In May 2026, the domestic PA66 market generally exhibited a pattern of volatile decline. Throughout the month, the market continued the downward correction trend observed since late April; the center of gravity for prices consistently shifted lower, and overall market trading activity remained sluggish. SunSirs' benchmark price for PA66 stood at 23,500 RMB/ton at the beginning of the month; by May 28, the latest quoted price had fallen to 21,033.33 RMB/ton, marking a cumulative decline of over 10% for the entire month. While current prices remain within the mid-to-high range for the year, they have retreated significantly from the year's peak.
II. Analysis of Causes
Weakening support from the cost side serves as the primary drag on the market. Adipic acid prices surged by over 50% in the first quarter; however, after April, the market entered a phase of narrow-range correction—dropping by approximately 2,000 RMB/ton during certain periods—resulting in a marginal weakening of overall cost-side support. Similarly, while hexamethylenediamine (HMDA) prices rose sharply at the beginning of the year, the upward momentum has slowed down noticeably in recent times. Notably, on May 20, Yongrong Holdings’ 30,000-ton/year HMDA production project (derived from caprolactam) successfully came online and commenced full-scale operations; this added to the domestic supply of HMDA, thereby alleviating raw material supply bottlenecks to a certain extent. Spot prices for butadiene, HMDA, and adipic acid all exhibited volatile downward trends, leaving the cost side unable to provide adequate support for PA66 prices.
On the supply side, production remains constrained, though not to the point of severe tightness. Manufacturers generally continue to operate at reduced capacity utilization rates; due to lingering cost pressures, some polymerization enterprises still harbor intentions to hold firm on prices or further cut production. Meanwhile, imported supplies remain relatively tight, keeping import prices at elevated levels.
Persistent weakness on the demand side constitutes the immediate downward pressure. Downstream buyers exhibit low purchasing enthusiasm, generally adopting a strategy of placing "small orders based strictly on immediate, essential needs" and purchasing on a "just-in-time" basis. Large-volume orders have become scarce, and buyers remain cautious about following through on high-priced offers. End-users display a distinct resistance toward high-priced supplies, resulting in sluggish trading activity and an overall subdued market atmosphere.
III. Market Outlook
Looking ahead, the PA66 market is expected to undergo high-level volatility and narrow-range consolidation in the short term. While the price center 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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