Significant Decline in Prices of Non-Deep-Processed Products; Cracked C5 Prices Fall (November 6–12, 2026)

1. Key Market Focus Points for the Week

① Shandong mixed C5 prices fell by 12.48%, and Shandong pyrolysis C5 residual liquid prices dropped by 10.97%.

② Deep-processed piperylene prices continued to rise steadily, while petroleum resin prices saw sporadic declines.

③ Supply volumes of pyrolysis C5 decreased slightly.

2. Weekly Market Analysis

During this week (November 5–12, 2026), industrial-grade pyrolysis C5 prices in North China fell by 400 RMB/ton to approximately 7,100–7,200 RMB/ton. Prices from private enterprises also continued their slight downward trend. On Thursday, November 12, North China pyrolysis C5 prices dropped by 400 RMB/ton to 7,200 RMB/ton; East China prices fell by 400 RMB/ton to 7,200 RMB/ton; Northeast China prices ranged from 6,850 to 7,500 RMB/ton; South China prices declined by 400 RMB/ton to a range of 7,050–7,200 RMB/ton. Some private enterprise prices fell to a range of 7,250–7,713 RMB/ton.

3. Analysis of Market Influencing Factors

Dicyclopentadiene (DCPD):
During this period, the domestic DCPD market maintained a firm trend, with supply remaining tight. The decline in crude oil prices led to falling prices for most chemical products, negatively impacting downstream sentiment. Additionally, failed bids in Northeast China auctions created expectations for potential price softening. Buyers showed cautious intent, purchasing only strictly necessary quantities. However, since the unsold auction volumes did not enter the spot market, spot availability remained scarce. Although raw material pyrolysis C5 prices softened and separation costs decreased, low residual liquid prices dragged down profitability, keeping separation margins low. Consequently, there is little prospect for a significant recovery in C5 separation processing volumes. Combined with ongoing negotiations and execution of export orders, available sellable inventory remains limited. As of November 12, factory-gate pickup prices for DCPD were 10,300–10,600 RMB/ton, with lower-end stable customers and prior orders maintaining prices at 10,600 RMB/ton.

Piperylene:
This period saw stable range-bound operations for domestic piperylene, with ex-factory quotes ranging from 9,200 to 10,900 RMB/ton. Raw material pyrolysis C5 prices declined, weakening cost support. Raw material supply has not yet fully recovered, so piperylene plants continued operating at low loads. Some plants that had short shutdowns resumed operations, but overall supply changes were minimal. Factory inventories remained low, supported by existing order backlogs, which sustained firm pricing throughout the week. Downstream orders and profits were generally weak. In the broader context of falling crude oil prices, trading sentiment was cautious, with most participants adopting a wait-and-see approach, resulting in lackluster weekly trading activity.

Isoprene:
The domestic isoprene market remained stable during this period, with mainstream East China offers quoted at 14,900–15,500 RMB/ton. Although raw material pyrolysis C5 prices fell, supply remained tight. Isoprene plants maintained low operational loads. While some units that had briefly shut down returned to operation within the week, overall supply remained low. Most resources are locked in by long-term contracts and exports, leading to scarce spot circulation. The SIS industry continues to face a spot shortage for the month, facilitating smooth trading of externally released isoprene resources. In summary, despite the weakening of crude oil and pyrolysis C5 costs during the week, the persistent tight supply situation for isoprene has kept prices stable and consolidating.

Pyrolysis C5 Residual Liquid:
The market for pyrolysis C5 residual liquid primarily saw catch-up gains this period, with average prices rising. As of November 5, the national weekly average price index for domestic pyrolysis C5 residual liquid was 7,111 RMB/ton, an increase of 272 RMB/ton from the previous week, representing a 3.98% rise. Specifically, the domestic price range for pyrolysis C5 residual liquid was 6,876–7,163 RMB/ton. Average prices in Shandong rose, with a range of 7,640–7,800 RMB/ton, while prices in East China declined, with a range of 7,450–7,710 RMB/ton. During the week, tensions between the US and Iran appeared to ease, causing international crude oil prices to fluctuate downward. Frequent price cuts in the Shandong refined oil market aimed to stimulate shipments, but limited end-user consumption made large-volume transactions difficult. Meanwhile, mixed C5 prices fluctuated downward, hindering sales. Despite declines in crude oil, gasoline, and homogeneous product (mixed C5) prices, high-level pyrolysis C5 raw material prices provided support, limiting the extent of price reductions by residual liquid refineries. Amidst bearish end-user sentiment, traders and downstream factories showed poor willingness to take delivery, resulting in quiet trading conditions for the week.

4. Next Week's Market Forecast

Pyrolysis C5 prices are expected to remain weak in the next period. Key points to watch include:

1. Operating rates will likely recover and trend upward.
2. Demand from non-deep-processing downstream sectors may decline, making it difficult to balance production and sales for mixed C5. Coupled with continued falls in crude oil and gasoline prices, this suggests a potential drop in pyrolysis C5 residual liquid prices.
3. In deep-processing sectors, piperylene prices are expected to remain steady or rise slightly, while petroleum resin prices may see slight declines. Bearish factors are expected to dominate the market.