For the Quarter Ending September 2025
North America
• In USA, the Caprolactam Price Index fell by 21.4% quarter-over-quarter, due to domestic market oversupply.
• The average Caprolactam price for the quarter was approximately USD 1492.67/MT, reflecting Houston and Gulf Coast spot levels.
• Caprolactam Spot Price weakened as domestic plants ran near capacity while imports continued to arrive.
• Caprolactam Price Forecast anticipates limited near-term upside as inventories persist and downstream buying remains cautious.
• Caprolactam Production Cost Trend stayed subdued with lower benzene and steady cyclohexanone easing producers' costs.
• Caprolactam Demand Outlook remained weak as automotive and textile sectors delayed purchases, drawing down inventories.
• Caprolactam Price Index signalled bearish momentum with twelve-week averages declining as sales stayed muted regionally.
• Logistics and freight declines lowered landed import costs, sustaining availability and pressuring domestic spot pricing.
Why did the price of Caprolactam change in September 2025 in North America?
• Excess domestic production and steady imports increased inventories, outpacing subdued downstream demand during August-September period.
• Lower benzene and stable cyclohexanone reduced production costs, removing cost-side support for higher prices locally.
• Reduced freight costs and strong US dollar made imports cheaper, amplifying supply pressure on markets.
APAC
• In Japan, the Caprolactam Price Index fell by 20.13% quarter-over-quarter, reflecting oversupply and downstream demand.
• The average Caprolactam price for the quarter was approximately USD 1068.67/MT, reflecting trading, ample inventories.
• Caprolactam Spot Price remained pressured as imports and high domestic output maintained elevated inventory levels.
• Caprolactam Production Cost Trend saw limited support as cyclohexanone stayed flat while benzene firmed slightly.
• Caprolactam Demand Outlook stays muted with automotive and engineering plastics subdued despite textile buying spikes.
• Caprolactam Price Forecast points to modest autumn recovery driven by restocking and logistics affecting availability.
• Caprolactam Price Index volatility eased late quarter as rangebound trading reflected balanced supply and demand.
• Major producers ran near full rates, keeping supply ample and constraining upward price momentum domestically.
Why did the price of Caprolactam change in September 2025 in APAC?
• Ample domestic imports increased inventories, eroding negotiating power and driving significantly downward price pressure.
• Flat cyclohexanone and mixed benzene trends provided limited cost support, narrowing producers' margins modestly.
• Downstream buyers delayed purchases amid tariff uncertainty and orderbooks, suppressing spot and forward volumes.
Europe
• In Germany, the Caprolactam Price Index fell by 8.69% quarter-over-quarter, reflecting weak demand and ample regional supply.
• The average Caprolactam price for the quarter was approximately USD 1849.33/MT, measured on a weighted FD Hamburg basis.
• Caprolactam Spot Price movements reflected tighter late-September logistics and lower benzene availability, tightening merchant availability marginally.
• Caprolactam Production Cost Trend remained mostly flat as benzene eased earlier, while gas prices provided modest energy relief.
• Caprolactam Demand Outlook shows seasonal restocking in September supporting incremental offtake, but overall consumption remains subdued.
• Caprolactam Price Forecast for Q4 suggests modest gains supported by restocking and constrained import timing, then potential correction.
• Caprolactam Price Index volatility was limited by steady domestic production and high inventory, restraining sharp upward moves.
• Major producers operated reliably, with few outages reported, keeping supply flows stable and limiting spot market premiums.
Why did the price of Caprolactam change in September 2025 in Europe?
• Resumption of downstream operations trimmed inventories, prompting precautionary procurement ahead of Q4 production cycles regionally.
• Benzene supply constraints and refinery idling pushed feedstock costs higher, supporting marginal caprolactam price increases.
• Persistent logistical congestion at Hamburg port delayed imports, shortening effective supply windows and prompting inventory rebuilding.
MEA
• In United Arab Emirates, the Caprolactam Price Index rose by 4.71% quarter-over-quarter, on cost push.
• The average Caprolactam price for the quarter was approximately USD 1548.33/MT, reflecting regional port averages.
