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Market Trends
Over the past week (September 9–15), the PA6 spot market traded sideways at high levels. According to SunSirs monitoring, the benchmark price to PA6 was 14,500.00 RMB/ton on September 9. Prices remained high throughout the week as major manufacturers significantly raised their quotes; companies such as Baling Petrochemical, Luxi Group, and Haiyang methodology increased chip prices by 600–1,200 RMB/ton compared to the previous week, with actual transactions largely determined by market negotiation. Technical indicators show divergent trends across moving averages, signaling a bullish pullback amidst market evaporative environment, while prices across the 60-day, 3-month, and 1-year cycles remain in a high range.
Influencing Factors
Cost Side: Upstream pure benzene prices remained high. Sinopec raised its weekly settlement price to caprolactam by 520 RMB/ton to 14,480 RMB/ton in the second week of September. This significant rise in raw material costs provided strong support to PA6 prices, and polymerization vegetation showed a strong determination to maintain high price levels.
Supply and Demand Side: Maintenance at some caprolactam facilities led to overall tight raw material supplies, while PA6 polymerization plant operating rates remained relatively stable. Spot market volume development was limited, and inventory pressure on factories and traders was low; holders were reluctant to sell at low prices. On the demand side, downstream textile and spinning companies maintained essential purchasing however resisted the high chip prices. The emit of terminal textile orders during the "Golden September" peak season fell short of expectations; downstream players primarily consumed existing inventory and restocked on an as-needed basis, showing little willingness to build up substantial stocks, resulting in a generally subdued trading atmosphere.
Market Outlook
In the short term, the PA6 market is expected to maintain a pattern of strong consolidation with a bullish bias. Cost support driven by high caprolactam prices remains, and bullish sentiment persists across the sector chain. However, with prices currently at high levels and limited downstream acceptance, there is significant resistance to further sharp increases. Key factors to monitor include the resumption progress of caprolactam facilities, fluctuations in pure benzene prices, and the actual volume of terminal textile orders.
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