Last week (August 18-24, 2025), the upstream raw material market for nylon filament showed a weak trend with a slight decline. The nylon PA6 slicing market was mainly consolidating, with insufficient cost support and high inventory levels in the market. The industry supply was sufficient, and there was no sign of improvement in downstream market demand. The probability of downstream enterprises opening up was not high, and they held onto rigid demand procurement in multiple aspects. The trading atmosphere in the market was not good, and many operators held a cautious and wait-and-see attitude. The nylon filament market was weak and stable, with prices remaining stable at a low level.
Nylon filament prices remain weak and stable
According to the Commodity Market Analysis System of Shengyi Society, last week (August 18-24, 2025), the price of nylon filament remained stable at a low level. As of August 17, 2025, DTY (premium product) of nylon filament in Jiangsu region; 70D/24F) quoted 14320 yuan/ton; Nylon POY (premium product; 86D/24F) quoted 12050 yuan/ton; The price of nylon FDY (premium: 40D/12F) is quoted at 14900 yuan/ton, which is the same as the previous period.
The raw material side has experienced a slight decline
In terms of cost: Last week (August 18-24, 2025), the spot market price of caprolactam remained weak and stable. The weekly closing price of caprolactam from Sinopec was 9575 yuan/ton (interest free for six-month acceptance). The nylon PA6 chip market was mainly weakly consolidated, with a weekly decline of 0.64%, indicating weak cost support. As of August 24, 2025, the benchmark price of caprolactam in Shengyi Society was 8986 yuan/ton, mainly due to weak price consolidation, with a weekly decline of 0.37%. During the week, the market price of high-speed spun nylon PA6 chips remained weak, stable, and fluctuating, with weak cost support being the main factor.
Supply and demand: During the week, the operating rate of some nylon filament manufacturers’ facilities decreased, and the overall market supply was sufficient. However, the industry inventory level still showed an increasing trend, and the supply side performance was poor; The demand in the end market is weak, and some downstream manufacturers have reduced production or switched production, resulting in a decrease in demand for nylon filament. It is difficult to find favorable support from the demand side, and many parties are following suit with rigid demand. Many industry players are adopting a cautious and wait-and-see attitude.
Future forecast
Cost aspect: In terms of caprolactam, the expectation for pure benzene is weak, and slice manufacturers have low enthusiasm for purchasing caprolactam. It is expected that the caprolactam market will be dominated by weak and low-level consolidation next week; In terms of PA6 slicing, cost support is limited, and the supply level of PA6 slicing market may continue to improve. Downstream market demand is weak, and it is expected that the market price of nylon PA6 slicing will weakly decline.
Supply and demand: August belongs to the off-season of traditional demand in the market, coupled with the lack of signs of improvement in terminal market demand and low purchasing enthusiasm in downstream markets. Therefore, it is expected that the demand for nylon filament market may decrease next month. If there is no significant improvement in demand, under the pressure of large inventory, some nylon filament manufacturers may have the possibility of reducing production capacity, while the industry continues to release new production capacity. Therefore, it is expected that the supply of nylon filament market will decrease next month.
Overall, both the upstream raw material caprolactam spot market and the nylon PA6 chip market may continue to decline, with a lack of cost support and difficulty in improving downstream market demand. The demand side is dragging down the market trend, and under the dual negative factors, analysts from Shengyi Society predict that the short-term nylon filament market will remain weak and stable, with weak price consolidation as the main focus.

