① 【Chempricehub】Nov 3: US-Iran tensions have not escalated ahead of the US midterm elections, easing supply risk concerns and driving down international crude oil prices. NYMEX WTI futures for December settled at $96.09/bbl, down $0.37 (-0.38%); ICE Brent futures for January closed at $103.60/bbl, down $1.17 (-1.12%). INE crude oil futures contract SC2612 fell by 50.3 yuan to 694.9 yuan/bbl, with the night session dropping a further 16.1 yuan to 678.8 yuan/bbl.
② Today, domestic cyclohexanone capacity utilization stands at approximately 60%. The trend toward integrated production is well-established, with most facilities producing caprolactam simultaneously. Commodity-grade supply remains stable, while downstream fiber orders are being fulfilled on an as-needed basis.
③ Sinopec refineries in East, South, and Central China have lowered pure benzene prices by 400 yuan/ton to 9,200 yuan/ton, effective November 4.
Table 1: Domestic Cyclohexanone Price Summary (Unit: Yuan/ton)
| Market | Specification | Nov 3 | Nov 4 | Change | % Change |
|---|---|---|---|---|---|
| East China | Cyclohexanone | 11,400 | 11,250 | -150 | -1.32% |
Data Source: Chempricehub
Based on the East China market, today’s reference price for cyclohexanone is 11,250 yuan/ton, representing a decline of approximately 1.32% from the previous trading day. Falling raw material costs for pure benzene have weakened cost support, while downstream buyers remain cautious about high prices. Consequently, market prices continue their downward trend.
Today, the integration between cyclohexanone and caprolactam production has tightened, reducing the supply of commodity-grade cyclohexanone. Downstream fiber orders have seen limited follow-through.
With pure benzene prices trending weakly, cost support is lacking. Downstream demand remains moderate, and spot supply is stable. Therefore, the cyclohexanone market is expected to maintain a weak trajectory in the short term.
Pure Benzene Market: On November 4, spot prices for pure benzene in East China continued to fall, with negotiations ranging from 8,910 to 9,070 yuan/ton, consistent with morning forecasts. Expectations of geopolitical de-escalation persist, putting pressure on crude oil and weakening cost support. Bearish sentiment is strong; weakness in futures markets has dragged down spot prices, prompting holders to offer discounts to clear inventory. Downstream buyers, adhering to the "buy on rises, wait on falls" mentality, are largely watching from the sidelines, resulting in thin actual transactions. With domestic units returning to operation and expectations of increased imports, supply is becoming looser. Meanwhile, demand is entering the off-season, suggesting that the short-term weak downward trend will continue.
Caprolactam: Today, the delivered price for caprolactam in East China was 12,600 yuan/ton (acceptance-based), a drop of 350 yuan/ton (-2.7%) from the previous working day. Following Sinopec’s upstream reduction of its listed pure benzene price by another 400 yuan/ton to 9,200 yuan/ton, caprolactam prices adjusted downward to 12,600 yuan/ton. Downstream procurement remained need-based, leading to concentrated transactions in the caprolactam spot market.
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