[Weekly Review of Polyamide 6]: Lackluster Market Activity; PA6 Chip Prices Edge Lower (20261016-1023)

Prices for standard PA6 spinning chips weakened slightly this week. As of Thursday this week, standard-grade PA6 spinning chips in East China were priced at 14,600–14,700 yuan/metric ton, payable in cash with short-distance delivery. With weak follow-through demand from the polymer downstream sector, manufacturers have largely adopted a wait-and-see attitude toward chips. Additionally, spot prices for caprolactam declined during the week, weakening cost support for chips. Influenced by both bullish and bearish market forces, standard PA6 spinning chips trended downward with volatility this week.

PA6 high-speed spinning chips remained largely weak this week. As of Thursday, the spot price for premium-grade PA6 high-speed spinning  chips in East China stood at 14,800–14,900 yuan per metric ton, delivered with a bank acceptance bill. End-user demand remained sluggish, with downstream spinning mills primarily purchasing chips on an as-needed basis. Additionally, cost-side support weakened compared to previous periods, driving a slight decline in PA6 high-speed spinning chip prices during the week.

3. Analysis of Market Influencing Factors

(1) During this reporting period (October 16–22, 2026), the caprolactam market trended downward. The average spot price in the East China market was 14,140 yuan/metric ton, down 0.42% from the previous period. On Thursday, October 22, the spot price of caprolactam in the East China market was 14,000 yuan/metric ton, delivered with a bank acceptance bill. The caprolactam market faced downward pressure and trended lower during this period. The upstream pure benzene market fluctuated and retreated; Sinopec's listed price for pure benzene was reduced by 200 to 10,600, and spot prices generally trended lower. The sulfur market continued its downward trend, weakening cost support for caprolactam and exerting a bearish influence on downstream sentiment. Caprolactam supply has decreased slightly, resulting in a weakly balanced supply-demand situation. Companies are currently finding it difficult to effectively reduce inventories, putting pressure on the market and causing caprolactam prices to gradually decline. As of Thursday, the spot price of caprolactam in the East China market stood at 14,000 yuan/metric ton, delivered with an accepted bill of exchange.

(2) As of October 22, 2026, the spot price for liquid caprolactam in the East China market stood at 14,140 yuan/metric ton (delivered, payment by accepted bill); the price for standard PA6 spinning chips ranged from 14,300 to 14,700 yuan/metric ton (ex-factory, cash payment). Based on these figures, the weekly average profit margin for standard PA6 spinning chips was -260 yuan/metric ton. As of October 22, 2026, the spot price for liquid caprolactam in East China stood at 14,140 yuan/metric ton (delivered with accepted bill of exchange), while Sinopec’s weekly settlement price for caprolactam in the second week of October was 14,670 yuan/metric ton. quotes for premium-grade PA6 high-speed spinning chips ranged from 14,800 to 14,900 yuan per metric ton, delivered to East China via accepted bill of exchange. Based on these figures, the average weekly profit for premium-grade PA6 high-speed spinning chips was -625 yuan per metric ton.

4. Next Week's Forecast:

The PA6 chip market is expected to remain largely in a state of give-and-take next week. The mainstream price for conventional spinning chips is projected to range from 14,500 to 14,600 yuan per metric ton, paid in cash with short-distance delivery; the mainstream price for high-speed spinning chips (premium grade) is projected to range from 14,800 to 14,900 yuan per metric ton, delivered with a bank acceptance bill. Key Focus: 1. Cost Side: Following partial production cuts by caprolactam producers, the supply landscape remains in a state of weak equilibrium overall; however, inventory is unlikely to be effectively reduced in the near term, and localized sales pressure persists. 2. Supply: With the restart of some polymerization lines in Shandong, market supply has increased compared to previous periods. 3. Demand: End-user demand has not shown significant improvement, and the market is largely purchasing chips on an as-needed basis. In summary, the PA6 chip market is expected to remain in a state of market equilibrium next week.

5. Impact on the Flame Retardant Market and Countermeasures

This week, trading activity across the PA6 industry chain was generally sluggish, with chip prices edging lower. Additionally, profit margins for both conventional spinning and high-speed spinning chips turned negative (at -260 yuan/metric ton and -625 yuan/metric ton, respectively). As a key auxiliary additive for PA6 engineering plastics and spinning, the flame retardant market will be affected by the following ripple effects:

(1) Intensified pressure for price reductions from buyers: With profits at downstream modification plants and spinning enterprises under pressure, these companies will inevitably exert pressure on upstream flame retardant suppliers, demanding price reductions or more cost-effective alternatives.

(2) Delayed demand release: Against the backdrop of weakening chip prices, downstream customers are primarily focused on depleting existing inventory, and the pace of new orders for high-priced halogen-free flame retardants (such as ADP) or bromine-antimony systems will slow significantly.

(3) Recommendations: Flame retardant manufacturers should proactively assist customers in optimizing formulation costs. For example, they could promote the “ADP+MCA” blending solution to reduce the usage of high-priced ADP, or prioritize recommending cost-effective composite antimony/ATO alternatives. At the same time, it is recommended to focus on high-value-added modified PA6 segments, such as new energy applications (e.g., charging stations and photovoltaic connectors), to offset the decline in demand from traditional spinning and conventional injection molding sectors, while remaining vigilant against the risk of delayed payments resulting from extended credit terms in the downstream market.