[PA6 Weekly Review] Market Bulls and Bears Coexist, PA6 Market Slightly Weakening

1. Market Focus This Week

1) The price of Sinopec's pure benzene in East China and South China refineries is reduced by 100 yuan/ton, to be implemented at 5900 yuan/ton, effective from September 4th. The monthly settlement price for Sinopec's caprolactam is 9330, Shenyuan's weekly listed price is 9200, and the spot price for caprolactam in East China is 8650. (Unit: yuan/ton)

2) Regular spinning PA6 chips in East and Central China are priced at 9,200-9,550 RMB/ton for cash with short delivery, and some high-end chips are priced at 9,300-9,600 RMB/ton for cash self-pickup. High-speed spinning PA6 regular chips are priced at 9,100-9,300 RMB/ton for cash ex-factory, and premium chips are priced at 9,600-9,900 RMB/ton for acceptance delivery. (Unit: RMB/ton)

Supply and demand situation: According to Longzhong's statistics, this week's caprolactam production is 131,100 tons, and nylon 6 chip production is 125,600 tons. The operating rate of nylon filament is 78%. This week, the operating rate of the domestic weaving industry is 62.42%, an increase of 0.44% compared to last week.

2. This Week's Market Analysis

The PA6 chip market operated slightly weakly this cycle, with mainstream prices at 9375-9400 yuan/ton for spot delivery. From the cost side, the price of raw material caprolactam has declined, and polymerization enterprises continue to incur losses, so cost pressure remains. However, downstream demand is average, and limited end orders have restrained downstream purchasing, mainly just restocking out of necessity. Some low-priced chip producers have temporarily stabilized their quotations, while chips at slightly higher prices are being negotiated for shipment with modest sales. Market transactions are flat. This cycle, the PA6 high-speed spinning chip market declined, with mainstream prices at 9750-9900 yuan/ton for spot delivery. Raw material prices dropped, coupled with average downstream demand, polymerization enterprises have slow sales and are negotiating shipments. Multiple negative factors from cost and demand have led to a decline in market transaction prices.

3. Market Impact Factors Analysis

1 Raw materials: The current spot market for caprolactam in East China is slightly weak, with prices ranging from 8,650 to 8,700 yuan/ton. Upstream benzene prices have been lowered by 100 yuan to 5,900 yuan/ton, weakening cost support for the caprolactam market. Coupled with a lack of improvement momentum in terminal demand, some downstream PA6 enterprises continue to reduce operating rates, pressing prices during raw material procurement. The supply pattern of caprolactam is slightly loose, market confidence is weak, and the focus of spot negotiations has slightly shifted lower. As of Thursday, the spot price of caprolactam in the East China market is around 8,650 yuan/ton, with payment on acceptance and delivery.

2） As of September 4, 2025, the price of liquid caprolactam is 8,650 RMB/ton (delivered with acceptance), and the price of conventional PA6 spinning ordinary chips is 9,200-9,550 RMB/ton cash ex-factory. Based on this, the weekly average profit of conventional PA6 spinning chips is calculated to be -88 RMB/ton. As of September 4, 2025, the spot price of caprolactam is 8,650 RMB/ton delivered to East China, and the monthly settlement price of Sinopec caprolactam is 9,330 RMB/ton. The quoted price for PA6 high-speed spinning premium chips is 9,600-9,900 RMB/ton on an acceptance basis delivered to East China. Based on this, the weekly average profit for PA6 high-speed spinning premium chips is -381 RMB/ton.

4. Next Week Forecast:

The PA6 market is expected to undergo a slight consolidation in the next cycle. The mainstream price of conventional spun cutting chips is likely to remain in the range of 9,300-9,350 RMB/ton for spot cash short delivery consolidation, while the mainstream price of high-speed spun cutting chips of superior grade is expected to consolidate in the range of 9,650-9,750 RMB/ton for acceptance delivery. 。 Key Focus Areas: 1. Supply Side. Overall supply is expected to increase in the next cycle, mainly due to the increase in load in western Shandong during this cycle, resulting in an overall increase in supply for the next cycle. 2. Demand Side. Downstream manufacturers have limited orders, and raw material procurement is primarily based on periodic just-in-time replenishment. 3. Cost Side. The caprolactam market is expected to undergo minor adjustments in the next cycle, with cost pressure from chip losses still present. Further attention should be paid to the impact of costs and supply-demand dynamics on market sentiment.