1. Today's Summary

① Sinopec raised pure benzene prices by RMB 300/mt at its refineries in East China, South China, and Central China, with the new price set at RMB 9,350/mt, effective September 9.

② Sinopec's weekly settlement price for caprolactam in the first week of September is RMB 13,960/mt (six-month acceptance bill, interest-free).

2. Spot Market Overview

Table 1 Domestic Caprolactam Price List (Unit: RMB/mt)

Source: Chempricehub Information

Today, the East China caprolactam price held at RMB 14,000/mt on an acceptance, delivered basis, flat versus the previous working day. The upstream pure benzene market remained strong, with Sinopec raising its pure benzene listed price again to RMB 9,350/mt. With caprolactam costs staying high, spot prices mainly held firm, with some East China spot offers tentatively centered around RMB 14,000/mt on an acceptance, delivered basis.

3. Production Updates

Today, the caprolactam capacity utilization rate stood at 68.37%, against a total capacity base of 8.24 million mt. In terms of profitability, the gross margin from caprolactam production was RMB -1,293/mt today, while the gross margin from caprolactam unit operation was RMB 244/mt.

4. Price Forecast

With upstream pure benzene prices continuing to climb, cost-side support remains robust. Caprolactam prices are expected to follow the upward trend in the near term, although downstream buyers are increasingly adopting a wait-and-see stance at elevated price levels.

5. Related Product Market Conditions

Pure benzene: The East China pure benzene market extended its strong gains today, with mainstream negotiated prices at RMB 9,380-9,500/mt, broadly in line with the morning forecast. Sellers showed a strong inclination to support prices, and low-priced offers were hard to find in the market. Port inventories remained at low levels, and the tight supply situation for spot cargoes persisted. Although downstream players are under loss-making pressure, purchases for rigid demand remain sustainable, and operating rates of some downstream products have ticked up. The geopolitical risk premium, together with the low-inventory landscape, continues to underpin the firm price performance.

PA6 chips: With Sinopec's pure benzene listed price raised, polymerization costs strengthened. Downstream buying remained largely need-based, and fundamental changes in the market were limited. Supported by costs, PA6 chips moved broadly upward during the day. Today, conventional-spinning PA6 chips (standard grade) were mainly at RMB 14,300-14,600/mt on a cash, short-distance delivery basis, while high-speed-spinning spot chips were at RMB 14,500-14,600/mt on an acceptance, delivered basis.

6. Data Calendar

Table 4 Domestic Caprolactam Data Overview (Unit: 10,000 mt)

Source: Chempricehub Information

Notes:

1. ↓/↑ denotes a sharp fluctuation, highlighting data items with a change of more than 3%.
2. ↗/↘ denotes a narrow fluctuation, highlighting data items with a change within 0-3%.