Aluminum prices fluctuated horizontally in August
Aluminum prices fluctuated horizontally in August. According to the Commodity Market Analysis System of Shengyi Society, as of August 25, 2025, the average price of aluminum ingots in the East China market in China was 20793.33 yuan/ton, an increase of 0.95% from the market average price of 20596.67 yuan/ton on August 1.
Basic situation of aluminum ingots in August
On the supply side, with the gradual release of a small amount of replacement capacity, domestic primary aluminum production has achieved a slight increase, and the overall supply pattern remains stable. The downstream demand side is showing a differentiated trend of “rebounding momentum for replenishing inventory but encountering obstacles in spot procurement”: on the one hand, some enterprises have started peak season stocking and reserved inventory in advance to cope with the expected recovery of subsequent orders, driving a slight increase in the overall operating rate of domestic aluminum downstream; On the other hand, due to the rebound in aluminum prices, the shipment volume of end products has once again been under pressure and declined. The willingness of processing material enterprises to purchase spot goods has significantly weakened, and the pace of short-term demand release has been somewhat constrained. ​
From specific data, the overall operating rate of leading domestic aluminum downstream processing enterprises increased by 0.8 percentage points month on month last week, reaching 59.5%. The market recovery trend is mild and sustainable. Each sub sector has its own highlights: primary aluminum alloys: the operating rate increased by 1.0 percentage point month on month to 56.6%, and the purchasing volume of primary aluminum by top enterprises significantly increased, providing strong support for industry operation; ​
Aluminum sheet and strip: Benefiting from the peak season stocking orders of segmented categories such as cans and automotive panels, the operating rate increased by 1.0 percentage point to 65.0%, and the demand side growth momentum is clear; ​
Aluminum cables: With the acceleration of the power grid construction cycle and the continuous release of terminal delivery demand, the operating rate increased by 0.8 percentage points month on month to 62.6%, and the industry’s prosperity steadily rebounded; ​
Aluminum profiles: showing the characteristics of “differentiated recovery”, with orders in the automotive and photovoltaic fields maintaining an increase, driving the operating rate to rise slightly by 1.0 percentage point to 50.5%. However, the demand for building profiles is still in a sluggish range, dragging down the overall pace of recovery; ​
Aluminum foil: Driven by the restart of air conditioning foil production lines and the rebound in demand for decorative foil, the operating rate has increased by 0.9 percentage points to 69.3%, becoming a strong category in downstream sub sectors; ​
Recycled aluminum is facing the dual pressure of “weak demand during the off-season+continuous profit inversion”, coupled with policy shocks forcing some manufacturers to voluntarily reduce production, resulting in a slight decrease in operating rate by 0.1 percentage points to 53.0%, and significant short-term industry operating pressure. ​
Looking ahead to the future, it is expected that areas with strong demand certainty such as aluminum cables and aluminum strips will continue to rebound in late August; As the traditional peak consumption season of “Golden September and Silver October” approaches, the demand for aluminum foil and aluminum profiles (especially industrial profiles) is expected to be further driven, and the overall recovery pace of the domestic aluminum downstream market may gradually accelerate.
Macro influencing factors in August:
Overseas factors
Impact of US tariff policy: On August 18th, the United States expanded the scope of import tariffs on steel and aluminum, covering aluminum intermediate products, semi-finished products, and structural components. Although China’s exports of aluminum products to the United States accounted for only 6% (June 2025 data), short-term market sentiment was suppressed, and Shanghai aluminum prices fell to around 20500 yuan/ton at one point.

Geopolitical disruptions in supply expectations: On August 25th, Russia suspended its export of aluminum ingots to Italy due to diplomatic events, and aluminum prices on the London Metal Exchange rose by 4%, highlighting the impact of international supply chain stability on prices.
Last Friday, the dovish turn ignited the market, and expectations of a September interest rate cut quickly rose, causing the US dollar to plummet.
Future expectations
In the short term, aluminum prices in August are expected to experience strong fluctuations. Expected operating range is 20500-21100 yuan/ton.

During the week, the operating load of Zhejiang Petrochemical gradually increased, and the overall supply was abundant. Although the contract demand was relatively stable, the spot market trading was not smooth, and local inventory pressure still existed. The market remained deadlocked and watched. As of August 22nd, the mainstream negotiation for container self pickup at East China ports is between 8200-8300 yuan/ton, which is the same as last week; The short distance delivery to the Shandong market is negotiated at around 8050-8150 yuan/ton, which is the same as last week.
Abundant supply:
During the week, the operating load of Zhejiang Petrochemical’s 520000 ton acrylonitrile plant in the East China market gradually increased, and it will gradually recover to around 95% this week. Daqing Petrochemical’s 80000 ton acrylonitrile plant was shut down for maintenance for about 24 days on August 20th. The overall capacity utilization rate has improved, and the supply is still saturated, but the spot buying gas continues to be insufficient, and local enterprise inventories have risen. According to statistics, as of August 21, the weekly capacity utilization rate of domestic acrylonitrile factories was 73.26%, an increase of 0.81% compared to the same period last week. The weekly output was about 81900 tons, an increase of 0.09 million tons compared to the previous cycle. As of August 20th, the total inventory was around 46000 tons, an increase of+0.05 million tons from last week.
Insufficient demand:
The capacity utilization rate of major downstream industries of acrylonitrile varies, among which the capacity utilization rate of ABS is 71.10%, unchanged from last week; The capacity utilization rate of acrylic fiber enterprises is 74.09%, which is -2.79% compared to last week. Daqing Petrochemical is undergoing maintenance; The utilization rate of acrylamide production capacity was 53.54%, an increase of 5.90% compared to last week, and facilities in Anhui, Henan and other places resumed operation. The procurement of raw material acrylonitrile is still insufficient, and the spot trading atmosphere in the market is still average.
Cost reduction:
During the cycle, upstream propylene prices fluctuated and fell, and the cost of raw materials for acrylonitrile production decreased. At the same time, acrylonitrile prices remained stable, and the production loss situation slightly improved this week. According to statistics, the average production cost of acrylonitrile this week was 8808 yuan/ton, a month on month decrease of -1.44%. The average profit of acrylonitrile production during the same period was -558 yuan/ton, with a month on month increase of 74 yuan/ton.
Overall, there is ample supply, continuous shortage of spot buying gas combined with cost decline, and a lack of effective positive fundamentals to promote it. However, as the end of month settlement approaches, overall supplier offers remain stable, and the market deadlock is difficult to break. It is expected that the weakness will continue in the short term.

