According to the Commodity Market Analysis System of Shengyi Society, the domestic natural rubber spot market has been weak and slightly declining recently (9.17-9.23). As of September 23, the spot rubber market price in China’s natural rubber market was around 14883 yuan/ton, a decrease of 1.38% from 15091 yuan/ton on September 17. On the one hand, the high prices of natural rubber raw materials have fallen, which has weakened the support for the natural rubber market; On the other hand, downstream suppliers restock according to their immediate needs before the holiday, but they are cautious about inquiries from high priced sources, resulting in significant market resistance and a slight decline in natural rubber prices. As of September 23, the mainstream price for 24 years of Guangken, Baodao, and Haibao latex in Qingdao area is 14800~15050 yuan/ton.
As of September 23, the price of Thai glue was 55.30 baht/kg, a decrease of 1.60% from 56.20 baht/kg on September 17. In the early stage, the production of natural rubber raw materials in the market decreased due to natural factors. In September, with the improvement of weather conditions, the supply of raw materials has recovered, and the high level of natural rubber raw materials has slightly fallen, which has slightly weakened the support for the natural rubber market.
Recently (9.17-9.23), downstream tire production has slightly increased, providing essential support for the natural rubber market. As of September 18th, the construction of semi steel tires by domestic tire companies has slightly increased to around 7.5%; The production of all steel tires by tire companies in Shandong Province has slightly decreased to around 6.5%.
Market forecast: The current high and firm prices of raw materials both domestically and internationally, as well as stable downstream tire production and consolidation, provide support for the Tianjin rubber market. The Tianjin rubber port inventory has slightly decreased, and with the arrival of the peak season, it is expected that the natural rubber market will fluctuate and rise in the later period.

Last week (September 15-21, 2025), the demand fatigue did not change, and there was no significant improvement in the demand of the end market. Downstream factories held onto rigid procurement from multiple sources, and the trading atmosphere on site was flat; The weekly closing price of Sinopec’s high-end caprolactam has been lowered to 9078 yuan/ton. The high-speed spinning and slicing market for PA6 chips is mainly deadlocked, with weak cost support. The market price of nylon fiber is mainly consolidating, and the price continues to be weak and stable.
Nylon filament prices remain weak and stable
According to the Commodity Market Analysis System of Shengyi Society, the price of nylon filament remained weak and stable last week (September 15-21, 2025). As of September 21, 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.
Weak and small movements on the raw material side
In terms of cost: Last week (September 15-21, 2025), the spot market price of caprolactam fell weakly during the week. The weekly closing price of Sinopec caprolactam was 9078 yuan/ton (interest free for six-month acceptance). The nylon PA6 chip market was mainly weakly consolidated, with stable price trends and weak cost support. As of September 21, 2025, the benchmark price of caprolactam in Shengyi Society was 88795 yuan/ton, mainly due to weak price consolidation, with a weekly decline of 0.12%. 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 remain weak and mainly consolidate at a low level in the short term; In terms of nylon PA6 chips, cost support is limited, and the supply level of PA6 chips in the market may continue to improve. Downstream market demand is weak, and it is expected that the market price of nylon PA6 chips will weakly decline.
Supply and demand: Traditional market demand is expected to improve in September, and the trading atmosphere will also improve. Therefore, it is expected that there may be an increase in demand for nylon filament market next month. However, under the current inventory pressure, some nylon filament manufacturers may have the possibility of reducing their production capacity, while the industry continues to release new production capacity, resulting in overall supply pressure remaining relatively high.
Overall, the upstream raw material caprolactam spot market and nylon PA6 chip market will continue to operate weakly, with a lack of cost support, high supply pressure, and difficulty in improving downstream market demand. Follow up on demand will be the main focus, and good news will not appear. Business analysts predict that the short-term nylon filament market will continue to be weak and stable, with weak price consolidation as the main trend.

