Domestic PA6 market prices have recently shown an upward trend, with sustained increases supported by tight supply of raw material caprolactam. Favorable cost dynamics have driven PA6 prices higher. As of November 24, the mainstream spot price for conventional spinning chips stood at 9,200 RMB/ton (cash, short delivery), while premium high-speed spinning chips reached 9,450 RMB/ton (acceptance, delivered).

Cost Side: “Anti-Involution” Forges Core Support

Facing steep price declines since 2025 (caprolactam hit a four-year low of 8,050 RMB/ton in early November) and losses exceeding 600 RMB per ton, the caprolactam industry launched a 20% joint production cut “anti-cannibalization” initiative on November 5. A second meeting on November 21 reinforced the consensus to support prices. The output cut directly reduced commodity supply. By November 23, liquid caprolactam prices in East China had rebounded to 8,650 RMB/ton, a 7.45% increase from the beginning of the month.

Supply Side: Stable Supply, Partial Relief of Inventory Pressure

Domestic PA6 polymerization plants maintained overall stable operating rates, with industry capacity utilization slightly increasing, keeping the supply side generally stable. Specifically, conventional spinning operating rates rose slightly, while high-speed spinning rates declined marginally, primarily influenced by plant dynamics: Guangxi Hengyi's facilities continued production, releasing conventional spinning capacity, while Shandong Polymer Shun's line entered maintenance, impacting high-speed spinning supply. This offsetting effect kept the supply side stable overall.

The PA6 market recently exhibits pronounced category divergence: conventional spinning chips demonstrate robust performance, not only significantly outperforming high-speed spinning chips in sales but also maintaining tight inventory levels. Some enterprises even hold pre-sale orders, with a portion featuring extended order cycles (approximately 15-30 days). Supported by strong demand and inventory, conventional spinning chip prices have been effectively underpinned. In contrast, high-speed spinning chips have seen lackluster sales, with price increases largely driven by cost pass-through from caprolactam feedstock. With caprolactam prices currently surging strongly, cost support remains robust. However, PA6 polymerization enterprises remain in the loss zone. Under cost pressure, high-speed spinning chip prices have passively followed raw material increases. Yet after the price hike, downstream enterprises, constrained by their own order situations, maintain only essential purchases. Market transaction sentiment is relatively subdued, lacking proactive momentum for further price increases.

Demand Side: Limited Downstream Absorption Capacity

The nylon filament sector faces high inventory levels and sluggish operating rates, with some manufacturers reducing production or switching lines due to insufficient demand. Downstream acceptance of high-priced PA6 supplies remains low. Market transaction pace slowed significantly in the latter half of the month, with actual orders primarily driven by essential needs and lacking speculative stockpiling support.

Market Outlook: In the short term, the PA6 market is expected to remain stable with a slight upward bias, supported by costs and low inventories. However, weak demand poses a key constraint, limiting the scope for price increases. Market participants should closely monitor raw material supply dynamics and the pace of downstream demand release to assess whether the market can break out of its current range-bound pattern. Additionally, caution is warranted regarding the risk of price corrections amid persistent overcapacity, should demand fail to improve.

As an integrated internet platform providing benchmark prices, on November 27, the benchmark price of PA6 on the business society was 9733.33 RMB/ton, an increase of 1.74% compared with the beginning of the month (9566.67 RMB/ton).

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