• Caprolactam Spot Price softened as ample imports and lower freight enabled more competitive seller offers.
• Caprolactam Price Forecast suggests modest gains into Q4 as restocking and shipping congestion reduce supply.
• Caprolactam Production Cost Trend was mixed as weaker benzene offset by cyclohexanone and freight inflation.
• Caprolactam Demand Outlook remains muted, with converters delaying orders, pressuring the Caprolactam Price Index downward.
• High port inventories and sustained exports from the US encouraged aggressive offers, eroding supplier margins.
• Regional producer runs remained steady; currency moves and downstream run-rates influenced arbitrage and trading flows.
Why did the price of Caprolactam change in September 2025 in MEA?
• Steady imports from the US lifted available volumes, outpacing weak downstream consumption and pressuring prices.
• Falling freight lowered landed costs, enabling competitive offers and reducing seller incentives to defend prices.
• Weak automotive, textile procurement and exporters clearing stock created bearish sentiment, widening arbitrage into UAE.
For the Quarter Ending June 2025
North America
• Caprolactam prices in North America declined by 4.3% QoQ in Q2 2025, driven by persistent weak demand from automotive and textile sectors, high inventory levels, and stable but unhelpful upstream cost dynamics.
• Supply remained ample as domestic producers maintained steady operating rates while imports from Asia and Europe ensured consistent market availability.
• Feedstock prices for benzene and cyclohexanone stayed flat through the quarter, providing no upward cost-push support to Caprolactam prices.
• Logistics operations improved with easing port congestion and falling freight rates, enhancing import competitiveness, and further pressuring domestic prices.
• Demand from key end-use sectors, particularly automotive and nylon manufacturing, remained subdued as buyers focused on depleting existing inventories amid uncertain trade policy and economic conditions.
• Overall, the Caprolactam price outlook in Q2 remained bearish, with stable supply, weak demand, and policy-related uncertainties capping any recovery prospects unless external factors shift significantly.
Why did the Caprolactam Price Index change in July 2025 in North America?
• Caprolactam prices in the U.S. remained stable in July due to balanced supply and subdued downstream demand across automotive and textile sectors.
• Domestic producers held operating rates steady, while consistent import volumes from Asia kept market availability ample.
• Falling freight rates further enhanced the competitiveness of imports but did not trigger fresh buying interest from downstream buyers.
• End-users, particularly OEMs and nylon converters, refrained from aggressive procurement, focusing on inventory drawdowns amid economic and trade-related uncertainties.
• With no significant shifts in demand or supply fundamentals, Caprolactam prices stayed range-bound during July.
Europe
• Caprolactam prices in Europe increased marginally by 0.6% QoQ in Q2 2025, supported by upstream cost fluctuations, steady domestic production, and mixed downstream demand signals.
• Regional supply remained balanced as German producers maintained consistent operating rates, with imports from Asia and neighbouring EU countries ensuring ample availability despite minor logistical disruptions.
• Rising benzene costs introduced upward pressure on production expenses, but stable cyclohexanone prices and easing natural gas rates helped manage overall cost structures.
• Logistics bottlenecks at German ports and inland transport disruptions constrained supply chain efficiency but failed to significantly tighten market availability.
• Downstream demand showed sectoral divergence—while domestic automotive production offered mild support, broader consumption from textiles and export-linked applications remained subdued.
• Overall, the Caprolactam price trend in Q2 reflected a narrow trading range, as cautious buyer sentiment and balanced supply dynamics neutralized any strong price momentum.
Why did the Caprolactam Price Index change in July 2025 in Europe?
• Caprolactam prices in Europe declined in July due to persistently weak demand from the automotive and textile sectors, which overshadowed a stable supply landscape.
• Domestic production remained steady, while intra-European shipments contributed to high inventory levels, keeping the market oversupplied.
• Ongoing port congestion and inland transport bottlenecks disrupted logistics, but these inefficiencies failed to provide sufficient support to offset weak offtake.
• Buyers, particularly from automotive and textile industries, maintained conservative procurement strategies, focusing on inventory drawdowns amid fragile retail sentiment and global trade uncertainties.
