Last week (March 17-23, 2025), the upstream raw material caprolactam market continued to fall under pressure, and the nylon PA6 chip market continued to decline. The cost side support was lacking, and downstream demand did not improve, showing a weak performance. Downstream purchases were made on demand, and on-site actual transactions were limited. Many operators held a cautious and wait-and-see attitude, and some nylon filament manufacturers on the demand side offered discounts to sell, causing the nylon fiber market price to continue to decline.

According to the Commodity Market Analysis System of Shengyi Society, the monthly average price of nylon filament continued to decline last week (March 17-23, 2025). As of March 23, 2025, the price of nylon filament DTY (premium product; 70D/24F) in Jiangsu region is 16080 yuan/ton, a decrease of 320 yuan/ton from last week, a weekly decrease of 1.95%; Nylon POY (premium product; 86D/24F) is priced at 13750 yuan/ton, a decrease of 300 yuan/ton from last week, with a weekly decrease of 2.14%; The price of nylon FDY (premium product: 40D/12F) is reported at 16725 yuan/ton, a decrease of 300 yuan/ton from last week, with a weekly decline of 1.76%.

Raw material caprolactam continues to decline

In terms of cost: Since late February, the price trend of caprolactam in the market has been continuously declining. From mid February to now, the settlement price of Sinopec caprolactam has fallen by 940 yuan/ton, and as of March 23, it has been executed at 10720 yuan/ton, a decrease of 8.77%. The negative impact on the cost side is widespread, and the performance of terminal demand is not as expected, which has led to a sharp increase in shipment pressure to the polymerization factory. The demand side’s follow-up sentiment towards caprolactam has rapidly cooled down. As of March 23, 2025, the benchmark price of caprolactam in Shengyi Society was 10340 yuan/ton, with a weekly decline of 1.90%.

Supply and demand: This week (March 17-23, 2025), downstream market purchasing willingness is not strong, demand has not improved, and the main consumption of raw material inventory is high. There is a strong atmosphere of wait-and-see in the market, with limited actual transactions and insufficient support from the demand side.

Future forecast

Cost wise: The market for caprolactam is bearish, and the production capacity of caprolactam in the market will be released, resulting in an increase in supply. The demand side will maintain on-demand procurement, and the short-term caprolactam market price will be mainly weak.

Supply and demand side: Most nylon filament manufacturers have resumed normal production, and the on-site supply will increase significantly. At the same time, the overall inventory level in the market may increase; Downstream enterprises have a certain amount of raw material inventory, and coupled with insufficient confidence in the future market, the demand for replenishment is limited.

Overall, the spot market for raw material caprolactam and nylon PA6 chips are mainly operating weakly, with a lack of cost support and continued weak demand. There is a strong wait-and-see atmosphere in the market, and analysts from Shengyi Society predict that nylon filament prices may continue to decline weakly.

1、 Price trend

Taking the sulfuric acid method gold red stone type titanium dioxide with a large volume of goods in the domestic market as an example, according to data monitoring by Business Society, the domestic titanium dioxide market price has remained stable this week, with an average price of 15300 yuan/ton.

2、 Market analysis

The domestic titanium dioxide market is temporarily stable this week. The upstream raw material sulfuric acid price has risen, and the market price of titanium concentrate is high, putting cost pressure and significant production pressure on enterprises. The market may usher in the third round of price increases this year. As of now, the domestic quotation for sulfuric acid method pyrite type titanium dioxide is mostly around 14000-16000 yuan/ton; Sharp titanium type costs around 13200-13400 yuan/ton; The actual transaction price is negotiable.

In terms of titanium concentrate, the price of titanium concentrate has been consolidating at a high level this week. At present, downstream titanium dioxide factories have stable production, and inquiries are relatively average. The market is mainly observing and waiting. As of now, the transaction price of 46,10 titanium ore for small and medium-sized manufacturers is between 2080-2150 yuan/ton, the price of 47,20 titanium ore is between 2200-2280 yuan/ton, and the price of 38 titanium ore excluding tax is between 1480-1500 yuan/ton; It is expected that the Panxi region will maintain a high level of operation in the short term.

3、 Future forecast

The titanium dioxide analyst from Shengyi Society believes that the domestic titanium dioxide market is temporarily stable this week, with high prices of raw material titanium concentrate consolidating and sulfuric acid prices continuing to rise, resulting in significant cost pressure. Over the weekend, Longqi issued a letter to raise the price of titanium dioxide, indicating a stable and positive market trend.

This week (March 17-21), the PTA market maintained a slight recovery. According to the commodity market analysis system of Shengyi Society, as of March 21, the average price of PTA market in East China was 4877 yuan/ton, an increase of 1.25% from the beginning of the week.

The geopolitical situation is wavering between tension and easing, and the volatility of the international crude oil market still provides cost support for PTA. As of March 20th, the settlement price of the main contract for WTI crude oil futures in the United States was $68.07 per barrel, and the settlement price of the main contract for Brent crude oil futures was $71.47 per barrel.

