For the Quarter Ending March 2022
North America
Polyamide values witnessed decrement throughout the first quarter in the North American market. The Polyamide 6, 66 & 46 values decreased by 1%, 2% & 0.3% from the last quarter of 2021 and settled at USD 3575, USD 4445 & USD 12304 per tonne respectively, by the end of Q1. Reduced demand from the downstream textile sector in the winter months dwindled the prices. Furthermore, low prices of feedstock Caprolactam influenced the values of Polyamide in North America. However, increase in Adipic Acid feedstock values towards the end of Q1 restrained the drastic fall in the prices of Polyamide 46.
Asia Pacific
Polyamide prices remained uncertain in the Asian region due to the diverse demand for Nylon in Asia because of the seasonal conditions. The values dropped in the Chinese market due to low demand from the downstream textile sector. Polyamide 6, 66 & 46 prices were accessed at USD 2550, USD 5050 & USD 10115 per tonne, respectively, by the end of Q1. In the Indian market, Polyamide values showcased a marginal uptrend because of the firm demand from the textile industry. However, feed Caprolactam and Adipic Acid prices rose in the Asian market during Q1.
Europe
Polyamide prices fluctuated throughout Q1 in the European market. The prices of Polyamide 6, 66,46 decreased in January and February due to less demand from the downstream textile sector. The increased value of crude oil due to the conflict in the East European region impacted the feedstock Adipic Acid & Caprolactam values which increased its prices towards the end of Q1. Polyamide 6,66 & 46 settled at USD 4255, USD 5795 & USD 7025 per tonne respectively by the end of Q1, with a drop of 11%,13% & 2% in their values from the last quarter.
For the Quarter Ending December 2021
North America
In North America, Polyamide values registered an upward trend during the last quarter of 2021. Constrained availability of feedstocks including Adipic Acid, and Caprolactam led to the surge in the prices of Polyamide during the quarter. Polyamide demand remained firm throughout the quarter supported by the improvement in the offtakes from the downstream industries. Despite a comparatively underwhelming performance from automotive sector on annual basis, demand for polyamide remained strong throughout the year. US Automotive sector, a key sector for polyamide consumption, has measured a dip in manufacturing of vehicles in 2021 compared to previous years. Prices of Polyamide 6 and Polyamide 6,6 were assessed at USD 3795 per MT and USD 4750 per MT in December on FOB basis, respectively.
APAC
Overall, Polyamide market sentiment was weak in the last quarter owing to eased cost support from feedstocks in the domestic market of China. The commissioning of new coal mines under the Chinese authorities ramped up efforts to ensure energy supplies eased the operation cost at several facilities throughout China. FOB Dalian discussions for medium viscosity grade for PA 66 and PA 6 were assessed at USD 6260 per tonne and USD 2660 per tonne, respectively. In India, global inflationary trend was clearly reflected in the Polyamide price trend which has taken support from higher prices of feedstocks and increased demand from automotive and fibre/textile sectors. Surging upstream rates were strongly reflected in offers with immediate effect due to firm production costs. Domestic Nylon 6 rates have surged to INR 264620 per MT Ex-Mumbai in December, showcasing a consistent surge in the last three months.
Europe
During the Q4, prices of Polyamide increased as one of Europe's largest polymer producers, LyondellBasell press release last week and implemented an increase in the surcharge on natural gas and electricity throughout Europe on all its polymer products, effective from 1 November. This overall drastic price increment leads to an increase in the price of PAO as the feedstock Nylon productivity was impacted tending to impact the demand as well. The prices of Polyamide 6 FOB Hamburg (Germany) stood at USD 4945/MT and Polyamide 66 DDP Hamburg (Germany) USD 6835/MT in November 2021.
For the Quarter Ending September 2021
North America
In North America, the Polyamide values registered an upward trend during the third quarter of 2021. Constrained availability of feedstocks including Adipic Acid, and Caprolactam led to the surge in the prices of Polyamide in this timeframe. The Polyamide demand remained firm throughout the quarter supported by the improvement in the offtakes from the downstream industries. In addition, the arrival of Ida hurricane in August disrupted the production as well as supply rates that consequently tightened the supply of Polyamide and its downstream products in the North American market. Thus, a constant price hike was observed in the US owing to the limited availability and steady demand pattern during the quarter.
Asia Pacific
In Q3 2021, the Polyamide market in Asia reported tumbling pricing trend backed by the improved production rates and ample supply of the product. In Chinese market, an overall stability in the Polyamide prices was observed during the third quarter. While in India, a downward trend in the value of Polyamide was observed throughout the quarter. The improvement in the exports from India to the US apparel market was witnessed at the beginning of the quarter. However, in the domestic market the demand for Polyamide products remained narrowed. Therefore, Ex Mumbai prices of Polyamide 6,6 stood at USD 3038.29/MT in July and dropped to USD 2966.70/MT in September.
