PA66 Daily Review: Traders’ Confidence Weak; Profit-Taking Sales Prevail

1 Today's Summary

①、 4/13: After the first US-Iran talks failed, the US side claimed it would block the Strait of Hormuz, increasing supply concerns, and international oil prices rose. NYMEXCrude Oil FuturesThe May contract for 05 rose by $2.51 per barrel, up 2.60% month-over-month; the June contract for ICE Brent crude futures rose by $4.16 per barrel, up 4.37% month-over-month. The 2605 contract for China's INE crude oil futures rose by 12.9 to 649.2 yuan per barrel, and in the night session, it rose by 4.2 to 653.4 yuan per barrel.

② Today, domestic PA66 capacity utilization stands at 66%, with hexamethylenediamine prices remaining high, placing significant cost pressure on polymerization producers.

2 Spot Market Overview

Table 1 Summary of Domestic PA66 Prices (Unit: RMB/ton)

Based on the Yuyao market in East China, the reference price for EPR27 today is RMB 22,500–24,000 per ton, down RMB 400 per ton from the previous trading day, representing a decline of approximately 1.69%. 。 Hexamethylenediamine (HMDA) raw material prices remain at high levels, placing significant cost pressure on polymerization enterprises; quotations are maintained at elevated levels. However, industry confidence is weak, and some traders are offering discounts to facilitate sales, resulting in a weak and volatile market.

Figure 1 2022-2026 Domestic PA66 Price Trend Chart (Yuan/ton)	Figure 2 2025-2026 Domestic PA66 Price Trend Chart in East China (RMB/ton)
Data source: L&F Information System	Data source: Longzhong Information

3 Production Dynamics

Today, the domestic PA66 production capacity utilization rate stands at approximately 66%. Industry supply has decreased, and enterprises currently face no significant inventory pressure. Regarding profitability, raw material prices remain at elevated levels, resulting in substantial cost pressure; thus, PA66 continues to operate at a loss in the short term.

Figure 3 2025-2026 Trend chart of domestic PA66 capacity utilization in recent years	Figure 4 2025-2026 Yearly Domestic PA66 Profit and Price Comparison Chart (CNY/ton)
Data Source: Longzhong Information	Data source: LZZS

4 Price Forecast

Adiponitrile feedstock prices remain high, keeping cost pressures on polymer producers. Due to weak downstream demand, buyers are resistant to high prices, leading to an increase in profit-taking sellers offering discounts. The domestic PA66 market is expected to fluctuate in the near term.

5 Related Product Information

Adipic Acid Market: Today, the domestic adipic acid market weakened and declined. On the raw material side, benzene experienced narrow-range fluctuations, providing limited cost support. Demand remained sluggish, undermining market participants’ confidence. Traders increasingly sought to offload inventory, leading to loosening of mainstream quotations in the trading market. In the afternoon session, major producers significantly lowered their official guidance prices, intensifying market uncertainty; some traders followed suit with softer quotations. Downstream buyers remained on the sidelines, adopting a cautious approach to entering the market; only spot orders based on immediate needs were placed flexibly, with actual transactions subject to negotiation. In the East China region, the reference price stands at RMB 10,000–10,200/ton (inclusive of VAT and delivered), with room for negotiation on actual orders.

Table 2: Domestic PA66 Data Overview (Unit: 10,000 tons)