In April 2026, the domestic PA6 market exhibited a trend characterized by an initial surge to a high point, followed by a subsequent retreat and fluctuating movement. At the beginning of the month, the market continued its upward trajectory, bolstered by strong cost support from raw materials. As of April 7, the SunSirs benchmark price for PA6 climbed to 14,600 RMB/ton—an increase of 3.55% from the start of the month—marking a new year-to-date high. However, entering the mid-to-late part of the month, market sentiment shifted toward a weaker, fluctuating trend following the retreat from its peak. As of April 21, the PA6 benchmark price closed at 13,866.67 RMB/ton, down 1.65% from the beginning of the month and representing a retracement of approximately 5% from the year's high. By April 28, the PA6 benchmark price had dropped further to 13,400 RMB/ton, a decline of 4.96% compared to the start of the month. Despite this monthly correction, from an annual perspective, prices remain within a historically high range (with a one-year maximum of 14,600 RMB/ton and a minimum of 9,066.67 RMB/ton).
Regarding Costs: At the beginning of the month, prices for the upstream raw material—caprolactam—remained firm; the SunSirs benchmark price for caprolactam rose from 13,077.50 RMB/ton to 13,357.50 RMB/ton, providing sustained cost transmission and strong support for PA6. However, after mid-April, cost support weakened significantly. Sinopec’s weekly settlement price for caprolactam was lowered by 230 RMB/ton on April 13 to 13,800 RMB/ton, followed by a further reduction of 150 RMB/ton on April 20, bringing the price to 13,650 RMB/ton. Although the April settlement price was ultimately fixed at 13,570 RMB/ton—an increase of 940 RMB/ton from the previous month, reflecting a persistent tightness in raw material supply—the consecutive downward adjustments in weekly settlement prices and the softening of benchmark prices (which stood at 13,112.50 RMB/ton on April 21) led to a marginal weakening of cost support for PA6; this emerged as a key factor driving the subsequent price pullback.
Regarding supply and demand: Industry operating rates have seen a modest uptick, with the release of new production capacity and the resumption of units previously under maintenance driving an increase in supply. The demand side, however, has remained consistently sluggish. Downstream sectors—such as textiles and chemical fibers—have shown limited tolerance for high-priced raw materials; procurement activities have been dominated by "strictly need-based replenishment" and "buy-as-you-go" strategies, with no signs of concentrated stockpiling. There has been no significant rebound in end-market orders; indeed, the year-on-year decline in profits among textile industrial enterprises during the first quarter further corroborates the lackluster state of demand. The market currently presents a stalemate characterized by "strong cost support versus weak demand follow-through," creating significant resistance to transactions at higher price points. As the month drew to a close, downstream factories showed no inclination to replenish inventories; meanwhile, traders—seeking to accelerate capital turnover—began offloading goods at lower prices, thereby exacerbating the prevailing bearish sentiment in the market.
Looking ahead, the PA6 market is expected to maintain a pattern of narrow consolidation and weak, volatile fluctuations in the short term, with the possibility of a slight downward shift in the price center of gravity. The interplay between marginally weakening cost support and persistently sluggish demand will be the defining dynamic; consequently, future price trends will be highly contingent upon fluctuations in raw material prices and the actual pace of recovery in downstream orders.
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