Recently, the PA66 market has exhibited a volatile, downward-trending trajectory, extending the correction trend observed since late April. According to data from SunSirs, the benchmark price stood at 22,666.67 RMB/ton on May 14; by May 21, it had dropped to 21,833.33 RMB/ton—a decline of approximately 7.09% compared to the beginning of the month. Overall, market prices remain within the mid-to-high range for the year, though they have retreated significantly from the year's peak. The center of gravity for spot quotations continues to drift slightly lower, and overall market trading activity remains relatively sluggish.
On the cost front, adipic acid prices surged by over 50% in the first quarter; however, since April, the market has entered a phase of narrow-range correction, experiencing declines of approximately 2,000 RMB/ton during certain periods. Consequently, overall cost support has marginally weakened. Nevertheless, the energy-related price premium established earlier in the year persists; as the short-term cost baseline is unlikely to shift significantly lower, it continues to provide a certain degree of price floor support. Regarding hexamethylenediamine (HMDA), prices surged dramatically early in the year—rising from a bulk price of 16,300 RMB/ton in East China to nearly 28,000 RMB/ton—though this upward momentum has recently slowed considerably. Of particular note is the announcement on May 20 that Yongrong Holding Group's 30,000-ton/year HMDA production facility (utilizing caprolactam as a feedstock) has successfully completed its commissioning and commenced full-scale operations. This new domestic supply of HMDA is expected to lower raw material costs for PA66 producers and, to a certain extent, alleviate existing bottlenecks in raw material supply.
On the supply front, domestic PA66 production output has remained relatively stable. Manufacturers generally continue to operate at reduced capacity utilization rates; facing persistent cost pressures, some polymerization enterprises still harbor intentions to hold firm on pricing or implement production cuts. Overall spot supply is adequate, though the market is not characterized by a state of loose oversupply. Meanwhile, supplies of imported material remain relatively tight, with prices for such goods hovering at high levels.
Regarding demand, downstream purchasing interest remains persistently weak, resulting in a generally lackluster trading atmosphere. Downstream buyers have largely adopted a strategy of placing "small, necessity-driven orders on an as-needed basis." Consequently, large-volume orders are scarce, and buyers remain cautious in following up on high-priced offers. End-users exhibit a distinct resistance toward high-priced materials, leading to subdued trading activity. Overall, the PA66 market is expected to be characterized by high-level volatility and narrow-range consolidation in the short term. While the price center of PA66 may still have some limited room to edge lower, any decline is projected to be relatively modest; the market is highly likely to maintain its current pattern of weak, stagnant trading.
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