This week, the domestic epoxy propane market price fluctuated narrowly. According to the monitoring system of Shengyi Society, as of August 21st, the benchmark price of Shengyi Society’s epoxy propane was 7600 yuan/ton, a decrease of 4.40% compared to the beginning of the month.
Price influencing factors:
Raw material side: This week, the price of raw material propylene has fallen, and the cost support of epoxy propane has weakened. According to the market analysis system of Shengyi Society, as of August 21st, the benchmark price of propylene in Shengyi Society was 6548.25 yuan/ton, an increase of 1.79% compared to the beginning of this month (6433.25 yuan/ton).
Supply side: Some factories in Shandong have smooth shipments, but inventory is tight, and there is a positive attitude towards pushing up the epoxy propane market. It is expected that the market price of epoxy propane will mainly fluctuate and operate strongly in the short term.
On the demand side: downstream essential procurement of epoxy propane is the main focus, with average new order volume and some low-priced transactions still acceptable. Due to poor demand transmission and insufficient driving force for the rise of epoxy propane, it is expected that the epoxy propane market price will mainly fluctuate narrowly in the near future.
Market forecast:
An epoxy propane analyst from Shengyi Society believes that the supply of epoxy propane in the market is tight, and raw material prices have also declined. In addition, downstream markets have a strong demand for purchasing, and the trading atmosphere is average, which limits the market’s upward momentum. It is expected that the short-term epoxy propane market will mainly experience narrow fluctuations, and more attention should be paid to changes in raw material prices and upstream and downstream supply and demand.

According to the Commodity Market Analysis System of Shengyi Society, the domestic PP market fluctuated and fell in mid August, with some brand products experiencing price reductions. As of August 20th, the mainstream offer price for wire drawing by domestic producers and traders is around 7215 yuan/ton, a decrease of -1.03% compared to the price level at the beginning of July.
price trend
In terms of raw materials:
In mid August, the geopolitical situation in Eastern Europe eased, and market concerns about unstable crude oil supply weakened. At the same time, OPEC+production expectations were clear, and there were certain negative factors in international oil prices. The trend of propane follows that of crude oil, and the cost support of PDH manufacturing enterprises has declined. The supply of propylene has tightened and then loosened, coupled with insufficient demand follow-up, causing prices to rise first and then fall synchronously within the range. Overall, the prices of PP raw materials within the range show a loosening trend in cost support.
Supply side:
In mid August, the operating rate of domestic PP enterprises remained stable with a small increase. The overall industry load level within the range has narrowly increased to 78%, with a weekly average total output of over 780000 tons. The current on-site supply remains abundant, with inventory levels approaching over 830000 tons and slow digestion. Overall, there has been no improvement in the support for spot prices from the PP supply side, and there are still many pressures.
In terms of demand:
In mid August, the trend of low season consumption of polypropylene continued, and the demand for PP remained weak, resulting in a quiet trading atmosphere on the market. Merchants have a low willingness to stock up in advance, with a focus on scattered small orders and contract delivery for new orders on site, and a preference for on-demand operations. The liquidity of the supply is average, and the release speed of PP demand remains slow. As we approach the end of August, the peak and off peak seasons are about to change. Although downstream enterprises have low loads, there is a potential willingness to build warehouses in areas such as plastic weaving, construction, and agriculture. However, the current macro guidance is not clear, and in the pattern of weak exports and domestic demand, the demand side of PP does not provide strong support for spot prices.
Future forecast
In mid August, the domestic PP market prices fluctuated and fell. Fundamentally speaking, there are signs of loosening in the upstream raw material market, and overall support for PP has weakened. The industry load is high, stable, and slightly rising, with expectations of loose supply in the future, and consumption is at a low season level. The current supply-demand contradiction is difficult to improve, and the mentality of industry players is bearish. It is expected that the PP market will continue to remain stagnant in the short term.