According to the Commodity Market Analysis System of Shengyi Society, the domestic price of polyester staple fiber was adjusted narrowly and weakly this week (September 15-19). As of September 19, the average market price of polyester staple fiber (1.4D * 38mm) was 6459 yuan/ton, a decrease of 0.18% from the beginning of the week.
In the crude oil market, on the one hand, Russia and Ukraine have triggered potential supply risks, especially concerns about the supply of crude oil from a certain European country have once again increased. Coupled with the Federal Reserve’s interest rate cuts, international oil prices have risen recently, supporting PTA costs. As of September 18th, the settlement price of the November WTI crude oil futures contract in the United States was $63.26 per barrel, and the settlement price of the December Brent crude oil futures contract was $66.92 per barrel.
The PTA factory’s plan to restart the equipment has been postponed, and the overall demand side has not changed much. The cost side support is still acceptable, and the domestic PTA market is mainly experiencing narrow fluctuations this week. As of September 19th, the average market price of PTA in East China was 4631 yuan/ton, a decrease of 0.01% from the beginning of the week. PTA processing fees are still at a low level for the year, and the current operating rate of the domestic industry is around 76%. Recently, there are expectations of a restart of domestic facilities, but some PTA factories have added maintenance plans for October and November, which is positive for market sentiment.
On the demand side, without clear direction guidance, most yarn factories adopt a cautious and wait-and-see attitude, and the overall market trading is flat, with prices temporarily stable, and actual transactions mostly following the market. The traditional peak season is not prosperous, the terminal performance is lukewarm, the order situation is generally lower than expected, and the market’s wait-and-see sentiment is spreading.
Business analysts believe that in the short term, cost support is still acceptable, but downstream procurement enthusiasm is hindered, and the market lacks substantial positive support. The price of polyester staple fiber may show a downward trend.

price trend
According to the bulk ranking data of Shengyi Society, the domestic PC market in China rebounded at a low level in September, and most spot prices of various brands adjusted narrowly. As of September 16th, the mixed benchmark price of Business Society PC is around 14266.67 yuan/ton, with a price increase or decrease of+0.12% compared to early September.
Root cause analysis
On the supply side: In the first half of September, domestic PC aggregation enterprises experienced a pullback after a decrease in load. Within the interval, Wanhua Chemical conducts routine and regular inspections, while Lihua Yiwei Yuan also has maintenance tasks, but they have basically recovered. At the same time, the load of Zhejiang Petrochemical is gradually returning, and the industry load has risen from 79% to over 83%. The average weekly output is close to 70000 tons, and there is sufficient supply of goods on site. In terms of inventory, there is a high-level stalemate, and the pattern of abundant PC supply remains unchanged. The shipment pressure of the aggregation plant remains unchanged, and the market supply side has poor support for PC prices.
In terms of raw materials, it can be seen from the above chart that bisphenol A significantly rose in the first half of September. Thanks to the inventory digestion of bisphenol A enterprises, the pattern of loose supply has slightly improved. On the other hand, upstream phenol and acetone both rose and then rebounded, narrowing the boost to the bisphenol A market. Overall, bisphenol A has a significant supporting effect on the cost of PC, and the market may continue to consolidate at a high level in the future.
In terms of demand: Currently, PC is at the junction of traditional off-season and peak season, and downstream factory load recovery is not significant. Stocking remains at a weak level of rigid demand, and there has been no early warehouse construction operation. Due to the long-term weak market dynamics in the industry, high social inventory, and abundant on-site supply, it is difficult to improve the supply-demand contradiction within the range. The recent bottoming signal has stimulated some buyers to enter, but the market trading activity is still limited. In addition, with weak foreign trade orders, terminal enterprises are under pressure and are resistant to high priced sources of goods. After the demand for filling vacancies is met, it is expected that the circulation speed of on-site goods will slow down again. Overall, the demand side has weak support for PC spot prices.
Future forecast
In September, the domestic PC market in China rebounded narrowly from a low level. The upstream bisphenol A market has been consolidating at a high level, and the rising cost value has formed a bottoming force for PC. The load of domestic PC aggregation plants has rebounded, but the pattern of strong supply remains unchanged. Downstream demand is limited, and businesses are adopting a wait-and-see attitude towards the traditional peak season. Currently, PC prices are in a historically low range, and due to the ongoing supply-demand imbalance, it is expected that the PC market will continue to remain stagnant in the future.

