[Today's Plastics Market] Pre-Holiday Trading Quiet, Market Narrowly Adjusted Locally, PA6 and PET Rose Locally, Up to 100

Summary: February 11th plastic market general and engineering plastics price and forecast summary. Downstream enters holiday mode, and the inquiry atmosphere in the market is light. For general plastics, PP and PE fluctuated narrowly; PVC rose slightly by 20-30; PS, ABS, and EVA remained stable. For engineering plastics, PET rose slightly by 30-45; PA6 rose locally, with some increases of 100. PC, PMMA, POM, PBT, and PA66 remained stable with low activity.

General Material

PE: Downstream factories are closing for holidays one after another, leading to a quiet inquiry atmosphere in the market.

I. Today's Summary

International oil prices fell as the market awaits the finalization of the second round of negotiations between the U.S. and Iran, while peace talks between Russia and Ukraine continue to move forward.

HDPE market price changes ranged from -13 to -6 yuan/ton, LDPE market price decreased by -14 yuan/ton, and LLDPE market price decreased by -10 yuan/ton.

II. Spot Overview

Domestic polyethylene spot prices are mixed, with varying performance across different grades and categories.

Source: Longzhong Information

HDPE

Film: The mainstream price is 7429 yuan/ton, a decrease of 6 yuan/ton.

Low melt injection molding: mainstream price 6832 RMB/ton, up 8 RMB/ton.

Drawing: Mainstream price 7,179 RMB/ton, up 4 RMB/ton.

Small hollow: Mainstream price 7035 yuan/ton, down 13 yuan/ton.

LDPE

Film: Mainstream price 8621 RMB/ton, down 14 RMB/ton.

LLDPE

Film: Mainstream price 6746 yuan/ton, down 10 yuan/ton.

Today, China's polyethylene spot market prices showed mixed trends. As downstream factories gradually entered holiday periods, demand continued to decline, and market trading sentiment remained weak. Some pre-holiday spot orders saw slight decreases, and with the Spring Festival approaching, market transactions were sporadic. HDPE market prices changed by -13 to -6 yuan/ton, LDPE market prices by -14 yuan/ton, and LLDPE market prices by -10 yuan/ton.

III. Price Forecast

In the short term, market inquiries are light, social inventory levels have slightly increased, and market participants are gradually leaving the market. It is expected that polyethylene market prices will remain stable tomorrow.

PP: Downstream enters holiday mode, polypropylene price fluctuates and consolidates.

I. Today's Summary

Sinopec East China branches have adjusted prices: Zhenhai Refining and Chemical's high-melt copolymer decreased by 50 yuan/ton; Yangzi Petrochemical's homopolymer injection molding decreased by 100 yuan/ton, and impact copolymer decreased by 50-100 yuan/ton; Zhenhai Limited's impact copolymer decreased by 50 yuan/ton.

The domestic polypropylene shutdown rate decreased by 1.02 percentage points from yesterday to 17.47%; the daily production ratio of drawing increased by 0.65 percentage points from yesterday to 30.08%, and the daily production ratio of low-melt copolymer increased by 0.41 percentage points from yesterday to 9.42%.

This period's polypropylene supply and demand remain largely balanced, but the supply-demand gap has fallen to a low level, offering little support to market prices. In the next period, the market will rapidly shift to a surplus, which will put downward pressure on polypropylene market prices.

II. Spot Market Overview

Domestic polypropylene spot prices are mixed in China. In terms of the national average price, it was 6634 yuan/ton on February 10th and 6635 yuan/ton on February 11th, an increase of 1 yuan/ton, a rise of 0.02%. Regionally:

East China: 6,620 yuan/ton on February 10, 6,616 yuan/ton on February 11, a decrease of 4 yuan/ton, or 0.06%.

North China: Prices remained stable at 6522 yuan/ton for both days, with no fluctuation.

South China: 6745 CNY/ton on February 10, 6761 CNY/ton on February 11, an increase of 16 CNY/ton, or 0.24%.

Central China and Southwest China: Prices remained stable for two days, with no fluctuations.

Northwest China: February 10th, 6425 yuan/ton; February 11th, 6415 yuan/ton, a decrease of 10 yuan/ton, a drop of 0.16%.

The price of BOPP, a key downstream product, remained stable at 8150 yuan/ton for two consecutive days. Based on the East China region, the price of polypropylene drawn wire in East China closed at 6616 yuan/ton today, a decrease of 4 yuan/ton from last week. The national average price of drawn wire increased by 1 yuan/ton compared to yesterday, which is in line with the morning's expectations.

