Multifaceted Collaboration: PA Prices Rebound Against Trend to Break Through

In January 2026, the long-dormant polyamide (PA) market experienced a strong rebound. Driven by a significant increase in upstream raw materials, led by styrene, and a flurry of price hike announcements from leading companies, prices for PA6 and PA66 broke free from their previous low-level stagnation and achieved a notable recovery. This wave of price increases was not driven by a single factor, but rather by a synergy of cost-side transmission, supply-side contraction, and market sentiment. The collective strengthening of the upstream aromatic hydrocarbon industry chain raised production costs, while manufacturers' proactive price support and passive maintenance reduced supply. Coupled with pre-holiday restocking demand and other emotional linkages, these factors together fueled this market upturn.

Cost side: Price increases in the styrene-led industrial chain are being passed on.

1. Surge in Core Raw Material Prices: As a key upstream feedstock for PA (polyamide), styrene has demonstrated a sharp upward trend since the beginning of the year, with a monthly increase of over 12% in January. This has directly driven up the production costs of caprolactam, the core raw material for PA6. Meanwhile, the price of adipic acid, a raw material for PA66, has risen by 4.67% since the start of the month, climbing from 7,133 RMB/ton to 7,466 RMB/ton, creating dual pressure from the cost side.

2. The superimposed impact of energy costs and rising global energy prices further amplifies cost pressures. International chemical giant Celanese explicitly lists "rising energy costs" as the core reason for price increases, with its announcement indicating that polyamide product price adjustments cover the Americas ($0.20-0.25 USD/kg) and Europe (€0.20-0.25 EUR/kg) markets. Although the domestic market has not directly disclosed the extent of the energy cost increase, the rebound in prices of basic energy sources such as natural gas has already been transmitted through the industrial chain to the PA production stage.

Supply side: Manufacturer price firming and supply contraction provide support.

Leading companies drive the price increase trend

International Giants: Celanese, Lanxess, BASF Global Price Adjustments Linked

Celanese led the way in announcing a global price increase on January 23, effective February 1, 2026. Americas: PA6 all grades will be increased by $250/ton (approximately RMB 1750/ton). PA66 all grades will be increased by $200/ton (approximately RMB 1400/ton). Europe, Middle East and Africa (EMEA): PA6 and PA66 all series products will be increased by €0.25/kg (approximately RMB 2000/ton), a higher increase than the Americas market, mainly due to a year-on-year increase of over 40% in European energy costs.

On January 26, LANXESS took the lead in raising the price of adipic acid, a core raw material for PA66, paving the way for subsequent price adjustments of finished products. Details of the adipic acid price hike: A global uniform increase of 100 EUR/ton (approximately 780 RMB/ton) effective immediately, directly driving up PA66 production costs. PA finished product price adjustment forecast: According to industry sources, LANXESS plans to issue a price adjustment notice for PA66 resins in mid-February, with an expected increase of 150-200 EUR/ton. This will primarily cover high-end grades for automotive engineering plastics and electrical & electronics. Its Cologne plant in Germany has simultaneously reduced production capacity for general-purpose PA66 by 5% to strengthen price support.

BASF signaled price adjustments through distributor channels on January 28. In the European market, PA66 engineering plastic grades will increase by 180 EUR/mt (approx. 1,400 RMB/mt), while reinforced modified grades for automotive lightweighting will see an increase of up to 220 EUR/mt, primarily due to a 35% year-on-year rise in energy costs at the Ludwigshafen plant in Germany. In the Chinese market, price hikes will be implemented through BASF Shanghai Chemicals Co., Ltd.: conventional spinning grades of PA6 chips will rise by 800 RMB/mt, and high-end PA66 resin grades will increase by 1,200 RMB/mt, representing increases of 8% and 7.8% respectively. These adjustments will officially take effect on February 5.

Leading domestic enterprises follow suit with price adjustments.

January 25-28 saw intensive price adjustment announcements, with PA6 and PA66 sub-categories showing structural differences in their price increases.

PA6 chips: In the East China market, the conventional spinning bright YH800 grade is performing outstandingly, with the quotation reaching 10,500 yuan/ton as of January 29th, a 16.1% increase from the 9,000 yuan/ton at the beginning of January, and a cumulative increase of 16.8% from the beginning of November last year. The high-speed spinning semi-dull grade saw a relatively moderate increase, rising from 9,800 yuan/ton to 10,200 yuan/ton, an increase of 4.1%.

PA66 Resin: Shenma quoted 15,200 RMB/ton on January 27. Although this is a slight decrease from the benchmark price of 15,567 RMB/ton on January 2, it shows signs of stabilizing compared to the monthly low of 15,233 RMB/ton. Zhejiang Huafeng maintained its quote at 15,500 RMB/ton with an operating rate of only 60%, strengthening its price-support stance through "limited supply at quoted prices."

Supply contraction strengthens the confidence to maintain high prices.

Although the operating rate of the PA6 industry remains below 80%, an increase in plant maintenance and delayed restarts have led to signs of tightening market supply. Similarly, the PA66 sector has seen supply-side adjustments, with increased manufacturer maintenance causing a slight decline in operating rates. As traders maintain low inventory levels, their intention to support prices has strengthened significantly. This combination of "active production control and passive maintenance" has alleviated the previous persistent pressure of loose supply, providing physical support for price increases.

Market side: Short-term demand released in a concentrated manner

As the Chinese New Year holiday approaches, downstream enterprises are beginning a phase of inventory replenishment. Although end industries such as nylon filament and electronic components generally have high inventories and weak demand, they are still making essential purchases to cover potential production gaps during the holiday, leading to a warming market sentiment and increased transactions. Data shows that the rise in PA prices in early January has formed a positive feedback loop with "pre-holiday forward-looking procurement." While this seasonal demand is not a long-term support, it has amplified price elasticity in the short term.

In summary, the current market rebound is driven by cost-side factors, manufacturers' coordinated efforts to maintain prices, and pre-holiday restocking demand, rather than a fundamental improvement in demand leading to a trend reversal. In the medium to long term, the future direction of the market will still depend on the supply-demand balance. Key factors to watch include the pace of terminal resumption after the Spring Festival, the stability of raw material prices, and the substantive recovery in downstream sectors such as automotive and electronics.