The routine maintenance in the PX market in the second quarter brings good news. From April to May, there has been an increase in PX maintenance both domestically and internationally. According to the announced maintenance plan, there will be a maintenance scale of 6 million tons of equipment renewed domestically, and it is expected that there will be another 3.3 million tons of equipment under maintenance plan overseas. And there is a strong expectation of demand recovery, which will significantly improve the supply and demand pattern of PX and provide strong support for PTA.

From the perspective of PTA’s own supply, the maintenance plan for supply side equipment has gradually been implemented since March, and as of March 21, the operating rate of the domestic PTA industry is around 80%. However, the market circulation of goods is still relatively loose, resulting in a surplus of spot supply in the market, which is also the reason why PTA has not effectively boosted prices despite continuous destocking. Since March, PTA processing fees have improved compared to the previous month. It is expected that the scale of equipment maintenance will be slightly reduced in April, and subsequent equipment maintenance will decrease. The supply increment is expected to rebound.

In the downstream polyester market, some polyester bottle chip devices are planned to restart, and demand will increase. The trading atmosphere in the polyester filament market is generally average, and the room for further increase in operating load is limited. The pressure on polyester filament shipments in March will not decrease, and there is currently no plan for leading production companies to continue reducing production. The market supply is sufficient.

From the perspective of terminal weaving, there is currently a lack of cash flow in the process of adding and weaving, which is in a loss making state, suppressing the improvement of the production rate of adding and weaving, as well as the enthusiasm for stocking up. Currently, the production rate of weaving in Jiangsu and Zhejiang regions is nearly 70%. The impact of international trade frictions still exists, and recently the issuance of textile foreign trade orders has been slow. There is a large flow of exhibition visitors, but the transaction volume is relatively low.

Business analysts believe that there is currently no unplanned news on the supply and demand side of PTA, and the overall PTA market lacks the latest major news guidance, following cost fluctuations in the short term.

According to the Commodity Market Analysis System of Shengyi Society, the recent decline in the domestic polyester staple fiber market has slowed down. As of March 20th, the average market price of domestic polyester staple fiber (1.4D * 38mm) was 6776 yuan/ton, a decrease of 0.24% from March 6th. The average ex factory price of mainstream factories in Jiangsu and Zhejiang regions is 6968 yuan/ton, a decrease of 0.59%.

Crude oil fluctuated strongly and adjusted. On March 19th, the settlement price of the main contract of WTI crude oil futures in the United States was $66.91 per barrel, and the settlement price of the main contract of Brent crude oil futures was $70.78 per barrel. In addition, in the PX market, some South Korean PX facilities have delayed restart or extended maintenance time. At the same time, since mid March, some facilities in domestic PX factories have maintenance plans, and the PX operating rate has gradually decreased. The planned maintenance of PX units in April and May is still relatively concentrated, and the scale of maintenance is slightly lower than the same period last year. It is expected that the destocking of PX in the second quarter will exceed 500000 tons, and the spot liquidity of PX may be tight in the future.

Under the boost of costs, the recent decline in the domestic PTA market has improved slightly, showing a slight rebound. According to the Commodity Market Analysis System of Shengyi Society, as of March 20th, the average price of PTA market in East China was 4848 yuan/ton, an increase of 2.12% compared to March 13th. In addition, in March, PTA plant maintenance increased due to low processing costs and lower than expected terminal demand. The scale of maintenance in March has expanded again, and the current operating rate is around 76%. The expected PTA destocking in March is around 300000 tons, and the overall destocking in the second quarter is expected to be around 500000 tons.

Downstream maintenance of essential procurement, with most of the yarn factory’s raw material stocking up until around early April. The performance of “Gold Three Silver Four” did not meet expectations. The current operating rate of weaving machines in Jiangsu and Zhejiang is only about 67%. This year’s spring and summer orders are insufficient compared to the same period in previous years. At the same time, the release of US tariffs has further dragged down the textile market with orders placed in the export market, resulting in average demand support.

Business analysts believe that the cost side is relatively warm, which provides sufficient support for polyester short fibers. There is little change in the supply and demand side of short fibers, and the impact on prices is limited. Therefore, in the short term, the price of polyester staple fibers will narrow and consolidate.

Product Name: Pure Benzene

Latest price: March 19th market average price of 6859 yuan/ton

Analysis: On March 19th, overall, the domestic pure benzene market prices fell. The price of pure benzene in foreign markets has decreased, leading to a decline in international oil prices. Shandong’s local refining enterprises’ shipments fell short of expectations, with cargo holders actively shipping, while downstream demand for gas was average, resulting in a slight decrease in market prices. The market situation in East China is still good, and there is an active effort to fill the gap. It is expected that the pure benzene market will mainly fluctuate within a certain range in the short term, with limited room for downward adjustment. Actual transactions are subject to negotiation.