Last week (July 14-20, 2025), the market trend for high-speed spinning of raw material nylon PA6 slices declined, with weakened cost support and high inventory levels in the market. The supply side performed well, while the demand side remained weak. Some nylon filament manufacturers had poor shipments, and low-priced sources increased in the market. Amidst mixed news in the market, the price of nylon filament continued to decline.
Nylon filament prices continue to decline
According to the Commodity Market Analysis System of Shengyi Society, last week (July 14-20, 2025), the price of nylon filament fell weakly. As of July 20, 2025, DTY (premium product) of nylon filament in Jiangsu region; 70D/24F) quoted 14460 yuan/ton, a decrease of 240 yuan/ton compared to the previous period, with a weekly decrease of 1.63%; Nylon POY (premium product; 86D/24F) quoted 12200 yuan/ton, a decrease of 200 yuan/ton compared to the previous period, with a weekly decrease of 1.61%; The price of nylon FDY (premium product: 40D/12F) is reported at 15050 yuan/ton, a decrease of 275 yuan/ton from the previous period, with a weekly decline of 1.79%.
Insufficient support on the raw material side
In terms of cost: Last week (July 14-20, 2025), the spot market price of caprolactam was weak during the week, with Sinopec’s high-end caprolactam closing price of 9095 yuan/ton. The nylon PA6 chip market experienced a slight decline, indicating insufficient support on the cost side. As of July 20, 2025, the benchmark price of caprolactam in Shengyi Society was 8943 yuan/ton, with a weak price and a weekly decline of 0.43%. During the week, the market price of high-speed spun nylon PA6 slices slightly decreased, with weak cost support being the main factor.
Supply and demand: During the week, some nylon filament manufacturers have lowered their operating rates, resulting in a decline in overall market supply. However, industry inventory levels continue to increase, leading to poor performance on the supply side; 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 continue to decline 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 decline.
Supply and demand: July belongs to the off-season of traditional demand in the market, and coupled with the lack of signs of improvement in terminal market demand, downstream market procurement enthusiasm is not high. Therefore, it is expected that the demand for nylon filament market next month may decrease. 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 are likely to continue to decline, with a lack of cost support and difficulty in improving downstream market demand. The demand side is dragging down market trends, and under the dual negative factors, analysts from Shengyi Society predict that the short-term nylon filament market prices will continue to be weak, with a expected decline of 100-300 yuan/ton.

According to the Commodity Market Analysis System of Shengyi Society, the overall PTA market in China maintained a weak trend this week (July 14-18). As of July 19, the average price of PTA market in East China was 4776 yuan/ton, a decrease of 0.28% from the beginning of the week. In the second half of the week, the price slightly increased due to the boost of crude oil.
The domestic PTA supply remains stable, with no new changes in equipment, and the overall operating rate of the industry is around 80%. Among them, the 2 million ton plant of Yisheng Hainan reduced its load on July 1st due to some reasons, and increased its load on July 6th. In June, the 4.5 million ton plant of Fuhai Chuang and the 2.5 million ton plant of Dongying Weilian were still shut down.
The international crude oil market is currently characterized by loose supply and poor demand, coupled with the overall easing of the geopolitical situation compared to the previous period, which has limited support for oil prices and mainly led to fluctuating adjustments. As of July 17th, the settlement price of the August WTI crude oil futures contract in the United States was $67.54 per barrel, and the settlement price of the September Brent crude oil futures contract was $69.52 per barrel.
The terminal has entered a seasonal off-season, with insufficient demand support and hindered procurement enthusiasm. Downstream polyester factories have once again released statements of production reduction, which is bearish for the market mentality. Currently, the industry’s operating rate is at 86%, and under the pressure of losses, plans are being made to implement a 10% production reduction. The demand in the weaving industry has been affected, with high inventory, shortage of orders, and losses leading to a continued decline in load to below 56%.
Business analysts believe that the traditional off-season terminal negative feedback continues, and the buying and selling atmosphere in the PTA spot market is flat. The expectation of PTA capacity expansion combined with downstream polyester production reduction is expected, and the PTA market price fatigue range is expected to consolidate.

According to the Commodity Market Analysis System of Shengyi Society, the domestic PP market fluctuated weakly in the first half of July, with some brand products experiencing narrow price reductions. As of July 15th, the mainstream offer price for wire drawing by domestic producers and traders is around 7366.67 yuan/ton, a decrease of -1.23% compared to the price level at the beginning of July.
price trend
In terms of raw materials:
Since the beginning of July, the geopolitical situation in the Middle East has eased, and the market’s concerns about the risk of crude oil supply interruption have eased. At the same time, OPEC+has a firm willingness to increase production, and international oil prices are under pressure and fluctuating. In terms of propane, it has followed the decline of crude oil in the early stage, and consumption has been sluggish. It has continued to decline for the past half month, and the cost support for PDH manufacturing enterprises has fallen. Acrylic production and resumption of work are common, and the market continues the downward trend from last month. Overall, the prices of PP raw materials in the first half of July provided weak support for costs.
Supply side:
Since July, domestic PP enterprises have been undergoing centralized maintenance, while resuming work and releasing production capacity have also been concentrated. Overall, the overall load level within the interval has slightly decreased from 77% at the beginning of the month to 76%, and the weekly average total output has remained stable at around 770000 tons. The supply of goods remains abundant, with a monthly inventory of 790000 tons in China, and the digestion situation is average. Overall, the supply side provided moderate support for PP spot prices in early July.
In terms of demand:
July is the traditional off-season for polypropylene consumption, and the demand for PP continues to be weak, resulting in a quiet trading atmosphere on the market. Merchants have hardly seen any advance stocking operations, and the on-site situation remains in a state of urgent need, with a focus on on-demand use. In terms of plastic weaving, the consumption level of terminal enterprises is already at the off-season level, and downstream PP enterprises in China are struggling to start production. Materials used in construction, agriculture and other fields are also at a low level and flat. On site new orders tend to be scattered small orders and contract deliveries, with flat liquidity of supply and slow release of PP demand. In the context of weak export and domestic demand, the demand side of PP has not provided strong support for spot prices.
Future forecast
The domestic PP market prices fluctuated after falling in the first half of July. Fundamentally speaking, the overall weakness of upstream raw materials has led to a decline in overall support for PP. The industry load is stable with small fluctuations, and there is an expectation of abundant supply in the future. Consumption is at a low season level. The contradiction between supply and demand and the decrease in cost value are combined, and the mentality of operators is bearish. It is expected that the PP market will continue to be stagnant in the short term.