In the first half of September, the overall trend of the domestic ABS market continued to be weak, with some grades experiencing a narrow decline in spot prices. According to the Commodity Market Analysis System of Shengyi Society, as of September 15th, the average price of ABS sample products was 9962.50 yuan/ton, with a price level increase or decrease of -1.36% compared to early September.
Fundamental analysis
Supply level: In the past half month, the domestic ABS industry has experienced a combination of load reduction and restart, with overall load being high, stable, and fluctuating. At the beginning of the month, due to the poor profit situation of the aggregation plant, some enterprises had cost maintenance operations, but the magnitude was relatively narrow. At the same time, aggregation plants such as Tianjin Dagu are experiencing a return to production capacity, and the overall performance of domestic facilities is limited. The industry load level is adjusted narrowly at around 70%. The weekly average production is around 135000 tons, and the inventory level of aggregation enterprises is gradually rising to a high of over 240000 tons, indicating an increase in supply on site. Overall, the long-term loose supply pattern in the ABS market remains unchanged, with industry inventory accumulation. At present, there are still incremental expectations on the supply side, therefore, the support for ABS spot prices on the supply side is weak.
Cost factor: In the first half of September, the ABS upstream three material market was generally weak, which had a negative impact on the ABS cost side. At the beginning of the month, the price of acrylonitrile rose, and the direct factor for the increase came from the reduced supply in the East China region. Considering both cost pressures and long-term pre holiday stocking expectations, suppliers continue to push up prices. However, the follow-up of spot transactions is relatively slow, and the northern maintenance equipment is gradually recovering. In addition, there is no significant increase in overall demand. As the middle of the month approaches, spot prices have stopped rising and turned back down. The news is mixed with long and short positions, and the market may once again fall into a stalemate.
The domestic butadiene market was affected by fluctuations in the downstream synthetic rubber futures market, with frequent fluctuations in the butadiene market in early September, but overall maintained a range oscillation trend. In the past half month, the operation of domestic butadiene plants has been relatively stable, with little overall change, and downstream enterprises have been digesting the situation step by step. Without further positive guidance on the market and under the mentality of supply and demand game, the market has given up its previous gains, and it is expected that the butadiene market will continue to maintain a narrow range oscillation trend in the short term.
The main trend of styrene in the first half of September was fluctuating and falling. At the beginning of the month, domestic factories started operating at a high level, and the raw material pure benzene fell. Recently, the maintenance plan for styrene plants in some areas has been fulfilled, resulting in a decrease in overall production, but the accumulation of inventory at ports has become prominent. In addition, due to limited downstream demand growth, in the short term, without significant changes in the macro level, the styrene market may experience weak fluctuations.
On the demand side: In the medium to long term, the downstream factories of ABS have had average loads. The current market still exhibits significant off-season characteristics, with no signs of improvement in terminal enterprise procurement, and the logic remains to fulfill urgent orders. In the first half of September, the consumption of the electrical casing industry remained quiet, and there was no increase in production scheduling. The cautious atmosphere in the external market remains unchanged, and the flow of goods is slow. Domestic inventory levels have accumulated at a high level, and supply continues to be loose, leading to increased pressure to sell on the market. Overall, there has been no improvement in the demand side’s support for the ABS market.
Future forecast

The domestic ABS market was weak in the first half of September. The overall decline of the upstream three materials is bearish, while the production load of the ABS polymerization plant remains stable with little fluctuation, and the demand side remains unchanged during the off-season. Analysts from Shengyi Society believe that the long-term drag on spot prices of ABS due to supply and demand contradictions makes it difficult for the market momentum to improve. The current ABS market is facing significant resistance to growth, with businesses offering discounts and taking orders, leading to a pessimistic sentiment. It is expected that ABS may continue to decline in the short term.