APAC
• Caprolactam prices in APAC increased by 1.5% QoQ in Q2 2025, underpinned by transient supply disruptions and cautious downstream demand recovery.
• Supply remained abundant across key producing countries, including South Korea and Taiwan, with producers maintaining steady operating rates. However, unexpected outages in China temporarily tightened regional availability, prompting short-lived procurement spikes.
• Feedstock dynamics also contributed to the firmer pricing in Q2. While cyclohexanone remained weak, benzene prices experienced intermittent spikes, raising production costs for caprolactam manufacturers. Although these cost increases were not sustained, they were sufficient to prompt producers to pass through moderate price.
• Logistical conditions in APAC remained stable, though intermittent port delays and inland transport inefficiencies in South Korea introduced minor supply chain friction.
• Short-term restocking from automotive buyers in April and May, driven by government incentives, provided modest demand-side support, aiding price stability.
• Overall, the combination of proactive production control, temporary tightening of regional supply, and cost-push factors from volatile feedstocks enabled South Korean caprolactam prices to register a modest increase in Q2 2025, despite underlying demand weakness and competitive pressures from low-priced Chinese offers.
Why did the Caprolactam Price Index change in July 2025 in APAC?
• Caprolactam prices in APAC declined in July due to persistently weak demand from downstream sectors such as automotive and textiles, which failed to absorb existing inventory volumes despite moderate operating rates.
• Producers in South Korea and Taiwan maintained steady production under low margin conditions, leading to an oversupplied market, while Chinese exporters intensified price competition regionally.
• Feedstock costs for benzene and cyclohexanone remained soft, providing no upward pricing support, and further reinforcing sellers’ need to adopt competitive pricing strategies.
MEA
• Caprolactam prices in MEA declined by 6.9% QoQ in Q2 2025, driven by persistent oversupply and fragile downstream demand across key sectors.
• Supply remained ample throughout the quarter, as increased export flows from China and South Korea maintained consistent availability in the UAE. Lower freight costs further supported a steady influx of cargoes into the region, keeping inventories well-stocked.
• Raw material dynamics remained broadly weak, with soft cyclohexanone and fluctuating benzene prices providing limited cost-side momentum, reinforcing a competitive and price-sensitive market environment.
• Logistics performance stayed stable, with no significant port disruptions, ensuring predictable shipment flows despite minor delays linked to regional freight rate fluctuations.
• Demand from downstream Nylon 6 and automotive segments remained subdued, as cautious buying behaviour and slow end-market consumption prevented meaningful inventory drawdowns.
• The market tone remained soft throughout Q2, with both buyers and sellers adopting conservative strategies, as sluggish macroeconomic conditions and muted global trade limited opportunities for price appreciation.
Why did the Caprolactam Price Index change in July 2025 in MEA?
• Caprolactam prices in MEA rose in July due to upstream cost escalation, with rising crude oil benchmarks inflating feedstock benzene and cyclohexanone prices, prompting suppliers to pass through higher costs.
• Supply remained balanced, but importers raised offers in line with firmer international quotes, while container availability constraints restricted arbitrage, tightening spot supply.
• Downstream demand showed modest improvement, led by seasonal restocking from nylon fibre processors and stable order inflows from automotive component manufacturers.
• Amid rising input costs and a cautious yet firm demand uptick, market participants accepted price increases, pushing Caprolactam values upward across UAE ports during July.
For the Quarter Ending March 2025
North America
The North American caprolactam market saw a 10% quarter-on-quarter price increase in Q1 2025, driven primarily by higher benzene costs and firm demand from the automotive and textile sectors. Early in the quarter, prices rose as crude oil futures strengthened and market sentiment improved, raising production costs. Market expectations of rising inflation, driven by potential import tariffs under President Trump’s administration, added upward pressure on pricing. On the supply side, stability improved after the ILA and USMX reached a six-year labour agreement, easing port disruption concerns.
By mid-quarter, operations normalized following Winter Storm Enzo. However, the announcement of a 25% tariff on Mexican and Canadian goods sparked uncertainty. The temporary delay in implementation prompted pre-emptive buying, with importers securing overseas caprolactam to avoid cost hikes, further supporting price gains.