III. Price Prediction

Crude oil prices are declining, weakening cost support. This week, downstream enterprises are gradually entering holiday mode, and on-site transactions will gradually decrease, making it difficult for prices to rise. Pre-holiday raw material replenishment intentions are weak, and overall downstream demand is entering a sluggish period. In the short term, the benefits from cost and supply and demand are weakening. It is expected that the polypropylene market will continue to consolidate in the short term, with prices hovering between 6500-6700 yuan/ton.

PVC: Markets Remain Stagnant as Holiday Closures Commence

I. Today's Summary

Domestic PVC producers' prices are mainly stabilizing.

No new maintenance is scheduled recently, and there will be no maintenance before or after the Spring Festival.

According to data from the National Bureau of Statistics, the CPI rose by 0.2% year-on-year in January, while the PPI fell by 1.4% year-on-year.

II. Spot Overview

Domestic spot PVC prices generally saw a slight increase, with regional performances as follows:

Changzhou: SG-5 grade PVC price is 4,750 RMB/ton, up 20 RMB/ton, an increase of 0.42%.

Hangzhou: SG-5 grade PVC price is 4780 yuan/ton, no fluctuation.

Guangzhou: SG-5 grade PVC price at 4860 yuan/ton, up 30 yuan/ton, an increase of 0.62%;

Zibo: SG-5 specification PVC price is 4680 yuan/ton, an increase of 30 yuan/ton, a rise of 0.65%.

Tianjin: SG-5 grade PVC price is 4,710 yuan/ton, up 20 yuan/ton, an increase of 0.43%.

Chengdu: SG-5 grade PVC price is 4680 yuan/ton, no change.

Based on the East China Changzhou market, the spot ex-warehouse price of Type 5 calcium carbide in East China today is 4750 yuan/ton, an increase of 20 yuan/ton compared to the previous trading day. Domestic spot market transactions remained flat, with a small amount of replenishment for immediate needs, and spot prices stabilized. Futures prices fluctuated upwards but with almost no transactions. As the holiday approaches, the market is entering a (close of business) period. The spot ex-warehouse price of Type 5 calcium carbide in East China is concentrated at 4700-4800 yuan/ton, and ethylene-based PVC remains deadlocked at 4900-5000 yuan/ton.

III. Price Prediction

The PVC holiday season is approaching, with spot prices remaining firm. Futures prices are trading lower, with bids at a lower level, and overall transaction volume has entered a holiday-induced lull. Before the holiday, PVC manufacturers maintained stable production, market supply increased steadily, and overall industry inventory rapidly rose, while downstream companies gradually began their holidays. Cost support is firm, and the macroeconomic outlook and expectations are poor. However, considering the anticipated recovery in market demand after the holiday and upcoming meetings, futures prices are showing resilience. It is expected that the market will remain stable before the holiday, and the futures sentiment is unlikely to decline.

PS: The market is volatile and consolidating, with a stronger wait-and-see atmosphere ahead of the holiday.

I. Today's Summary

East China GPPS closed at RMB 7800/ton today.

Styrene prices today: East China up 60 to 7615 yuan/ton, South China up 85 to 7725 yuan/ton, Shandong stable at 7455 yuan/ton.

II. Spot Market Overview

Domestic PS spot prices remained generally stable, with regional and grade-specific performance as follows:

Ningbo (East China GPPS - CYBERLON): Today's price is 7800 yuan/ton, no fluctuation.

Yuyao (East China HIPS - Saibailong): Today's price is 8750 yuan/ton, no fluctuation.

Shantou (South China GPPS - Renxin): Today's price is 7,520 RMB/ton, no change.

Shantou (South China HIPS - Xinghui): Today's price is 8300 Yuan/ton, no fluctuation.

East China GPPS remained stable at 7800 yuan/ton today. Styrene, the raw material, rebounded after a fall, with cost support still present. Industry supply has contracted somewhat before the holiday, while downstream manufacturers are gradually shutting down for vacation, leading to a sluggish trading atmosphere and an increasing wait-and-see sentiment.

III. Price Prediction

Styrene feedstock sorting, cost support still exists, and pressure relief is limited for now. The industry supply side is contracting, and downstream demand is for essential purchases. Spot market pre-holiday wait-and-see sentiment is growing, and supply and demand pressure is acceptable. In the short term, the PS market may be weakly range-bound. It is expected that the price of transparent modified benzene in East China will operate in the range of 7750-8700 yuan/ton.

