In June, the domestic PA66 market exhibited a fluctuating downward trend, extending the decline seen in May. The benchmark price tracked by SunSirs started the month at 20,766.67 RMB/ton and fell to 18,466.67 RMB/ton by June 30, marking a cumulative monthly drop of approximately 11.08%. Trading activity remained sluggish throughout the month with no significant volume spikes; the market overall remained weak, struggling to find a bottom. Current prices sit in the median range for the year—having retreated sharply from the annual high—though there is still some room for further decline toward the annual low.
Weakening cost support was the primary drag on the market. Adipic acid prices continued to fall in June, dropping nearly 10% over the month; declining prices for pure benzene and crude oil kept adipic acid production costs low. Meanwhile, the commissioning of Yongrong’s 30,000-ton/year hexamethylenediamine (HMDA) unit eased the previous supply crunch, causing spot prices to edge down; the decline in both key raw materials continued to erode cost support for PA66.
On the supply side, ample inventory and the resolution of earlier plant maintenance issues—combined with the release of new HMDA capacity—ensured a loose supply of upstream raw materials, allowing polymerization plants to maintain stable production schedules. Inventories at both factories and trading firms gradually accumulated, increasing pressure to move stock; sellers frequently offered price concessions to facilitate sales. There was no supply tightness to support prices, and no fundamental drivers for a contraction in overall supply.
Persistent sluggishness in demand acted as a direct bearish factor. June marked the traditional off-season for downstream demand; downstream enterprises showed clear resistance to high spot prices, adhering strictly to a "small-order, just-in-time" purchasing strategy. There was no significant restocking activity, and large-volume transactions were rare. High-priced goods faced immense resistance in the market, and demand failed to provide any price support. Looking ahead, the domestic PA66 market is expected to remain weak in the short term, characterized by narrow fluctuations and stagnation at low levels; while there is still room for a slight downward drift in prices, the likelihood of a sharp decline is low. On the cost side, raw material prices have stopped falling and stabilized, providing a floor that limits any steep drop; however, the fundamentals—marked by loose supply-demand dynamics and an off-season demand slump—are unlikely to improve in the near term. Without significant positive catalysts, a trend-driven rebound is improbable, and the market will likely remain in a sluggish state of "quoted prices with little actual trading" (low liquidity) while bottoming out. A potential upturn will depend on either concentrated restocking by downstream sectors or a substantial rebound in raw material prices.
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