Over the past week (April 15–21), the PA6 market continued the trend of weak, fluctuating performance observed since its recent peak-and-pullback phase. As of April 21, the SunSirs benchmark price for PA6 closed at 13,866.67 RMB/ton—down 1.65% from the beginning of the month and representing a retreat of approximately 5% from the year's high. However, from an annual perspective, the price remains at a historically high level (with a one-year maximum of 14,600 RMB/ton and a minimum of 9,066.67 RMB/ton).

Cost Side: Raw material caprolactam shows signs of easing from high levels, leading to weakened cost support.

On April 13, Sinopec announced that its latest weekly settlement price for caprolactam had dropped to 13,800 RMB/ton—a reduction of 230 RMB/ton from the previous period. On April 20, the weekly settlement price was further lowered to 13,650 RMB/ton—another decrease of 150 RMB/ton from the prior period. As of April 21, the SunSirs benchmark price for caprolactam stood at 13,112.50 RMB/ton; although this still represents a 1.24% increase from the start of the month, these two rounds of weekly price reductions have significantly eroded the cost support for PA6.

Overall, while caprolactam prices remain at elevated levels (with an annual maximum of 13,357.50 RMB/ton versus the current day's price of 13,112.50 RMB/ton), upward momentum has clearly slowed. Furthermore, signs of easing have emerged, resulting in a marginal weakening of cost support for PA6.

Supply & Demand Side: Ample supply and sluggish demand exert dual downward pressure on prices.

Supply remains consistently ample. Over the past week, the overall operating rates of PA6 production facilities have remained at high levels. Facing cost pressures, polymerization manufacturers have largely adjusted their ex-factory prices based on their current inventory levels. However, driven by a strong desire to move inventory, the practice of "negotiating on actual orders" has become widespread; consequently, actual transaction prices are frequently settling below the listed quotes. Easing geopolitical tensions in the Middle East, coupled with sluggish demand, have led to cautious procurement and inventory accumulation.

Overall demand remains weak. Although downstream textile and chemical fiber sectors have resumed operations, their tolerance for high-priced raw materials remains limited; procurement strategies are primarily focused on "replenishing essential stocks and purchasing on an as-needed basis," with no signs of concentrated stockpiling, resulting in a cautious trading atmosphere. The 2025 Annual Report and the Q1 2026 Report from Juheshun reveal that the industry is mired in a predicament of oversupply—driven by the concentrated release of production capacity—and, amidst weak downstream demand, the entire sector has broadly slipped into a state of financial loss.

In the short term, the PA6 market is expected to maintain a pattern of narrow-range consolidation and weak fluctuations, with the possibility of a slight downward shift in the overall price level. All things considered, barring any new catalysts for price hikes in raw materials or a significant improvement in downstream orders, PA6 prices are highly likely to continue their trend of weak consolidation.

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