ABS: Market quotes decreased, price changes were minimal.

I. Today's Summary

Prices in the East China market remained largely unchanged today; the South China market held steady, with average transaction volume.

ABS monthly output decreased month-on-month in February.

II. Spot Market Overview

Domestic ABS spot prices remained stable overall, with regional and grade-specific performance as follows:

Source: Longzhong

Yuyao Market (East China)

15E1: February 10th, 10450 yuan/ton; February 11th, 10450 yuan/ton, no fluctuation.

HI-121H: February 10th 10,500 RMB/ton, February 11th 10,500 RMB/ton, no fluctuation.

DG417: 9700 yuan/ton on February 10th, 9700 yuan/ton on February 11th, no change.

PA-757K: February 10, 10500 yuan/ton, February 11, 10500 yuan/ton, no fluctuation.

0215A: February 10th, 9200 yuan/ton; February 11th, 9200 yuan/ton, no fluctuation.

750A: No price for two days.

Dongguan Market (South China)

15E1: February 10th, 9600 yuan/ton; February 11th, 9600 yuan/ton, no fluctuation.

121H: 9300 CNY/ton on February 10th, 9300 CNY/ton on February 11th, no change.

KF730: February 10th 8250 RMB/ton, February 11th 8250 RMB/ton, no fluctuation.

DG417: February 10th, 8800 RMB/ton; February 11th, 8800 RMB/ton, no fluctuation.

0215A: 8,400 RMB/ton on February 10, 8,400 RMB/ton on February 11, no fluctuation.

750A, PA-757K: No price available for either on both days.

Based on Yuyao and Dongguan, prices in the East China market are stable, while prices in the South China market are slowly declining. Today, trading by merchants was average, with little change in market prices, and a strong holiday atmosphere.

III. Price Forecast

Based on Yuyao and Dongguan areas, price fluctuations in the East China market are minimal, while prices in the South China market remain stable. Today's market transactions are moderate, with limited price changes. The Spring Festival atmosphere is strong, and quotations are gradually decreasing. ABS prices are expected to maintain a narrow range consolidation tomorrow.

EVA: Spring Festival holiday atmosphere is gradually thickening, the market is running in a quiet wait-and-see mode.

I. Today's Summary

This week, the ex-factory price of EVA petrochemicals remained stable.

EVA petrochemical plants operated stably this week.

II. Spot Market Overview

Domestic EVA spot prices remained generally stable, with variations across regions and grades as follows:

Xiamen: Gulei USI-629 remained at 9,350 RMB/ton for both days with no fluctuation; Hongjing 6020M remained at 9,050 RMB/ton for both days with no fluctuation; BYC 5110J remained at 10,000 RMB/ton for both days with no fluctuation.

Jiangsu: BYC 5110J remained at 9,900 RMB/ton for both days, showing no fluctuation; Hongjing 6020M remained at 9,000 RMB/ton for both days, showing no fluctuation; Photovoltaic 28-25 remained at 8,700-8,900 RMB/ton for both days, showing no fluctuation.

Today, the atmosphere in the domestic EVA market is quiet. With the Chinese New Year holiday approaching, EVA producers are maintaining stable prices to support the market. Logistics and transportation are nearing their end. Downstream factories and intermediate traders are mostly on holiday and have withdrawn from the market. Buying and selling activities are sporadic, with few transactions reported. Mainstream prices are around RMB 9000-10000/ton for soft grades and RMB 8400-10000/ton for hard grades.

III. Price Prediction

Looking ahead, EVA production plants have pre-sold a significant amount of product in the early stages, resulting in little inventory pressure. Ex-factory prices are mainly stable, which provides overall support to the market. As the Chinese New Year holiday atmosphere intensifies, downstream EVA factories are gradually ceasing operations and taking holidays, leading to a lack of trading activity in the market. Overall, the domestic EVA market is expected to operate with a quiet and stable trend in the near term.

Engineering material

PC: Trading is light before the holiday, and the market continues to maintain a stable and consolidating pattern.

Today's Summary

On Tuesday, international crude oil fell, with ICE Brent crude futures for April delivery closing at $68.80 per barrel, down $0.24 per barrel.

Raw material Bisphenol A closed at 8,075 RMB/ton in the East China market, remaining stable month-on-month.

Domestic PC factories have not made any adjustments to their latest ex-factory prices.

