① [Chempricehub] Sep 28: US-Iran relations remain in a stalemate, and market concerns over supply risks persist, driving international crude oil prices higher. NYMEX WTI November futures closed at $92.60/bbl, up $0.19/bbl (+0.21%); ICE Brent November futures closed at $105.28/bbl, up $0.96/bbl (+0.92%). China INE crude oil futures (November 2026 contract) rose by 9.3 to 734.1 CNY/barrel, while the night session dropped by 22.5 to 711.6 CNY/barrel.
② Today, the domestic cyclohexanone capacity utilization rate is approximately 59.7%. The integration trend of cyclohexanone production is well-established, with most plants co-producing caprolactam. Supply of merchant-grade cyclohexanone remains stable, while downstream chemical fiber orders are being fulfilled on an as-needed basis.
③ Sinopec refineries in East, South, and Central China raised their pure benzene prices by 300 CNY/ton, effective September 29, bringing the price to 10,200 CNY/ton.
Table 1: Domestic Cyclohexanone Price Summary (Unit: CNY/ton)
| Market | Specification | Sep 28 | Sep 29 | Change | % Change |
|---|---|---|---|---|---|
| East China | Cyclohexanone | 10,800 | 10,850 | +50 | +0.46% |
Based on the East China market, today's cyclohexanone spot price reference range is 10,800–10,900 CNY/ton, an increase of 50 CNY/ton from the previous trading day, representing a rise of approximately 0.46%. With raw material pure benzene trading strongly, cost pressures remain significant. Suppliers have reduced low-price offers, leading to fluctuating upward movements in market prices.
Today, the integration between cyclohexanone and caprolactam production remains robust, resulting in reduced supply of merchant-grade cyclohexanone. Downstream chemical fiber orders are not significantly increasing.
Strong support from raw material pure benzene, combined with moderate downstream demand and reduced spot supply of cyclohexanone, suggests that cyclohexanone prices will likely follow the strong trend of pure benzene in the short term.
Pure Benzene Market: On September 29, spot prices for pure benzene in East China surged significantly, with transaction ranges between 10,900 and 11,750 CNY/ton, largely aligning with morning expectations. Month-end delivery restocking needs drove price increases in East China, with Shandong markets rising in tandem. However, far-month contracts showed weak follow-through, widening the spread against spot prices. Market confidence in the sustainability of high prices is lacking, and downstream resistance to elevated costs is growing, leading to cautious chasing of gains. Overall, the market exhibits a divergence pattern characterized by strength in near-term contracts and weakness in far-term contracts.
Caprolactam: Today, the East China caprolactam market price stood at 13,800 CNY/ton (delivered, acceptance-based), remaining stable compared to the previous working day. The caprolactam market is caught in a tug-of-war between costs and supply-demand dynamics. Upstream pure benzene prices continue to climb, with Sinopec raising its posted pure benzene price to 10,200 CNY/ton, exerting significant cost pressure on caprolactam producers. However, due to insufficient follow-up momentum from downstream buyers, the caprolactam market is primarily trading in a consolidating range.
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