately 59.8%. The trend toward integrated production is well-established, with most units co-producing caprolactam. Supply of merchant-grade cyclohexanone remains stable, while downstream chemical fiber orders are being placed on an as-needed basis.
③ Sinopec refineries in East, South, and Central China lowered their pure benzene prices by 200 CNY/ton to 10,600 CNY/ton, effective October 16.
Table 1: Domestic Cyclohexanone Price Summary (Unit: CNY/ton)
| Market | Specification | Oct 23 | Oct 26 | Change Value | Change % |
|---|---|---|---|---|---|
| East China | Cyclohexanone | 11,625 | 11,700 | +75 | +0.65% |
| Data Source: Chempricehub |
Based on the East China market benchmark, today’s reference price for cyclohexanone was 11,700 CNY/ton, a slight increase from the previous trading day (+0.65%). Raw material cost pressures persist, spot supply of cyclohexanone remains stable, but downstream buyers are cautious about chasing higher prices, resulting in a stagnant and oscillating market.
| Figure 1: Weekly Average Price Trend of Domestic Cyclohexanone (CNY/ton) | Figure 2: Price Trend of Domestic Cyclohexanone in East China (CNY/ton) |
|---|---|
| Data Source: Chempricehub | Data Source: Chempricehub |
Today, integration between cyclohexanone and caprolactam production remains robust, leading to reduced availability of merchant-grade cyclohexanone. Downstream chemical fiber orders have not seen significant follow-through.
| Figure 3: Capacity Utilization Rate Trend of Domestic Cyclohexanone | Figure 4: Comparison of Profit Margin and Price for Domestic Cyclohexanone (CNY/ton) |
|---|---|
| Data Source: Chempricehub | Data Source: Chempricehub |
Pure benzene is expected to continue fluctuating, maintaining pressure on costs. With low capacity utilization for merchant-grade cyclohexanone and downstream demand limited to essential purchases, the short-term outlook for cyclohexanone is likely to mirror the oscillatory consolidation of pure benzene prices.
Pure Benzene Market: On October 26, spot prices for pure benzene in East China rose, with negotiation references ranging from 10,690–10,950 CNY/ton, largely aligning with morning forecasts. Geopolitical tensions supported high crude oil levels, providing strong cost-side impetus. Low port inventories continued to deplete, driving futures prices higher. However, the narrowing of the spot-futures basis reflects the realization of increased supply and caution regarding the sustainability of high prices. The intraday market maintained a firm consolidating trend.
Caprolactam: Today, the East China caprolactam market price held steady at 13,900 CNY/ton (acceptance delivery), unchanged from the previous working day. Early in the week, the caprolactam market remained primarily in wait-and-see mode. While upstream pure benzene spot prices rose, caprolactam producers had not yet issued clear quotations, leaving the market without effective price guidance. Downstream participants remained cautious, and prices showed no significant fluctuations.
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