Strong Cost Support, Reduced Low-Price Transactions in the Market (September 11–17, 2026)

1. Key Market Focus This Week

① Raw material benzene prices rose to high levels, providing strong cost support.
② The integration rate between cyclohexanone and caprolactam is relatively high, resulting in weak supply-demand equilibrium for spot cyclohexanone.

2. Weekly Market Analysis

During this period, the weekly average market price of cyclohexanone increased. The weekly average spot price in East China reached 10,675 RMB/ton, representing a week-on-week increase of 4.35%. Throughout the week, offers for raw material benzene rose, leading to significant cost pressure. However, downstream demand remained weak, with limited enthusiasm from buyers to chase higher prices. Consequently, while the transaction center shifted upward, trading volumes decreased.

3. Next Week's Market Forecast

The spot cyclohexanone market is expected to fluctuate alongside benzene prices next period. Key factors to watch include:

1. Supply Side: Operating rates at domestic commercial cyclohexanone units have declined, leading to a slight contraction in external sales volume. However, enterprises face some pressure to sell inventory at current high prices.
2. Demand Side: A high proportion of domestic capacity is integrated between cyclohexanone and caprolactam production, meaning most caprolactam manufacturers have sufficient self-supplied raw materials. Order follow-through from the chemical fiber sector remains weak, while the solvent segment maintains purchasing strictly on an as-needed basis. Overall demand performance remains sluggish.
3. Cost Side: Next period, benzene fundamentals are expected to retain resilience due to simultaneous growth in supply and demand coupled with inventory destocking support. However, expectations of geopolitical easing may suppress cost-side pressures. Amidst bullish and bearish tug-of-war, the benzene market is likely to experience high-level fluctuations next week.

In summary, cost pressure on cyclohexanone persists, and the spot market exhibits a weak supply-demand balance. The short-term cyclohexanone market is projected to track raw material movements within a range-bound fluctuation pattern.