[PA6 Weekly Review] Market Negotiated Prices Trend Lower, PA6 Market Declines

1. Market Focus This Week

On September 4, Sinopec reduced the price of pure benzene by 100 yuan/ton at various refineries in East and South China, setting it at 5900 yuan/ton. Sinopec's monthly settlement price for caprolactam is 9080 yuan/ton, Shenyuan's weekly listing price is 9100 yuan/ton, and the spot price of caprolactam in East China is 8400 yuan/ton. (Unit: yuan/ton)

2) Conventional spinning PA6 chips in East China and Central China are priced at 8,950-9,300 yuan/ton for spot transactions with short delivery, and some high-end chips are priced at 9,100-9,200 yuan/ton for cash self-pickup. Fast spinning PA6 regular chips are priced at 9,050-9,150 yuan/ton for spot factory delivery, and premium chips are priced at 9,400-9,700 yuan/ton for delivery with acceptance.

3) Supply and Demand Situation: According to Longzhong statistics, the production of caprolactam this week is 135,800 tons, and the production of nylon 6 chips is 128,000 tons. The operating load of nylon filament is 78%. This week, the domestic weaving industry's operating rate is 63.12%, an increase of 0.93% compared to last week.

2. This Week's Market Analysis

During this period, the PA6 chip market has declined, with mainstream prices at 9125-9200 yuan/ton cash on delivery. The supply of caprolactam is abundant, which is bearish for the market. The price of caprolactam continues to fall, weakening the cost support for chips. Additionally, downstream inventory accumulation ahead of the holiday is cautious, with a focus on moderate replenishment. The sales pressure for polymer enterprises before the holiday is relatively high, leading to lower negotiation prices. In this period, the PA6 high-speed spinning chip market has also declined, with mainstream prices at 9550-9700 yuan/ton on acceptance delivery. The raw material prices continue to decrease, reducing cost support. The profit margins for high-speed spinning chips are still under pressure from losses, but polymer enterprises have significant sales pressure ahead of the holiday, leading to negotiations for shipments. Downstream spinning enterprises are mainly opting for moderate replenishment at lower prices.

3. Market Impact Factor Analysis

1 Raw materials: The spot market price of caprolactam in East China has declined this period, with prices ranging from 8400 to 8575 yuan/ton. This week, the main bearish factor in the market still comes from the supply side. Many previously reduced or halted production units have now resumed normal operations, leading to an increase in the supply of caprolactam and a relaxed supply situation. As the National Day holiday approaches, some sellers are actively adjusting their sales pace, putting pressure on spot prices to continue trending lower. Downstream PA6 polymerization enterprises are more cautious in their procurement, primarily placing orders based on demand at lower prices. As of Thursday, the spot price of caprolactam in the East China market is 8400 yuan/ton, delivered and accepted.

2） As of September 25, 2025, the price of caprolactam liquid is 8,400 RMB/ton (delivered on acceptance), and the price of PA6 conventional spinning regular chips is 8,950-9,300 RMB/ton cash ex-factory. Based on this, the weekly average profit for PA6 conventional spinning chips is -110 RMB/ton. As of September 25, 2025, the spot price of caprolactam is 8,400 RMB/ton delivered to East China, while the monthly settlement price of Sinopec caprolactam is 9,080 RMB/ton. The quoted price for PA6 high-speed spinning superior-grade chips is 9,400-9,700 RMB/ton on a delivery basis to East China. Based on this, the weekly average profit for PA6 high-speed spinning superior-grade chips is -410 RMB/ton.

4. Next week's forecast:

It is expected that the PA6 market will operate weakly in the next period. The mainstream price of regular spinning chips may maintain a range of 9000-9100 yuan/ton for cash short delivery, while the mainstream price of high-speed spinning chips of superior quality will be in the range of 9500-9650 yuan/ton for acceptance and delivery. 。 Key Focus: 1. Supply side. The overall supply volume is expected to decrease in the next period, mainly due to maintenance on certain production lines at Zhongjin Express Fiber. Although Yang Coal and Guangxi Hengyi are increasing production, the maintenance volume exceeds the increase, leading to an overall reduction in supply. 2. Demand side. Some downstream production will enter the National Day holiday, resulting in limited demand. 3. Cost side. The market for caprolactam is expected to show a mix of bullish and bearish sentiments, with market prices running weakly and cost support continuing to weaken. Future attention should be paid to the impact of costs and supply-demand dynamics on market sentiment.