Ethylene glycol fluctuated horizontally this week. According to data from Shengyi Society, as of July 11th, the average price of domestic oil to ethylene glycol was 4405 yuan/ton, an increase of 0.19% from the average price of 4396.67 yuan/ton on July 1st.
In terms of imported ethylene glycol, on July 11, 2025, the spot contract price of ethylene glycol at the port first strengthened and then weakened with the market, with a trading range of 4360-4410 yuan/ton. The intraday basis weakened slightly, with a strong early morning and a weak afternoon. The intraday basis range for next week’s spot contract is+62 to+68. As of the closing, the contract basis quotation for next week will be+64 to+70, the contract basis quotation for July will be+65 to+70, and the contract basis quotation for August will be+65 to+68.
The spot price of domestic coal to polyester grade ethylene glycol (loose water, tax included, self pickup) per unit is 3880-4100 yuan/ton.
In terms of external ethylene glycol, as of July 10th, the landed price of ethylene glycol in China is 513 US dollars/ton, and the landed price of ethylene glycol in Southeast Asia is 517 US dollars/ton.
Port inventory remained relatively low in July
From January to mid February, there was a significant accumulation of ethylene glycol inventory in the port, and from March to April, the port inventory fluctuated horizontally. From May to June 2025, there will be a significant decrease in the inventory of ethylene glycol at the main port in East China. Currently, the inventory of ethylene glycol at the port is relatively low. As of July 10th, the total inventory of ethylene glycol in the East China main port was 480600 tons, a decrease of 61400 tons from the total inventory of ethylene glycol in the East China main port on July 3rd, which was 542000 tons; Compared to the total inventory of 700900 tons on April 28th, a decrease of 220300 tons; Compared to the total inventory of 671900 tons on March 31st, it decreased by 191300 tons.
This week’s fundamental overview
This week, domestic ethylene glycol spot prices were weak at first and then strong, with low-level buying being the main trend in the early stage. On Thursday, driven by the overall strong sentiment of the commodity market, prices rose, and on Friday afternoon, there was a slight correction. The focus of external cargo negotiations has slightly shifted upwards.
Supply and demand side: Currently, ethylene glycol is in a tight balance state, and the domestic production rate is relatively stable. Recently, imported goods have arrived at ports relatively less, and port inventories are at a low level. However, the feedback effect of the downstream industrial chain still exists. Currently, the production rate of weaving machines in Jiangsu and Zhejiang has dropped to below 60%, and the loading load has dropped to about 60%. The average polyester production and sales during the week are around 50-60%, and inventory pressure is high.
Cost side: Recently, coal prices have stopped falling and rebounded, with a significant upward trend, providing some support for the cost of coal to ethylene glycol production.
Future expectations
The pricing of the ethylene glycol market has now returned to fundamental considerations. Due to the decrease in downstream operating rates, the demand for ethylene glycol is relatively weak. Although the current port inventory is low, there is an expected concentration of foreign ships arriving at the port in July. Starting from the latter half of the year, there will be a significant increase in the arrival of ethylene glycol from foreign ships, mostly concentrated in the Taicang area. It is expected that the short-term price center of ethylene glycol will be weak.

Last week, the price of epichlorohydrin has risen to a high level, and the tight supply situation has not been significantly alleviated. At present, there is a strong wait-and-see sentiment in the downstream market, and the epichlorohydrin market has been running steadily this week. According to the monitoring and analysis system of Shengyi Society, as of July 11th, the benchmark price of Shengyi Society’s epichlorohydrin was 10300 yuan/ton, an increase of 5.1% compared to July 1st.
Price influencing factors:
Raw material side: The raw material propylene market is operating steadily, while the glycerol market continues to rise due to external market prices and tight supply. According to the market analysis system of Shengyi Society, as of July 10th, the benchmark price of propylene in Shengyi Society was 6575.75 yuan/ton, a decrease of 2.16% compared to the beginning of this month (6720.75 yuan/ton).
Supply side: This week, the spot market for epoxy chloropropane is slightly tight, and some companies have insufficient production. It is understood that parking will be conducted within the week in Jiangxi, and the restart time will be notified separately; Some devices are still parked for a long time. At present, the domestic industry’s capacity utilization rate is around 50%. It is difficult to find low-priced goods in the market, but the trading atmosphere is still acceptable. It is expected that the price of epichlorohydrin will remain stable in the short term.
On the demand side: Due to high cost pressure, some companies in the downstream epoxy resin market have seen price increases, but the enthusiasm for terminal inquiries is average, and the market performance is cautious and wait-and-see. Small orders for essential needs are the main focus, and the fluctuation of the trading center is limited.
Market forecast: Analysts from Shengyi Society believe that the high cost side glycerol price supports the tight spot supply in the market, and low-priced sources are difficult to find. The trading atmosphere is still acceptable. It is expected that the market price of epichlorohydrin will remain stable in the short term, and more attention still needs to be paid to changes in raw material prices and market supply and demand.