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Over the past week (August 5–11), the spot price of PA66 remained stable at 18,133.33 RMB/ton for an extended period before dropping on August 11; it fell by 1.65% in a single day to 17,833.33 RMB/ton. From a cyclical price perspective, moving averages across the 10-day to 90-day ranges are all in the low-end zone, and annual prices remain at low-to-medium levels. The overall market remains under downward pressure, with moving averages in a bearish alignment—short-term averages continue to cross below medium- and long-term averages—indicating that the downward trend has not reversed.
Upstream, the supply of adiponitrile is ample, and market quotes remain weak; the weekly settlement price to caprolactam is trending steadily downward, resulting in insufficient cost support to nylon raw materials. The broader chemical raw materials market is currently sluggish, lacking positive momentum from crude oil prices. Raw material producers are eager to move stock, and declining upstream prices are continuously lowering the cost floor to PA66. Meanwhile, most sector facilities are operating at high loads, and there is no upward pressure on raw material procurement costs; consequently, the cost side offers little impetus to a recovery in chip prices.
Supply Side: Domestic PA66 production facilities are maintaining high operating rates, ensuring ample overall supply and a gradual accumulation of sector inventory. To secure order fulfillment, manufacturers continue to reduce quotes to stimulate transactions. Spot market circulation is plentiful with no supply shortages, and this loose supply ecological stability suppresses any possible rebound in spot prices.
Demand Side: The downstream textile and nylon fabric sector has entered its traditional off-season, resulting in low operating loads at downstream factories. Most companies are purchasing in small batches based on immediate needs rather than planning extensive stockpiling. Foreign trade orders are lackluster, with overseas customers purchasing cautiously. The terminal consumer market is recovering slowly, and inventories of downstream finished goods remain high; this weakens the transmission of demand to raw material procurement upstream, resulting in a market dynamic characterized by oversupply.
In the short term, the PA66 market lacks positive drivers. The current situation—weak upstream raw material prices, ample spot supply, and sluggish off-season downstream demand—is unlikely to enhance rapidly. Prices have remained at year-to-date lows over the medium to long term, and the room to further decline has gradually narrowed. The market is likely to continue fluctuating at low levels, with a sustained upward direction unlikely in the near term—though a brief, minor dip to new lows cannot be ruled out. A market turnaround will likely have to wait until downstream activity picks up during the autumn season.
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