Toward the quarter’s end, caprolactam prices continued to rise, supported by a rebound in U.S. manufacturing activity and stronger vehicle sales, which boosted downstream demand. Although benzene costs softened, sustained procurement activity and broader economic momentum kept the market firm. The quarter closed with caprolactam prices at USD 2,086/MT DEL Houston, reflecting resilient bullish sentiment.
APAC
The Asia-Pacific caprolactam market recorded a 3.4% quarter-on-quarter price decline in Q1 2025. Early in the quarter, subdued benzene and cyclohexanone feedstock costs eased production expenses, but oversupply conditions persisted as manufacturers maintained steady output despite weak demand. Limited procurement ahead of the Lunar New Year and cautious inventory management by end-users kept downstream activity restrained, particularly in the automotive and industrial sectors. Mid-quarter, prices edged higher as tightening supply and rising costs of cyclohexanone and phenol increased production expenses. Operations in Shandong resumed slowly post-holiday, while Zhejiang Petrochemical’s shutdown curtailed phenol availability. This constrained supply supported a short-term price rebound, although automotive demand remained modest as manufacturers focused on inventory restocking. By quarter-end, caprolactam prices resumed their downward trend amid sluggish demand from PA6 producers and logistical challenges that delayed export shipments. The textile sector also showed minimal improvement, with low order volumes and conservative buying. Ongoing U.S.-China trade tensions further weighed on global sentiment, limiting export competitiveness. Caprolactam FOB Shanghai prices closed at USD 1,450/MT, underscoring continued market pressure across the region.
Europe
European caprolactam market registered a 1.72% quarter-on-quarter price increase in Q1 2025. Early in the quarter, rising benzene and energy costs, driven by stronger crude oil prices and firm overseas markets, elevated production expenses, prompting price adjustments. Supply remained steady, but logistics disruptions—stemming from labour shortages, strikes, and port congestion across Hamburg, Rotterdam, and other key hubs—hampered delivery timelines. Mid-quarter, prices surged as regional supply tightened following BASF’s closure of its Ludwigshafen plant and production halt in the Czech Republic. These shutdowns significantly curtailed local output, tightening availability despite muted demand from downstream sectors. The automotive industry remained cautious amid persistent inflation and economic headwinds, while consumer sentiment in the apparel sector stayed weak, limiting purchasing activity. By quarter-end, continued supply-side constraints and logistical delays sustained market tightness. Shipping and customs disruptions further restricted material flow. Despite soft demand fundamentals, these persistent bottlenecks supported higher pricing, with caprolactam FOB Hamburg closing at USD 2,104/MT, reflecting firm supply-side pressure throughout the quarter.
MEA
The MEA caprolactam market registered a 5.2% quarter-on-quarter decline in Q1 2025. Early in the quarter, prices softened due to weak demand from downstream automotive and textile sectors, while supply remained stable. Market sentiment was further pressured by bearish trends in Asia, particularly China—the primary exporter to MEA—where sluggish procurement created a global oversupply, weighing on local prices. Although manufacturing activity remained expansionary, slowing new orders tempered caprolactam consumption. Lower intra-Asia freight rates further supported steady import volumes, ensuring sufficient regional availability. Prices rebounded mid-quarter as post-Chinese New Year supply tightness and rising feedstock costs lifted import values. The automotive sector's inventory restocking provided temporary demand support, though consumption remained cautious amid lingering economic uncertainty and weak end-user buying interest. By quarter’s end, competitive Chinese exports and renewed freight rate declines reignited downward pressure. As business confidence softened in March, buyers adopted a cautious stance, leading to subdued procurement. Caprolactam CFR Jebel Ali closed the quarter at USD 1592/MT, reflecting overall market weakness.
For the Quarter Ending December 2024
North America
The North American Caprolactam market witnessed a marginal decline of 1% in Q4 2024 compared to the previous quarter, reflecting subdued demand and ongoing supply chain challenges. The quarter opened with weak activity from downstream sectors, particularly automotive and textiles. Reduced benzene feedstock costs further pressured caprolactam prices as suppliers focused on maintaining volumes. Hurricane-related disruptions, including Hurricane Helene’s impact on textile manufacturers and Hurricane Milton’s approach, compounded logistical challenges, dampening market stability.
