① Sinopec's pure benzene listed price was first lowered to 9,600 yuan/ton and then raised to 9,900 yuan/ton, with costs remaining overall at high levels.
② Caprolactam enterprises continue to face cost pressures, but the supply landscape has shifted toward looseness, exerting a bearish impact on prices.
③ This week’s caprolactam output was 121,200 tons, and PA6 chip output was 116,900 tons. The operating load for nylon filament was 67%.
This period (September 18–24, 2026) saw the caprolactam market fluctuate downward. The average spot price in East China was 14,138 yuan/ton, down 1.27% week-on-week. On Thursday, September 24, the spot price of caprolactam in East China was 13,800 yuan/ton (acceptance delivered).
Caprolactam prices declined this period. The upstream pure benzene market fell before rising, keeping costs at high levels and maintaining significant pressure on caprolactam producers' margins. However, as some previously shut-down units restarted, caprolactam supply gradually increased, shifting the supply landscape toward looseness and constraining spot prices. Additionally, downstream PA6 chip prices fell, leading polymerization enterprises to adopt a bearish sentiment and lower their bid prices for raw materials. Consequently, the caprolactam market operated under pressure, with the price center gradually declining. As of Thursday, the spot price of caprolactam in East China stood at 13,800 yuan/ton (acceptance delivered).
Comparison Table of Domestic Caprolactam Price Changes (Unit: Yuan/Ton)
| Product | Region/Category | Current Period Average | Previous Period Average | Change Value | Change Rate | Unit |
|---|---|---|---|---|---|---|
| Caprolactam | Liquid Spot (East China) | 14138 | 14320 | -182 | -1.27% | Yuan/Ton |
The production gross margin for caprolactam this period was -1,435 yuan/ton, a decrease of 128 yuan/ton from the previous period. The unit margin for caprolactam plants was 187 yuan/ton, down 56 yuan/ton from the previous period.
Caprolactam output this period was 121,200 tons, an increase of 1,100 tons from the previous period. The capacity utilization rate for caprolactam was 69.86%, up 0.64 percentage points from the previous period.
Caprolactam inventory this period was 23,000 tons, an increase of 3,500 tons from the previous period.
The caprolactam market is expected to enter a consolidation phase next week with ongoing supply-demand tug-of-war. Key focus areas include:
Cost Side: The contradiction between continuously increasing pure benzene supply and insufficient real demand is becoming apparent. The logic supporting prices through delivery short-covering will fade, putting downward pressure on the market center. Overall, the pure benzene market is expected to end its previous strength and turn to decline from high levels next week.
Supply Side: Caprolactam supply is expected to continue recovering, maintaining a loose supply landscape that may further constrain prices.
Demand Side: Following the decline in downstream PA6 chip prices, the price spread between chips and caprolactam has narrowed. Downstream buyers are expected to remain cautious about purchasing raw materials at high prices.
Overall, while costs remain high, the caprolactam market faces supply-demand pressures. Next week, the spot price of caprolactam in East China is expected to fluctuate within the range of 13,700–13,900 yuan/ton.
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