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SunSirs: Demand Weakening, Cost Pressure -bearing, China PA6 was High Callback

January 08 2021 13:10:49     SunSirs (Selena)

According to the data of SunSirs, the domestic PA6 market remained stable at a high level in December, and the spot price had a correction in the latter half of the year. As of January 1, 2021, the mainstream offer price of Zhongyou 2.75-2.85 was about 12,933.33 RMB/ ton, up 2.92% from the average price in early December, 2020.

In terms of upstream caprolactam, the domestic caprolactam market rebounded after rising in December, caprolactam continued to be in short supply in the first and middle of the year, and the spot price rose steadily. The average price on December 23 was 11,400 RMB/ ton. With the restart of maintenance equipment in the early stage, the supply of goods increased in the last ten days, and the effect began to appear, and the price gradually fell. Raw material pure benzene continued to rise in early December, supported by the external market. In the later period, due to the decline of crude oil, the continuous decline of styrene price and the increase of inventory pressure of pure benzene of northern factories, pure benzene was under pressure. At present, the pure benzene market is volatile, and the cost of caprolactam is generally supported.

Raw material caprolactam market fell after rising, the cost of PA6 support in general. In December, 2020, the market of PA6 was generally strong, and all brands of products still rose in the first and middle of December, 2020. PA6 had a certain increase in the early stage, and the price was at a high level. Due to the pressure on the cost surface of some polymerization plants and the weakening of downstream demand, some polymerization plants passively reduced the load. Downstream factories and traders were resistant to the high price of goods. They preferred to buy on the cheap and purchase cautiously.

SnSirs analysts believe that: in December, 2020, the domestic PA6 market remained strong at a high level, and fell back at the end of the month. Upstream caprolactam supply increased, stagflation callback, the cost of PA6 support weakened. PA6 has both cost side pressure and shrinking demand in the short term. It is expected that the spot price of China PA6 will continue to be weak.


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