Lead: In the first half of 2026, the supply-demand dynamics of the caprolactam industry chain, both domestically and internationally, intensified. Under the pressure of high costs and sluggish demand, both imports and exports of caprolactam saw varying degrees of decline year-on-year.
In the first half of 2026, caprolactam imports decreased year-on-year. According to customs statistics, the cumulative import volume of caprolactam from January to June 2026 was 57,100 tons, a decrease of 24,700 tons compared to the same period last year, a decline of 30.20%. With the continuous growth of domestic caprolactam production capacity, the self-sufficiency rate for caprolactam remains high, and the gap in demand for foreign supply continues to shrink.
Regarding the sources of caprolactam imports, Russia has been a stable import source for China's caprolactam in recent years. However, in 2026, due to rising energy costs, prices of Russian supply were also at high levels during certain periods. Domestic downstream enterprises prioritized domestic raw materials, leading to a decrease in supplementary imports.
In the first half of 2026, caprolactam exports also declined year-on-year. According to customs statistics, the cumulative export volume from January to June 2026 was 82,600 tons, a decrease of 18,300 tons compared to the same period last year, a decline of 18.15%. On one hand, the operating rate of domestic caprolactam plants decreased in the first half of the year, resulting in a tight domestic supply. On the other hand, demand in regions such as India, Taiwan (China), and Vietnam shrank, leading to a decrease in caprolactam demand.
Looking at export trading partners for caprolactam, demand from traditional core overseas markets partially decreased. Specifically, export volumes to Taiwan (China), India, and Vietnam fell in the first half of 2026, with a particularly pronounced contraction in the first quarter.
From the perspective of export registration locations, self-operated exports from northern production enterprises in Hebei, Shandong, and Henan increased. The total export volume from these regions in the first half of the year was 386,000 tons, accounting for 46.7% of the total export volume in the first half. Export volumes from Fujian and Shanghai declined.
Looking ahead to the second half of the year, the import and export markets for caprolactam are expected to show divergent trends. Given the current high domestic self-sufficiency rate, domestic enterprises will continue to prioritize domestic supply, and import volumes are likely to remain low. On the export side, there are opportunities for phased boosts, and growing demand in regions such as Thailand may provide support for the annual export volume of caprolactam.
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