II. Spot Market Overview

Domestic PC spot prices remained stable overall, with performance across regions and specifications as follows:

East China spot price

Covestro 2805: February 10th, 15250 RMB/ton; February 11th, 15250 RMB/ton, no fluctuation.

Lotte 1100: February 10, 13150 yuan/ton; February 11, 13150 yuan/ton, no change.

Weiyuan WY-111BR: February 10, 12650 yuan/ton; February 11, 12650 yuan/ton, no change.

South China spot prices

Covestro 2805: February 10, 13900 yuan/ton; February 11, 13900 yuan/ton, no fluctuation.

Rakuten 1100: February 10, 11,900 yuan/ton; February 11, 11,900 yuan/ton, no fluctuation.

Luxi 1609-11: February 10th 11600 yuan/ton, February 11th 11600 yuan/ton, no fluctuation.

Key upstream

East China Bisphenol A: February 10th 8075 yuan/ton, February 11th 8075 yuan/ton, no fluctuation.

Today, the domestic PC market operated in a high-level consolidation. As of the afternoon close, mainstream discussions for low-end injection molding grade PC in East China referenced 11400-13450 yuan/ton, while mid-to-high-end grades were discussed at 14850-15250 yuan/ton. The overall negotiation focus remained stable compared to yesterday. Domestic PC factories had no new price adjustments, maintaining stable prices before the holiday. From the perspective of the spot market, both East and South China maintained a quiet consolidation pattern. With the Spring Festival holiday approaching, the market was filled with a festive atmosphere, logistics and transportation gradually ceased, and both buyers and sellers were successively withdrawing from the market for holidays. Market activity continued to weaken, and actual transactions were rarely heard.

III. Price Prediction

With only a few trading days left before the Spring Festival holiday, PC market participants are gradually leaving for their break, and the market has become increasingly deserted. Trading activity is rarely heard of. Looking ahead to tomorrow, the festive atmosphere will intensify. With no expected fluctuations in fundamentals and a lack of participation from both buyers and sellers, the domestic PC market is expected to continue its quiet and consolidating trend.

PET: Improved market sentiment boosts overall upward trend in the PET bottle chip market.

I. Today's Summary

Some factories have raised their prices by 20-100 yuan/ton, while others have kept their prices stable.

Today, the operating rate of domestic polyester bottle chip production capacity reached 66.13%.

II. Spot Overview

The price of domestic polyester bottle chips for water bottles generally rose, with performance in various regions as follows:

Source: OilChem

East China: February 10, 6260 yuan/ton; February 11, 6290 yuan/ton, an increase of 30 yuan/ton, a rise of 0.48%;

South China: Feb. 10, 6285 yuan/ton; Feb. 11, 6320 yuan/ton, up 35 yuan/ton, a 0.56% increase.

North China: RMB 6170/ton on February 10, RMB 6210/ton on February 11, up RMB 40/ton, an increase of 0.65%.

Based on the East China region, today's spot price for PET bottle-grade chips for water bottles closed at RMB 6290/ton, up RMB 30/ton from the previous working day, generally in line with early morning expectations.

Commodity sentiment is warming, and bulk chemical products are still generally moving higher. Driven by costs, polyester bottle chip factories have mostly raised their quotes by 20-100 yuan/ton, while some factories have maintained stability, and the market focus has narrowly risen. Small and medium-sized terminals and traders have mostly withdrawn from the market for holidays, coupled with reduced logistics vehicles and increased logistics costs, market transactions are light, and the festive atmosphere is growing. Negotiations for February goods are at 6250-6320 yuan/ton, with some areas slightly lower or futures contract 2604 at a premium of 80 yuan/ton.

III. Price Prediction

The strong sentiment in the commodity market has boosted raw material prices. However, with the approaching Chinese New Year, demand is struggling to keep up with rising prices, leading to a situation where polyester bottle chip market has prices but no transactions. Before the holiday, the polyester bottle chip market is expected to maintain high-level fluctuations, awaiting clear direction after the holiday. It is estimated that tomorrow's spot price for water bottle grade material in the East China market will operate in the range of 6200-6400 RMB/ton.

PMMA: Pre-holiday trading stagnated, market transitioned smoothly.

I. Today's Summary

Today, the price of PMMA particles is stable.

Today, the utilization rate of domestic PMMA particles is 60%.

II. Spot Market Overview

Domestic PMMA particle prices remained generally stable, with the following regional and source-specific performance:

East China (domestic goods): February 10th, 12,000 RMB/ton; February 11th, 12,000 RMB/ton, no change.

