In June 2026, the domestic PA6 market exhibited a weak, three-stage trend: a sharp drop at the beginning of the month, a slight recovery in the middle, and a renewed decline towards the end, with the overall price level trending downward throughout the month. The market benchmark price stood at 12,300 RMB/ton on June 1. It fell rapidly during the first ten days, dropping to 11,700 RMB/ton by June 4—a weekly decline of 4.88%. Prices rebounded slightly in mid-June, driven by concentrated restocking by factories, rising to 12,033.33 RMB/ton on June 16. However, weak demand follow-through caused the market to soften again in late June; the price fell to 11,633.33 RMB/ton by June 30, marking a cumulative monthly decline of 5.42%.
In terms of price cycles, the current PA6 price sits in the middle range of its one-year performance, though it has dropped to the low end across 10, 30, 60, and 90-day cycles. The 10-day moving average continues to cross below the 20-day moving average, signaling a clear medium-to-long-term downward trend; overall market trading is driven primarily by essential needs but remains sluggish, with no sustained rebound.
Raw material prices continue to weaken, resulting in overall poor cost support. Upstream caprolactam costs are trending downward: prices for raw materials such as pure benzene and cyclohexanone fluctuated lower in June, dragging down caprolactam spot prices. The declining cost of polymerization raw materials exerts persistent downward pressure on PA6. With no concentrated maintenance in the upstream sector and ample supply, there is no clear logic for a caprolactam price hike, making it difficult for the cost side to provide a strong floor for prices.
On the supply side, goods are plentiful and inventories continue to accumulate. The PA6 industry maintained high operating rates throughout June; major facility maintenance occurred earlier in the first half of the year, and there were no large-scale shutdowns or load reductions in June. Upstream caprolactam supply is loose, and polymerization plants are maintaining stable production schedules, resulting in abundant circulating stock. Inventories at both factories and trading firms continue to build up; holders are keen to sell, making price concessions to move goods the norm. The slight rebound in mid-month was driven solely by short-term, concentrated restocking; as there was no contraction in supply, the rebound lacked a solid foundation.
On the demand side, the off-season was dominated by essential needs rather than concentrated restocking. June marked the start of the traditional demand off-season for downstream sectors, with textile operating rates remaining low. Downstream enterprises maintained conservative purchasing strategies, strictly adhering to a "buy-as-needed" approach and placing only small orders to meet immediate requirements. Following a brief period of restocking in mid-month, the volume of large-order transactions shrank rapidly, and high-priced goods faced significant resistance. With no momentum to drive sustained price increases, the market quickly resumed its downward trend after the brief rebound.
In the short term, the domestic PA6 market is expected to remain weak, continuing its downward drift and bottoming out at low levels. Regarding costs, there are no clear drivers for a rise in caprolactam prices, and the weakness in raw materials is unlikely to change soon. On the supply-demand front, there has been no significant improvement in the fundamentals—characterized by ample supply and sluggish off-season downstream demand. Moving averages remain in a bearish alignment, with the 10-day moving average consistently below the 20-day moving average, signaling a downward trend. Although prices have entered the low range seen over the past 90 days—limiting the scope for a sharp drop—the lack of support from either demand or raw materials makes a sustained reversal or rebound unlikely; the market will most likely continue to experience a slow, grinding decline and fluctuate at low levels.
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