According to the commodity market analysis system of Business Society, on January 31, 2025, the ex-factory price of cyclohexanone in the Shandong region of China was referenced at 6,900 yuan/ton. Compared with January 1 (when the cyclohexanone price was referenced at 6,387 yuan/ton), the price increased by 513 yuan/ton, representing a rise of 8.66%.

Price Trend Review
Based on the Business Society commodity market analysis system, in January 2026, the market for premium-grade cyclohexanone in the Shandong region exhibited a trend of initial stability followed by an accelerated upward movement. Throughout January, the market focus for cyclohexanone in Shandong continuously shifted toward higher levels, with a cumulative price increase of 500–600 yuan/ton for the month. On January 31, the market price of cyclohexanone in Shandong was referenced in the range of 6,850–6,950 yuan/ton.

• Early January (Jan. 1–13): Prices fluctuated narrowly around a central point of 6,300 yuan/ton. During this period, prices experienced a slight dip due to temporary load reductions at some facilities, reaching a low of 6,240 yuan/ton.
• Mid-January (Jan. 14–20): The supply-demand balance began to tighten, driving prices to rise rapidly from 6,300 yuan/ton to 6,550 yuan/ton, representing a weekly increase of 3.97%.
• Late January (Jan. 21–31): Supported by downstream pre-holiday stockpiling and strengthened raw material costs, prices entered a phase of accelerated growth. By the end of the month (January 31), prices had risen to 6,900 yuan/ton, marking a cumulative increase of 600 yuan/ton for the month and a rise of 9.61%.

Analysis of Core Influencing Factors

• Raw Material Side: Strengthening Benzene Prices Highlight Cost Support
  The price of benzene, a core raw material for cyclohexanone, continued to rise throughout January. The increasing cost support from raw materials provided sustained upward momentum for cyclohexanone prices, driving the market trend in tandem with raw material movements.

• Supply Side: Plant Maintenance and Load Reductions Lead to Contraction in Effective Supply
  In January 2026, the overall operating rate of the domestic cyclohexanone industry declined. Multiple major facilities in Shandong and East China entered their annual maintenance periods, resulting in a noticeable reduction in the overall supply of cyclohexanone in the market.

• Demand Side: Pre-Holiday Stockpiling by Downstream Industries Concentrates Procurement Demand
  Downstream industries such as caprolactam, coatings, and adhesives entered their stockpiling cycles ahead of the Spring Festival. To ensure production in the first quarter, caprolactam enterprises concentrated their procurement of cyclohexanone, leading to a significant increase in purchase volumes. The coatings and adhesives industries, driven by pre-holiday order fulfillment needs, also showed heightened enthusiasm for stockpiling, further amplifying market demand. Additionally, some traders actively hoarded inventory in anticipation of future price increases, exacerbating the tight supply-demand balance in the market.

Outlook Analysis
Currently, the cyclohexanone market maintains a favorable trading atmosphere. However, with the suspension of logistics and the impact of the Spring Festival holiday, overall market activity is expected to gradually become subdued. Cyclohexanone prices are likely to consolidate at high levels with fluctuations. After the holiday period, if downstream stockpiling demand has been overly front-loaded, the cyclohexanone market may face downward adjustment pressure post-holiday. Specific developments will require close monitoring of changes in supply and demand dynamics.