[PA6周评]利好支撑有限 PA6市场整理运行

1. This Week's Market Focus

1) The price of pure benzene from Sinopec's refineries in East China and South China has been reduced by 200 yuan/ton, with the new price set at 5,450 yuan/ton, effective from October 21. The monthly settlement price for Sinopec caprolactam is 8,580 yuan, with Shen Yuan's monthly settlement at 8,750 yuan, and the spot price for East China caprolactam at 8,050 yuan. (Unit: yuan/ton)

In East China and Central China, conventional spinning PA6 chips are priced at 8,400-8,900 RMB/ton for cash with short delivery. Some high-end chips are priced at 8,600-8,800 RMB/ton for cash self-pickup. High-speed spinning normal PA6 chips are priced at 8,600-8,900 RMB/ton for cash ex-factory, and premium chips are priced at 9,000-9,200 RMB/ton with acceptance and delivery included.

3) Supply and Demand Situation: According to Longzhong statistics, the production of caprolactam this week is 130,100 tons, and the production of polyamide 6 chips is 137,000 tons. The operating load of nylon filament is 77.5%. This week, the domestic weaving industry's operating rate is 69.00%, an increase of 2.45% compared to the previous period.

2. This Week's Market Analysis

Table 1 Comparison of Price Changes of Polyamide 6 Chips (Unit: Yuan/Ton)

During this cycle, the market price of PA6 chips remained stable, with mainstream prices at 8,750 yuan/ton for cash with short delivery. Previously, driven by geopolitical factors, crude oil prices continued to rise, significantly boosting market sentiment. Coupled with the low price of chips, this stimulated restocking by traders and downstream enterprises, improving the market transaction atmosphere. After polymer companies tentatively raised their quotations, the purchasing sentiment of downstream buyers became cautious, the overall transaction pace slowed down, and the market showed a stable to slightly weak trend.

During this period, the market price of PA6 high-speed spinning chips has declined, with mainstream prices ranging from 9,100 to 9,150 yuan/ton, delivered upon acceptance. In the raw material market, there is a supply-demand game, with the market stabilizing at a low level. The cost pressure on the chips remains, but downstream spinning enterprises maintain a cautious purchasing attitude, focusing mainly on replenishing just-in-time needs, resulting in limited market transactions.

3. Market Impact Factor Analysis

1 Raw Material: This period, the spot market price of caprolactam in East China is organizing at a low level, around 8,050 RMB/ton. This week, the cost side increased and then fell back, providing general support to caprolactam. On the supply-demand side, with more enterprises undergoing maintenance, supply is decreasing, and some enterprises are destocking. Moreover, due to continued losses, enterprises have a desire to maintain prices. However, downstream demand remains poor, and PA6 polymerization enterprises maintain a low-price intention for raw material procurement, resulting in the continued low price of caprolactam in the spot market. As of Thursday, the spot price of caprolactam in the East China market is around 8,050 RMB/ton, on a credit-delivered basis.

2） As of October 30, 2025, the price of liquid caprolactam is 8,050 RMB/ton (delivered with acceptance), and the price of regular spinning PA6 chips is between 8,600-8,900 RMB/ton, cash ex-factory. Based on this, the weekly average profit for regular spinning PA6 chips is -110 RMB/ton. As of October 30, 2025, the spot price of caprolactam is 8,050 RMB/ton delivered to East China, and Sinopec's monthly settlement price for caprolactam is 8,580 RMB/ton. The quoted price for PA6 high-speed spinning superior grade chip is 9,000-9,200 RMB/ton acceptance delivered to East China, resulting in a weekly average profit of -389 RMB/ton for PA6 high-speed spinning superior grade chip.

Prediction for next week:

The PA6 market is expected to operate steadily in the next cycle, with the mainstream price of conventional spinning slices likely to remain in the range of 8,700-8,800 yuan/ton for immediate short delivery. The mainstream price of high-speed spinning slices is expected to be in the range of 9,000-9,200 yuan/ton for acceptance delivery. 。 Key Focus: 1. Supply Side. The supply volume is expected to decrease in the next period, mainly because Fujian Zhongjin plans to conduct maintenance on some production lines, leading to an overall reduction in supply. 2. Demand Side. Downstream activities are primarily focused on periodic low-price just-in-need replenishment, and demand might be generally modest. 3. Cost Side. The caprolactam market is expected to remain at a low level in the next period, with a small price gap between slices and raw materials, and cost pressure still exists. Future attention should be paid to the impact of costs and supply-demand on market sentiment.