East China (imported goods): February 10th, 12,000 RMB/ton; February 11th, 12,000 RMB/ton; no change.

Key upstream East China MMA: February 10th 9350 yuan/ton, February 11th 9350 yuan/ton, no fluctuation.

PMMA particles in the East China region closed at 12,000 yuan/ton today, stable compared to the previous trading day, meeting early expectations. As the Spring Festival holiday approaches, downstream factories are gradually shutting down and exiting the market. The trading atmosphere in the market is quiet, with few follow-ups on actual transactions. The overall market has entered a stalemate and transitional phase.

III. Price Prediction

Manufacturing plants are primarily fulfilling previous orders, maintaining stable pricing. Holders are adopting a wait-and-see approach, with little intention to actively offer prices. Downstream terminals are gradually ceasing operations and exiting the market, resulting in insufficient spot transactions and a near standstill in trading. In the short term, the PMMA particle market has entered a phase of "having prices but no market," with the market maintaining a smooth transition. Key attention should be paid to the order books of manufacturing plants and the follow-up of downstream demand.

POM: Operators gradually withdrawing, news sentiment is cold.

Today's Summary

PetroChina Inner Mongolia's 60,000 tons/year POM units are operating at increased capacity across both lines.

Hebi Longyu's 60,000 tons/year POM unit shut down for maintenance on October 20th. Restart time is to be determined.

II. Spot Market Overview

Domestic POM spot prices remained generally stable, with the following performance across different regions and specifications:

Yuyao (Yuntianhua M90): February 10th 11700 yuan/ton, February 11th 11700 yuan/ton, no fluctuation;

Dongguan (Yunnan Yuntianhua M90): RMB 10,600/ton on February 10, RMB 10,600/ton on February 11, no fluctuation.

North China (Yuntianhua M90): February 10th 11700 yuan/ton, February 11th 11700 yuan/ton, no fluctuation.

Based on the Yuyao region, Yunnan Yuntianhua M90 closed at 11700 RMB/ton today, with prices remaining stable compared to the previous period. Today, the domestic POM market was mainly in a wait-and-see mode. With the approaching Chinese New Year holiday, fundamental news for POM was quiet. Downstream and end-users have largely ceased operations and exited the market, and the holiday atmosphere in the market is starting to build, with few inquiries heard. As of closing, the ex-tax quoted price range for domestic POM in the Yuyao region was 9100-11800 RMB/ton, and the cash transaction price in the Dongguan region remained at 8100-10700 RMB/ton.

III. Price Prediction

As the Spring Festival holiday approaches, the market is quiet before the holiday, and traders are gradually withdrawing from the market to wait and see. Mainstream quotations will not be significantly adjusted. End users have no purchasing plans, and actual transactions are difficult to achieve. Longzhong expects that the POM market will mainly consolidate in the short term.

PBT: Downstream shutdowns and logistics disruptions lead to quiet and stable pre-holiday market.

Today's Summary

Today's PBT manufacturers' quotations are mainly stable.

PBT unit maintenance increased this week.

Last period PBT production was 24,000 tons, down 0.22 million tons from the previous period, a capacity utilization decrease of 8.4%, with a capacity utilization rate of 53.3%, down 5.08% from the previous period; the average gross profit of domestic PBT was -698 yuan/ton, an increase of 60 yuan/ton compared to the previous period.

II. Spot Market Overview

Domestic PBT spot prices remained generally stable, with key raw materials and products performing as follows:

East China medium-low viscosity pure resin: The mainstream price on February 10th and February 11th was 7750-8000 yuan/ton, with no fluctuation;

East China PTA: February 10th, 5145 yuan/ton; February 11th, 5180 yuan/ton, up 35 yuan/ton, an increase of 0.7%.

East China BDO (in bulk): Prices on both February 10th and February 11th were 7300-7500 yuan/ton, with no fluctuation.

Based on the East China region, the mainstream price of low-to-medium viscosity PBT resin today is RMB 7750-8000/ton, stable compared to the previous working day. PBT market trading was insufficient today, with downstream factories gradually shutting down and taking holidays, resulting in a quiet atmosphere in the market. The BDO market is operating sluggishly, and the PTA market has shifted upwards, but most operators have withdrawn from the market for holidays, resulting in a quiet trading atmosphere. Approaching the Spring Festival, market demand has decreased and prices have not changed significantly, with low-to-medium viscosity PBT pure resin in the East China market closing at RMB 7750-8000/ton.

