[pa6 morning update] expect recent pa6 market to adjust and operate

1. Focus Points

1 On October 28, the market focused on OPEC+'s continued production increase plan, coupled with still weak demand prospects, leading to a decline in international oil prices. NYMEX crude oil futures for the December contract fell by $1.16 per barrel to $60.15, a decrease of 1.89% compared to the previous period; ICE Brent crude futures for the December contract fell by $1.22 per barrel to $64.40, a decrease of 1.86% compared to the previous period. China's INE crude oil futures for the December 2025 contract fell by 2.0 to 466.4 yuan per barrel, with the night session falling by 8.3 to 458.1 yuan per barrel.

2 ） Sinopec's settlement price for high-end caprolactam in October 2025 is 8,580 yuan/ton (liquid premium grade, six-month acceptance, self-pickup), a decrease of 500 yuan/ton compared to the September settlement price.

3 Sinopec's refineries in East China and South China have lowered the price of pure benzene by 200 yuan/ton to 5,450 yuan/ton, effective from October 21.

Core logic: Raw material market consolidates at a low level, downstream replenishes at low levels, PA6 market operates in a consolidated manner.

2. Price List Form

Unit: RMB/ton

3 . Market Outlook

The raw material market is undergoing a supply-demand game and is operating in an orderly manner. Downstream demand is primarily driven by periodic just-in-time needs, with selective low-price purchasing. Polymer enterprises experience slow sales or engage in minor negotiations for sales. It is expected that the PA6 market will operate in an orderly manner in the near future.