I. Market Review

In May 2026, the domestic PA6 market exhibited a unilateral and accelerating downward trend. According to monitoring by SunSirs, the benchmark price for PA6 fell continuously from approximately 13,400 RMB/ton at the beginning of May, dropping to 12,300 RMB/ton by May 27—a cumulative decline of approximately 8.21% for the month. Prior to mid-May (May 4–15), prices retreated from 13,400 RMB/ton to around 13,166.67 RMB/ton, characterized primarily by weak, fluctuating movements. In the latter half of the month, the downward trend widened significantly; within a mere three days (May 19–21), the benchmark price plunged from 12,866.67 RMB/ton to 12,566.67 RMB/ton.

II. Analysis of Causes

A collapse in the cost side constituted the core source of pressure. Upstream pure benzene prices were lowered multiple times throughout May; effective May 26, Sinopec's refineries across East, South, and Central China implemented a price of 8,000 RMB/ton—a reduction of 300 RMB/ton from the previous rate—which fueled a persistently weak market sentiment. Dragged down by this factor, the benchmark price for caprolactam—the core raw material—tumbled from 12,887.50 RMB/ton at the start of the month to around 11,725 ​​RMB/ton by month-end, marking a cumulative decline of approximately 9.02%. Sinopec's monthly settlement price for caprolactam in May was set at 12,340 RMB/ton—a substantial reduction of 1,230 RMB/ton compared to the previous month—which exerted significant bearish pressure on the cost fundamentals of PA6.

Loose supply conditions and high inventory levels exacerbated price pressures. End-market demand remained persistently weak; downstream textile and chemical fiber enterprises showed sluggish follow-through on orders, limiting purchases to immediate, essential needs only. With large-volume orders becoming scarce, inventories continued to accumulate, making it significantly more difficult for polymerization plants to move their stock.

Industry-wide financial losses further compelled prices to remain under pressure. Caught in a pincer movement of continuously falling raw material prices and aggressive price-cutting by downstream buyers, most domestic PA6 polymerization enterprises producing conventional spinning chips are currently operating at a loss. Their inventory-reduction strategy—prioritizing sales volume over price—has further depressed spot market prices.

III. Market Outlook

Looking ahead, the domestic PA6 market is unlikely to experience a turnaround in June; instead, it is expected to maintain its current pattern of weak consolidation. While there remains room for the price center of gravity to drift lower, the magnitude of the decline is likely to be narrower than that observed in May.

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