III. Price Prediction

The holiday atmosphere is strong, and logistics are gradually shutting down, so PBT market prices are expected to remain largely unchanged. On the raw material front, PTA prices are rising, and market sentiment is fair, but industrial drivers are limited. BDO supply is abundant, and current fundamentals offer little support. Moreover, industry players are gradually withdrawing and going on holiday, leading to a generally quiet trading atmosphere. The PBT market is sluggish, and prices are expected to remain stable before the holiday. Longzhong anticipates that the price of medium-low viscosity PBT resin in the East China market will operate in the range of 7700-7950 yuan/ton.

PA6: Strong cost support, localized price increases for PA6 chips

I. Today's Summary

Sinopec caprolactam's weekly settlement price last week was RMB 10,330/ton (6-month acceptance, interest-free), including a retrospective settlement of RMB 100/ton from the previous month.

Sinopec East China, South China, and Central China refineries have increased their pure benzene prices by 150 RMB/ton, executing at 6150 RMB/ton, effective January 30th.

II. Spot Market Overview

Domestic polyamide 6 slice prices rose in some areas, with various specifications and upstream raw materials performing as follows:

Source: Longzhong

Polyamide 6 Conventional Chips

East China Market (General): February 10th price 10150-10450 RMB/ton, no fluctuation, payment terms cash on delivery.

East China Market (High-end): February 10th price 10300-10500 RMB/ton, no fluctuation, payment terms are cash ex-factory.

Polyamide 6 high-speed slicing

East China Spot (Ordinary): February 10 price RMB 10100-10300/ton, up RMB 100/ton, payment term: cash on delivery.

East China Spot (Premium Grade): February 10 price 10500-10700 RMB/ton, no fluctuation, payment terms are acceptance delivered.

Key Upstream

Caprolactam (East China): Price on February 10th was 9875 RMB/ton, adjusted up to 9900 RMB/ton, an increase of 25 RMB/ton. Payment terms are acceptance draft upon delivery.

Today, the local price of PA6 chips has increased. Recently, the cost side has been providing strong support, putting pressure on polymerization profits. Additionally, some polymerization pre-sales are significant, leading some factories to raise their ex-factory prices for chips due to the influence of multiple factors. Currently, in East China, conventional spinning grade PA6 is at RMB 10,150-10,450/ton (cash, short delivery), and high-speed spinning spot goods are at RMB 10,500-10,700/ton (acceptance, delivered).

III. Price Prediction

The current caprolactam market is strongly supported, with overall polymerization profits under significant pressure. However, some factories had good pre-sale performance earlier. It is expected that the PA6 market will mainly show a firm trend in the near future.

PA66: Downstream plants are gradually closing for holidays, and the market is consolidating.

I. Today's Summary

On February 10, international oil prices fell as the market awaited the finalization of the second round of US-Iran negotiations, while Russia-Ukraine peace talks continued to progress. NYMEX crude oil futures contract 03 closed at $63.96 per barrel, down $0.40 per barrel, a month-on-month decrease of -0.62%; ICE Brent crude oil futures contract 04 closed at $68.80 per barrel, down $0.24 per barrel, a month-on-month decrease of -0.35%; China INE crude oil futures contract 2604 rose by 6.5 to 472.5 yuan per barrel, and the night session rose by 1.0 to 473.5 yuan per barrel.

Today, domestic PA66 capacity utilization rate is 72%. Domestic PA66 is mainly fulfilling early orders, with no inventory pressure at present.

II. Spot Market Overview

Domestic PA66 spot prices are generally stable, while the price of raw material adipic acid has increased.

East China EPR27: February 10, 15800 yuan/ton; February 11, 15800 yuan/ton, no change.

East China Adipic Acid: 8200 CNY/ton on February 10th, 8300 CNY/ton on February 11th, an increase of 100 CNY/ton, up 1.22%.

Based on the Yuyao market in East China, the EPR27 market price today is referenced at 15,700-15,900 yuan/ton, stable compared to the previous trading day. Raw material prices are running at high levels, and cost pressure remains. Market spot supply is ample, and downstream customers have mostly stocked up. Market trading is quiet, and prices are consolidating temporarily.

III. Price Prediction

The price of raw material adipic acid continues to rise, increasing cost pressure. Downstream industries are gradually entering the Spring Festival holiday, and the market trading atmosphere is gradually weakening. It is expected that the domestic PA66 market will fluctuate narrowly in the short term.