According to monitoring data from SunSirs, the domestic PA6 market showed a fluctuating downward trend over the past week (June 17–23). As of June 23, the price of PA6 stood at 11,800 RMB/ton, a decline of approximately 1.94% from the 12,033.33 RMB/ton recorded a week earlier. In terms of price ranges, the current price has retreated from the 10-day high to the lower-middle range of the 10-day and 20-day moving averages; furthermore, the price sits at a low level relative to the 30-day, 60-day, and 90-day averages, while remaining in the middle range on a one-year basis. Meanwhile, technical indicators show bearish signals—specifically "1/07" and "1/30" downward crossovers—indicating significant downward pressure on the short-term trend.

Cost Side: Weakness in Caprolactam Drags Down Raw Material Support

Upstream caprolactam trended downward overall this week. With crude oil futures lacking upward momentum and raw materials like pure benzene and cyclohexanone remaining under pressure, spot quotes for caprolactam continued to slide, directly lowering the comprehensive production cost of PA6. As profit margins remain in the processing stage, manufacturers lack the incentive to cut production due to losses; consequently, the cost side offers no floor support but instead continues to exert downward pressure on PA6 spot prices. While the year's low price range slightly limits the extent of the decline, it cannot reverse the bearish sentiment driven by weak costs.

Supply and Demand Side: Ample Supply Persists and Off-Season Downstream Demand Remains Stagnant; Bearish Factors Converge

Supply Side: The domestic PA6 industry maintains a high operating rate, with major production units running stably. Market supply is plentiful, and enterprise inventories continue to accumulate. During the earlier period of price consolidation, the pace of shipments was steady; however, as raw material prices weakened and bearish market sentiment intensified, manufacturers actively lowered prices to clear inventory, further driving down spot prices. There are no signs of relief regarding the oversupply situation.

Demand-side: The market is currently in the traditional off-season for nylon consumption. Operating rates among downstream sectors—such as fiber spinning, modified plastics, and injection molding—remain low, with limited growth in orders for home textiles and engineering components. Downstream processors are maintaining a cautious purchasing stance, adhering to a "buy-as-needed" and zero-inventory strategy without engaging in bulk restocking; consequently, transaction volumes driven by essential demand are insufficient to absorb the market's surplus supply. Following a decline in end-market prices, downstream wait-and-see sentiment has intensified, further contracting trading activity and highlighting the imbalance between supply and demand.

The PA6 market is expected to continue its trend of weak, fluctuating performance in the short term. Upstream cost support is unlikely to strengthen significantly in the near future, supply-side pressure persists, and a substantial surge in downstream demand remains unlikely. In the absence of major positive news to boost the market, PA6 prices may still see a slight downward drift.

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