Last week, prices in the polyamide filament market followed a trend of "weak decline followed by stabilization at a low level," with prices across the entire product range weakening in unison.

Polyamide DTY (Jiangsu 70D/24F Semi-dull): Quoted at 17,560 RMB/ton at the start of the week; on May 11, the price fell to 17,200 RMB/ton—marking a weekly decline of 2.05%—and remained stable thereafter through the 15th.

Polyamide POY (Jiangsu 86D/24F Semi-dull): Quoted at 15,450 RMB/ton at the start of the week; on May 11, the price dropped to 15,050 RMB/ton—a weekly decline of 2.59%—and continued to trade at this lower level subsequently.

Polyamide FDY (Fujian 40D/12F Semi-dull): Quoted at 18,175 RMB/ton at the start of the week, prices fell to 17,775 RMB/ton on May 11—marking a weekly decline of 2.20%—with no significant fluctuations observed thereafter.

Overall, the pace of price declines last week was highly consistent; all products completed their current round of price adjustments on May 11 before entering a phase of sideways consolidation. This reflects a market consensus regarding the interim pricing for the current weak market conditions.

Upstream Raw Materials: Cost Support Continued to Be Weak

1. Caprolactam (CPL)

As the primary feedstock at the upstream end of the polyamide industry chain, the caprolactam market continued its weak performance last week, with prices lacking upward momentum. On one hand, the upstream pure benzene market experienced weak fluctuations, resulting in insufficient cost-side support from raw materials. On the other hand, operating rates within the caprolactam industry remained at moderately high levels, ensuring relatively ample market supply; consequently, spot prices struggled to achieve any significant upward movement, thereby directly undermining the cost basis for polyamide chips.

2. Polyamide PA6 Chips

Last week, the market for polyamide PA6 chips was characterized primarily by sideways consolidation, reflecting an overall landscape of "weak supply and weak demand." On the cost side, prices were dragged down by a softening caprolactam market, resulting in limited cost support. Regarding supply, overall industry availability remained ample; some enterprises continued to face inventory pressure and demonstrated a strong willingness to offload stock. Conversely, demand follow-through was sluggish, with downstream factories maintaining a slow pace of procurement. Consequently, chip prices lacked upward momentum—mostly fluctuating within a narrow range—and failed to provide effective cost support for polyamide filament.

Downstream Demand: Dominated by Essential Needs; Positive Catalysts Were Scarce

Last week, demand in the downstream market for polyamide filament remained lackluster. The overall operating rate among end-use weaving enterprises remained at a low level; procurement activities were driven primarily by immediate, essential needs, with no significant large-scale restocking observed.

On one hand, downstream textile enterprises are seeing insufficient follow-through on orders; foreign trade orders remain weak, and the domestic market has yet to show clear signs of a peak season. Consequently, corporate purchasing confidence is low, leading most firms to adopt a "buy-as-needed" strategy and maintain inventory at low levels.

On the other hand, downstream sectors possess limited capacity to pass on polyamide filament price increases. With profit margins on end products being squeezed, companies have become increasingly sensitive to procurement costs; they are more receptive to—and indeed welcome—declines in raw material prices. Lacking the incentive to proactively restock inventory, these firms are unable to generate sufficient demand-side support for polyamide filament.

Market Summary and Outlook

Last week, the polyamide filament market exhibited a state of "weak equilibrium" characterized by lackluster cost support, ample supply, and sluggish demand. Following an initial price drop, prices stabilized at a low level—a trend reflecting the market's absorption of the current supply-demand imbalance. In the short term, the upstream raw materials sector currently lacks any significant bullish signals, implying that cost support will likely remain weak. On the downstream side, absent any stimulus from new orders, the prevailing pattern of purchasing strictly for immediate necessities is unlikely to change; consequently, the polyamide filament market may continue its weak, consolidating trend. Market participants should remain vigilant regarding fluctuations in raw material prices and shifts in downstream order volumes.

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