Costs Oscillate at High Levels; Caprolactam Remains in Consolidation Mode with a Wait-and-See Outlook (Oct 9–15, 2026)

1. Key Market Focus for the Week

① Sinopec raised its posted price for pure benzene to 10,800 RMB/ton. Rising costs continue to provide support for caprolactam prices.

② Caprolactam producers intend to raise prices in line with cost increases, but downstream follow-through remains slow, causing the market to consolidate under pressure.

③ This week’s caprolactam production was 122,800 tons, and PA6 chip production was 116,300 tons. The operating load for nylon filament was 67%.

2. Weekly Market Analysis

This period (October 9–15, 2026) saw the domestic caprolactam market primarily consolidating. The average spot price in the East China market was 14,200 RMB/ton, up 0.59% from the previous period. On Thursday, October 15, the spot price for caprolactam in East China stood at 14,200 RMB/ton (acceptance payment, delivered).

The caprolactam market trended slightly stronger while consolidating. The upstream pure benzene market remained firm, with Sinopec raising its posted price to 10,800 RMB/ton. Consequently, caprolactam production costs continued to climb, placing significant pressure on producers’ margins and leading them to adjust their quotations upward. However, downstream buyers have been cautious in following these price hikes, offering lower bid prices. Negotiations for spot materials have become stale, and the market continues to reflect a tug-of-war between cost pressures and supply-demand dynamics. As of Thursday, the caprolactam price in East China remained stable at 14,200 RMB/ton (acceptance payment, delivered).

Domestic Caprolactam Price Change Comparison Table (Unit: RMB/ton)

3. Analysis of Market Influencing Factors

1. The gross profit margin for caprolactam production this period was -2,073 RMB/ton, an increase of 400 RMB/ton compared to the previous period. The gross profit margin for caprolactam plants was -212 RMB/ton, an increase of 409 RMB/ton compared to the previous period.

2. Caprolactam production this period was 122,800 tons, a decrease of 1,900 tons compared to the previous period. The capacity utilization rate for caprolactam was 70.78%, down 1.09 percentage points from the previous period.

3. Caprolactam inventory this period was 45,500 tons, unchanged from the previous period.

4. Next Week Market Forecast

The caprolactam market is expected to consolidate next period. Key factors to watch include:

1. Cost Side: Pure benzene supply and demand are both declining. Refineries are reducing loads defensively, tightening supply, while downstream losses and reduced production are weakening demand, narrowing the supply gap. Due to timing differences in deliveries, actual de-stocking has occurred at East China ports, maintaining a tight spot market structure that supports near-month prices. The negotiated price range for pure benzene in East China next week is projected to be 10,000–10,500 RMB/ton.

2. Supply Side: Facing high cost pressures, caprolactam producers are inclined to hold prices steady. Although some supply reduction has occurred, recent supply conditions have been relatively loose, providing limited support to prices.

3. Demand Side: Downstream polymerization enterprises remain cautious about purchasing raw materials at higher prices. While prices for conventional PA6 chips have seen some follow-through increases, the market for high-speed spinning chips remains weak. Overall, the stalemate in the caprolactam market is likely to persist, with East China spot prices expected to consolidate around 14,200 RMB/ton next week.