Cost-Driven Downward Pressure: Caprolactam Prices Decline Sharply (Nov 6–12, 2026)

1. Market Focus This Week

① Sinopec lowered its posted price for pure benzene to 7,900 RMB/ton, resulting in a significant drop in raw material prices.
② Raw material pure benzene prices dropped sharply this week, intensifying negative impacts from the cost side and causing caprolactam prices to continue following the downward trend.
③ Weekly caprolactam production was 119,700 tons, while PA6 chip production reached 115,700 tons. The operating load for nylon filament stood at 66%.

2. Weekly Market Analysis

This period (November 6–12, 2026) saw a decline in domestic caprolactam market prices. The average spot price in the East China market was 11,880 RMB/ton, representing a week-on-week decrease of 9.17%. On Thursday, November 12, the spot price for caprolactam in East China was 11,880 RMB/ton (delivered, acceptance bill).

Caprolactam market prices continued to fall significantly during this period. The primary bearish factor remains on the cost side, as Sinopec repeatedly adjusted its posted pure benzene price down to 7,900 RMB/ton, exacerbating cost-side pressure. Caprolactam prices followed the sharp downward adjustment of the pure benzene market, with spot transaction prices in East China concentrated around 11,400 RMB/ton (delivered, acceptance bill). Towards the end of the week, the pure benzene market stabilized, and trading sentiment for downstream PA6 chips improved, leading caprolactam to stabilize and adopt a wait-and-see approach.

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

3. Analysis of Market Influencing Factors

1. The gross margin for caprolactam production was -1,131 RMB/ton this period, a decrease of 89 RMB/ton compared to the previous period. The gross margin for caprolactam units was 751 RMB/ton, down 75 RMB/ton from the previous period.
2. Caprolactam production totaled 119,700 tons this period, a decrease of 3,100 tons compared to the previous period. The capacity utilization rate for caprolactam was 68.99%, down 1.8 percentage points from the previous period.
3. Caprolactam inventory stood at 32,500 tons this period, a decrease of 7,500 tons compared to the previous period.

4. Next Week Market Forecast

The caprolactam market is expected to remain stable with an upward trend in the next period. Key focus areas include:

1. Cost Side: Crude oil prices still have downside potential, continuing to weaken support for pure benzene. Import arrivals at East China ports for pure benzene are expected to increase, leading to a looser supply situation. Although there is demand for replenishment stocks at low prices due to rigid needs, it is difficult to generate sustained upward momentum under expectations of inventory accumulation. The reference spot price for East China next week is estimated at 7,800–8,100 RMB/ton.
2. Supply Side: Caprolactam supply volume will slightly decrease, and enterprise inventories are reducing, suggesting a tightening supply pattern for next week.
3. Demand Side: After falling, raw material prices have stabilized, and downstream procurement sentiment at low levels has improved.

Overall, if costs continue to stabilize or strengthen next week, the caprolactam market is expected to follow suit and improve. The estimated spot price for East China is 11,500–11,600 RMB/ton (delivered, acceptance bill).