[PA6 Weekly Review] Raw Material Prices Fall With Limited Demand, PA6 Market Declines Then Stabilizes

1. Market Focus This Week

Sinopec has increased the price of pure benzene by 100 yuan/ton at refineries in East China and South China, setting the price at 6,150 yuan/ton, effective from August 12. The monthly settlement price for Sinopec caprolactam is 9,575 yuan/ton, and Shenyuan's weekly settlement is 9,500 yuan/ton, with the East China spot price for caprolactam at 8,800 yuan/ton.

2) For regular PA6 spinning chips, prices in East and Central China are 9,150-9,650 RMB/ton for spot payment with short-distance delivery, and some high-end chips are 9,400-9,800 RMB/ton for cash self-pickup. For PA6 high-speed spinning ordinary chips, prices are 9,200-9,400 RMB/ton ex-factory for spot payment, and premium chips are 9,800-10,000 RMB/ton delivered with acceptance. (Unit: RMB/ton)

3) Supply and demand situation: According to Longzhong statistics, this week’s caprolactam production reached 135,900 tons, and nylon 6 chip production was 131,200 tons. The operating rate of nylon filament yarn was 78%. This week, the domestic weaving industry operating rate was 58.04%, an increase of 2.29% compared to last week.

2. This Week's Market Analysis

During this period, the PA6 chip market first declined and then stabilized, with mainstream prices at 9,400-9,500 yuan/ton for cash short delivery. The cost and demand struggle continues, downstream demand is limited, and replenishment is mainly at lower prices. Polymerization enterprises' sales are slow with slight negotiation for shipments, but chips are sold at a loss, limiting the range of market negotiations. Some low-priced chips saw improved transactions this week, but overall transactions were average. During this period, the PA6 high-speed spinning chip market remained weak, with mainstream prices at 9,900 yuan/ton for cash short delivery. Some downstream spinning enterprises mainly replenish as needed, and some polymerization enterprises continue to negotiate shipments, but chip profits are negative, limiting negotiation ranges.

3. Market Impact Factors Analysis

1 Raw materials: This period, the spot market for caprolactam in East China is under pressure and declining, with prices ranging between 8,800-8,950 RMB/ton. The pressure from the demand side continues to transmit upward, as PA6 polymerization enterprises experience sluggish sales of their own chips, leading to partial shutdowns and reduced demand for raw materials. Meanwhile, the supply of caprolactam has increased, causing local increments in the spot market; the supply and demand fundamentals remain weak. Although the price of benzene has risen, the price of caprolactam is still under pressure and trending lower. As of Thursday, the spot price of caprolactam in the East China market stood at 8,800 RMB/ton, delivered with acceptance.

2）As of August 14, 2025, the price of liquid caprolactam is 8,800 RMB/ton (delivered with acceptance), and the price of regular spinning PA6 conventional chips is 9,150-9,650 RMB/ton cash ex-factory. Based on this, the weekly average profit of regular spinning PA6 chips is -238 RMB/ton. As of August 14, 2025, the spot price of caprolactam is 8,800 RMB/ton delivered to East China, while Sinopec's weekly settlement price for caprolactam is 8,575 RMB/ton. The quoted price for high-speed spinning grade PA6 premium chips is 9,800-10,000 RMB/ton on a delivery and acceptance basis to East China. Based on these figures, the weekly average profit for high-speed spinning grade PA6 premium chips is -490 RMB/ton.

4. Forecast for Next Week:The PA6 market is expected to stabilize in the next cycle. The mainstream price of conventional spinning chips is likely to remain in the range of 9,300-9,400 yuan/ton on a cash short delivery basis, while the mainstream price of high-speed spinning chips is expected to stabilize in the range of 9,800-9,900 yuan/ton on a delivery acceptance basis. 。 Key focus areas: 1. Supply side. The supply volume is expected to decrease in the next period, with maintenance plans at Weiming Petrochemical and Shanxi Yangmei. 2. Demand side. Downstream production enterprises mainly engage in phased just-in-time replenishment, with potential just-in-time replenishment at low prices. 3. Cost side. The caprolactam market is expected to undergo slight adjustments in the next period, with ongoing cost pressure from chip losses. Subsequently, attention should be paid to the impact of costs and supply-demand on market sentiment.