Weakening Cost Support Drives Down Caprolactam Prices (Oct 23–29, 2026)

1. Key Market Focus This Week

① Sinopec lowered its posted price for pure benzene by 300 yuan/ton to 10,300 yuan/ton, weakening cost support.
② Prices of pure benzene and sulfur declined, while caprolactam supply remained relatively loose, putting downward pressure on caprolactam prices.
③ This week’s caprolactam output was 122,800 tons, and polyamide 6 chip production reached 116,600 tons. The operating rate for nylon filament was 67%.

2. Weekly Market Analysis

During the period from October 23 to October 29, 2026, the caprolactam market operated under pressure. The average spot price in the East China market was 13,850 yuan/ton, a decrease of 2.02% compared with the previous period. On Thursday, October 29, the East China spot price for caprolactam stood at 13,650 yuan/ton (acceptance delivery).

The caprolactam market continued to face pressure this period. At the beginning of the week, some suppliers attempted to maintain prices; however, insufficient bullish support persisted. The upstream pure benzene market fluctuated lower, and the sulfur market weakened amid consolidation, leading to reduced cost support for caprolactam. Additionally, recent caprolactam supply became slightly more abundant, and downstream buyers adopted a cautious stance, offering lower bids. Consequently, market prices stagnated around 13,900 yuan/ton as participants waited and watched. On Thursday, Sinopec cut its posted pure benzene price by 300 yuan/ton to 10,300 yuan/ton, causing costs to drop further. Under this renewed pressure, the caprolactam market trended weaker, with prices falling to 13,650 yuan/ton.

Domestic Caprolactam Price Change Comparison Table (Unit: Yuan/Ton)

3. Analysis of Market Influencing Factors

1. The gross profit margin for caprolactam production was -1,424 yuan/ton, a decrease of 111 yuan/ton from the previous period. The gross profit margin for caprolactam units was 384 yuan/ton, down 110 yuan/ton from the previous period.
2. Caprolactam output totaled 122,800 tons, an increase of 1,300 tons from the previous period. The capacity utilization rate for caprolactam was 70.79%, up 0.76 percentage points from the previous period.
3. Caprolactam inventory remained stable at 44,000 tons, unchanged from the previous period.

4. Next Week's Market Forecast

It is expected that the caprolactam market will continue to operate under pressure next period. Key areas of focus include:

1. Cost side: The pure benzene market is experiencing a tug-of-war between bullish and bearish factors. It is projected to maintain high-level wide-range fluctuations next week, with the reference negotiation range for East China spot prices estimated at 9,500–10,200 yuan/ton.
2. Supply side: The overall supply landscape for caprolactam remains relatively loose. Although some maintenance plans are scheduled for November, there are also expectations for restored incremental supply. The volume of commodity supply is still anticipated to be ample, constraining the market.
3. Demand side: Downstream demand currently lacks improvement drivers, with participants maintaining a cautious attitude.

In summary, cost support for the caprolactam market is weakening, and the supply landscape remains loose. Therefore, the market is expected to continue operating under pressure next week, with East China spot prices likely ranging between 13,500 and 13,700 yuan/ton.