Daily Review: Cautious Observation, PA66 Market Prices Temporarily Stable

Market Overview: On June 17, PA66 market prices remained stable, with the market average at RMB 18,750/ton, unchanged from the previous working day. Feedstock adipic acid prices were stable, while hexamethylenediamine prices fluctuated within a range, providing only moderate cost support. At present, PA66 polymerization producers’ capacity utilization rates remain low, and their intention to support prices persists. Under shipment pressure, producers’ quotations have mostly moved toward the lower end, with very few actual transactions concluded. Weak demand remains difficult to improve, further weighing on spot prices. Producers are expected to hold an internal coordination meeting to stabilize market prices, and the market will watch the specific pricing guidance after the meeting in the short term.

Market prices: Mainstream transaction prices for domestic sources are between RMB 18,000 and 19,000 per ton. The reference quotation for Shenma EPR27 is RMB 18,500–19,200 per ton; Huafon EP158 is referenced at RMB 19,000–20,000 per ton; and Invista U4800 is referenced at around RMB 20,000–21,000 per ton.

Feedstock: Domestic adipic acid market prices remained stable today. The average market price of adipic acid was RMB 7,908/tonne, unchanged from the previous working day. The raw material benzene market weakened in line with lower oil prices, providing insufficient cost-side support. Although producers showed an intention to support prices, the continued decline on the feedstock side and weak demand left the market with no basis for price increases. Therefore, with no further guidance from producers, market participants generally believe prices may gradually move lower going forward, and trading sentiment remains cautious.

Post-market forecast: Suppliers are shipping at a relatively slow pace, and demand is unlikely to see any increase during the industry off-season. Market quotations are following the market trend, and the overall fundamentals remain weak. It is expected that the domestic PA66 market price will move sideways in the short term, with mainstream prices likely to range between 18,000 and 19,000 yuan/ton.