Midway through the quarter, the market faced extended delivery times and inventory buildup due to freight constraints and reduced new orders. The cautious sentiment was further influenced by political uncertainty following President Trump's re-election, which contributed to muted procurement activity. Despite these challenges, manufacturers remained focused on clearing backlogs, ensuring supply adequacy.
Towards the end of the quarter, while there was some improvement in demand from downstream sectors, particularly automotive, and concerns over potential tariffs under the new administration prompted some proactive procurement, these factors were not enough to fully offset the earlier downward trend. The quarter-ending price for Caprolactam DEL Houston stood at USD 1879/MT, marking the highest point of the quarter.
APAC
The Caprolactam market in the APAC region faced a challenging Q4 2024, marked by declining prices driven by weak demand and persistent oversupply. Early in the quarter, steady production and improved operating conditions supported sufficient supply levels. However, logistical disruptions caused by Typhoon Kong-rey, which impacted Asia-Europe shipping routes, introduced temporary delays in supply chains without significantly affecting market dynamics. As the quarter progressed, year-end destocking efforts by manufacturers and sluggish demand from key downstream sectors, such as automotive and textiles, hampered price recovery. The textile industry grappled with poor order follow-up and low demand, resulting in mounting inventories and aggressive discounting strategies that added downward pressure on prices. Toward the quarter’s close, ample supply continued to outweigh limited demand, exacerbating the oversupply situation. Weak performance in upstream feedstocks, including benzene, further reduced input costs, enabling price cuts. Seasonal factors, such as the year-end lull and cautious pre-holiday procurement ahead of the Chinese New Year, compounded the subdued demand. The quarter-ending price for Caprolactam FOB Shanghai in China stood at USD 1460/MT, reflecting the sustained negative trend. Oversupply, tepid demand, and cautious market sentiment are expected to keep the market under pressure in the near term.
Europe
The European Caprolactam market remained under pressure throughout Q4 2024, with persistent price declines driven by subdued demand from downstream industries and market challenges. The European automotive industry, in particular, faced intensified competition from Chinese electric vehicle manufacturers and declining domestic sales, reducing the demand for caprolactam in automotive components. The textile industry also saw decreased consumption as consumers shifted towards sustainable practices and cut back on non-essential spending, further weakening market dynamics. Supply levels were stable throughout the quarter, supported by robust inventories from previous periods and steady production rates. However, declining feedstock costs, particularly for benzene, combined with weak market conditions, placed significant downward pressure on Caprolactam prices. Mid-quarter saw slight relief in logistics costs due to declining freight rates, though upcoming regulatory changes like the expansion of the EU Emissions Trading System (ETS) are expected to increase operational costs for shipping. By the quarter's end, the price for Caprolactam FOB Hamburg in Germany stood at USD 1855/MT, reflecting a consistent decline throughout Q4. Seasonal low demand, inventory management, and limited recovery in downstream industries compounded the sluggish market sentiment.
MEA
In Q4 2024, the MEA Caprolactam market, particularly in the UAE, experienced a significant declining trend, with prices falling by 14% compared to Q3. This downturn was primarily driven by weak downstream demand, downward price pressure from Asian exporters, and destocking activities. Early in the quarter, declining demand from downstream industries in the UAE, mirroring similar trends in exporting countries like China, led manufacturers to offer discounted prices, impacting the UAE market. Geopolitical tensions and port congestion globally created hesitance in procurement. Weak cargo demand, exacerbated by Typhoon Bebinca and Golden Week holidays in China, contributed to weaker freight rates, further supporting lower prices. Logistical challenges from Typhoon Kong-rey and previous storms caused shipping delays in key export regions, though this did not translate into upward price pressure due to weak demand. By the end of Q4, Caprolactam prices in the UAE were down due to abundant supply and a lack of significant downstream demand. The quarter-ending price for Caprolactam CFR Jebel Ali was recorded at USD 1592/MT, reflecting the broader market trend of weakening prices.
