Polyamide: Cost and Demand Drive February PA6 Chip Prices Higher

In February 2026, the domestic PA6 chip market continued its upward trend, driven by a robust cost push and supportive demand-side stockpiling. Prices for both conventional and high-speed spinning chips rose significantly, market transactions were generally strong, and industry inventory remained at low levels.

I. Hot Topics of the Month

Core raw material prices surged significantly: Sinopec Chemical Sales' February 2026 average listed price (SPCP basic) for pure benzene was RMB 6,124 per ton (including tax), up RMB 679 per ton from January's RMB 5,445 per ton, substantially strengthening cost-side support. Additionally, Sinopec's February 2026 settlement price for premium-grade caprolactam reached RMB 10,350 per ton (liquid, premium grade, six-month acceptance, ex-works), an increase of RMB 580 per ton from January's settlement price, further driving up the production cost of PA6 chips.

Pre-holiday stocking up boosts demand: Influenced by the Spring Festival holiday, the enthusiasm for stockpiling among downstream factories has significantly increased. The overall inventory levels across the industry are generally low, providing demand support for the rise in chip prices. Some polymer factories have even shown clear signs of advance sales.

Futures Market Synergy: In February, the pure benzene futures market showed a strong performance. At the end of the month, the main pure benzene futures contract reached 6,187 yuan/ton, an increase of 46 yuan/ton from the intraday low, with a 0.44% increase. The strength of the futures market further reinforced the expectation of a rise in the spot market.

II. Market Review of This Month

The domestic PA6 chip market in February showed a significant upward trend, with prices of conventional spinning and high-speed spinning chips rising simultaneously. The regional market performed steadily, with price fluctuations during different periods influenced by holidays, raw materials, and supply-demand factors. Over the past two months, the cost price of PA6 has increased by more than 1,300 yuan/ton, and major chip producers have continued to follow the price increases due to cost pressures.

Looking at the performance of different varieties, PA6 conventional spinning chips showed a strong trend: In the first half of the month, the caprolactam market rose significantly, increasing the cost pressure on the chips, and the polymerization factories raised their ex-factory prices accordingly; as the Spring Festival approached, downstream companies increased their purchasing enthusiasm, and the market transactions improved, with some polymerization factories showing signs of pre-sales; during the holiday period, logistics gradually ceased operations, and market transactions stalled, with the market entering a stable phase; after the holiday, the caprolactam market continued its strong performance, and downstream factories gradually resumed production and operations, with some manufacturers making small purchases, but most polymerization factories focused on delivering orders placed before the holiday, leading to a tight supply of spot goods and pushing the price of conventional spinning chips to rise further in late February. As of February 27, the price of ordinary spinning chips for PA6 in the East China market was in the range of 10,650-10,800 yuan/ton (cash on delivery, short delivery), while the spot price for premium grade chips was in the range of 10,700-10,800 yuan/ton (cash on delivery, ex-factory).

PA6 high-speed spinning chip prices rise in tandem: Driven by the strong price of caprolactam, polymerization plants have raised the prices of high-speed spinning chips due to cost pressures; during the Spring Festival holiday, some large-scale spinning factories maintained production, providing some support for chip demand, but the market transactions were mainly based on contract sales, with a smaller volume of spot transactions. As of February 27, the spot price of ordinary high-speed spinning PA6 chips in the East China market was between 10,450-10,800 yuan/ton (cash on delivery), and the spot price of premium chips was around 11,000 yuan/ton (by acceptance, delivered).

From the perspective of market influencing factors, the profit of conventional-spun PA6 chips improved in February. The monthly average price of caprolactam liquid supply was RMB 9,869.64 per ton (inclusive of acceptance and delivery), and the spot price reached RMB 10,000 per ton (inclusive of acceptance and delivery) on February 27. Based on the price of conventional-spun PA6 chips and a processing cost of RMB 800 per ton, the monthly average gross profit was -RMB 315 per ton—still indicating a loss, but with a narrowed loss margin.

III. Market Outlook for Next Month

The domestic PA6 market is expected to exhibit the following trends in March 2026.First increase then stabilizeThe operational trend remains stable, with cost-side support persisting and demand-side recovery progressing steadily, keeping prices generally at high levels.