Entering October, the nylon filament market continued its previous sluggish trend. The upstream raw material market continued to decline, with weak cost support and no significant improvement in downstream demand. The shadow of supply and demand imbalance in the filament market has not truly faded. After the insufficient quality of “Golden Nine”, “Silver Ten” also failed to turn the tide, and the peak season of the nylon filament market is difficult to find. Multiple negative impacts have led to a wide decline in nylon filament prices in October.
According to the Commodity Market Analysis System of Shengyi Society, the market price of nylon filament will continue to decline sharply in October 2024. As of October 30, 2024, the price of nylon filament DTY (premium product; 70D/24F) in Jiangsu region is 17240 yuan/ton, a decrease of 980 yuan/ton from the beginning of the month, a monthly decrease of 5.35%; Nylon POY (premium product; 86D/24F) is priced at 14750 yuan/ton, a decrease of 1050 yuan/ton or 6.05% from the beginning of the month. The price of nylon FDY (premium product: 40D/12F) is reported at 18200 yuan/ton, a decrease of 1100 yuan/ton or 5.70% from the beginning of the month.
Significant cost reduction
In October, the upstream cost of nylon filament raw material caprolactam continued to be weak, inventory pressure remained high, and the supply side was still under pressure. Spot prices fell sharply, market sentiment was bearish, and the industry chain held a pessimistic attitude, resulting in a continued decline in prices. The settlement price of Sinopec’s high-end caprolactam in October 2024 was 11860 yuan/ton (liquid premium products accepted for self pickup within six months), a decrease of 1126 yuan/ton from September settlement. As of October 30th, the benchmark price of caprolactam in Shengyi Society was 11192 yuan/ton, a monthly decrease of 4.63%.
Supply demand
In October 2024, the overall supply of nylon filament market remained stable, and most of the nylon filament market facilities were operating steadily. Currently, the daily production rate of the nylon filament market is around 8.4%. On the demand side, the traditional peak season for textile production in October was not as expected, and the “Silver Ten” did not occur. Demand did not substantially improve, coupled with weak costs. Weaving manufacturers mainly maintained stable production, and terminal demand did not show significant improvement. The order placement situation in the textile market is not optimistic, and daily production is mainly focused on consuming inventory. The willingness to continue hoarding is poor, and demand follow-up is very limited, which is unfavorable for the trend of nylon filament yarn, and market confidence is insufficient.
Future forecast
The cost side caprolactam market is mainly weak, and the cost side support for nylon filament is weak. There is no significant positive news to boost the nylon filament market, coupled with increased supply pressure and increased willingness of enterprises to ship, the market focus may decline. Business analysts predict that in the short term, the nylon filament market will mainly consolidate weakly, and prices will continue to decline narrowly.
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