Market Review
From October 28th to November 2nd, the spot price of PA66 remained stable at 19100 yuan/ton, and slightly increased to 19200 yuan/ton on November 3rd, with a weekly increase of 0.52%. From the perspective of cycle position, the positions of 10/20/30/60/90 days in the past week have all been at high levels, and the one-year position has risen from the previous mid low level to the median level. The bullish signal of the previous moving average has been realized, and the short-term price has entered a phase of strong oscillation.
Cost side
The upstream support of adiponitrile and adipic acid raw materials is relatively stable, and there has been no significant decrease in raw material costs, which has formed a bottom support for PA66; However, the lack of sustained upward momentum in upstream raw materials and limited driving force on the cost side make it difficult to sustain a significant price increase.
Supply and demand side
In terms of supply, the operating load of domestic PA66 major factories remains relatively stable, with sufficient spot circulation and supply, and no obvious centralized production restrictions or tightening of supply. On the demand side, downstream industries such as modification, auto parts, and textile slicing have a slow pace of following up on demand, mainly relying on buying at low prices and purchasing on demand. There is a lack of large-scale centralized stocking orders, resulting in insufficient demand growth and limiting the room for price increases. The overall situation shows a stable supply and weak demand, with weak sustainability of the upward trend.
Short term forecast for the future market
In the short term, cost support is still present, but downstream demand is unlikely to have a significant outbreak. PA66 is likely to maintain a high volatility trend, and there is insufficient motivation to continue to rise sharply. There is some pressure above, and the market volatility space has narrowed.
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