Europe
Polyamide prices remained firm throughout Q3 in the European market backed by the sturdy demand from downstream sectors including textile and automotive. In addition, hike in the feedstock values along with the burden on the manufacturers to fulfil the previous backlogs exuberated the prices of Polyamide in the region. Besides, extremely high freight charges and shortage of containers led to the supply shortage that further sent ripples to the prices of Polyamide in the region. DDP Hamburg prices of Polyamide 6,6 witnessed an increment of USD 165 per MT since July.
For the Quarter Ending June 2021
North America
During Q2 2021, Polyamide supply outlook in the North American market remained tight owing to limited availability of the upstream feedstocks, while Nylon 6,6 producers were extremely anxious over low production of Adipic Acid. Lower production of Caprolactam kept the supplies of the Nylon 6 lesser than anticipated. Furthermore, the short supply situation was exacerbated by turnaround at several plants in the region, which resultantly hiked the regional offers Polyamide. The pricing continuously rallied upwards taking FOB Texas discussions to USD 3720 per tonne in June for Polyamide 6. The demand was exceptional from the downstream industries, as the construction sector witnessed the seasonal hike throughout the quarter, and the consistent surge in enquiries from the automotive sector and daily household uses.
Asia Pacific
During the second quarter, supplies of Polyamide in the Asia Pacific region showcased mixed trends as the limited availability of the upstream Caprolactam restricted the production of the Nylon 6 and Nylon 6, 6 in the regional domestic market. Whereas in China, the consumption taxes imposed on the imports of mixed aromatics commodities and rising inflation rate in the Chinese domestic market exacerbated the tightness of the Polyamide resins. Subdued market activities in India due to the impact of second COVID wave made spot buyers reluctant to procure large volumes which maintained stagnancy over the Indian Polyamide offers throughout the second quarter. Ex-Works Mumbai (India) prices were assessed at USD 3226 per tonne and USD 2957 per tonne for Nylon 66 and Nylon 6 extrusion grade respectively in June.
Europe
In the European market, the overall supply of Polyamide remained constrained during the second quarter of 2021, owing to planned and unplanned turnarounds at various Nylon 6 facilities in Q2. Production issues were reported due to the severe shortage of the feedstock Caprolactam in the regional market. Demand was exceptional from the downstream market as the region observed a seasonal hike in demand from the building and construction industries, and the offtakes were also consistent from the electronics and textile industries to cope up with the economic rebound. Due to the supply demand imbalance, Polyamide prices remained on an uptrend throughout the quarter.
For the Quarter Ending March 2021
North America
Most of the production facilities in the USA Gulf region were forced to temporary shutdown in mid-February as the regional infrastructure collapsed amid the severe freeze weather conditions which led to limited availability of the upstream feedstocks. Hence, the supplies witnessed significant downfall amid the healthy-to-strong demand from the downstream industries. BASF hiked the prices of Polyamide by +USD 530/ton for the April delivery in the North American region.
Asia-Pacific (APAC)
The Asian Polyamide market remained constrained amid short supplies during the Q1 2021, majorly caused by the lack of key feedstock caprolactam as the regional plants were operating at reduced efficiencies. Demand during the first quarter was upbeat as several Chinese buyers started replenishing their inventories ahead of Chinese lunar new year holidays, though constant consumption from the automotive players kept the prices phenomenally high across the Asian markets. FOB prices of Polyamide 66 were averaged USD 6450 per MT in China, with the graph maintaining the upward trajectory for a larger part of the quarter.
Europe
Severe cold weather in the northwest European region tightened the Polyamide supplies during Q1 2021. Whereas several major plants were operating at reduced capacity due to the unavailability of key feedstocks and raw materials amid the transportation hiccups throughout the region. The demand however surged due to improved consumption from the downstream automotive, construction and textile sector. Reduced imports from the USA led to the spike in the prices of Polyamide in European region.
For the Quarter Ending September 2020
Asia
The Asian Polyamide market remained muted in the quarter ending September due to depressed demand for finished goods. Market players seemed divided over the regional outlook during the quarter. Producers maintained low operating rates as they saw almost no need to ramp up production considering the demand slowdown. Downstream manufacturing run rates were curtailed amid slow end-use consumption forcing Chinese factories to operate at an average of 65-75% to balance their inventory levels. Nylon chip imports in China slipped in Q3 as the summer months posed a typical lull period for the market while some market players stood hopeful that the market may see active restocking ahead of the long holiday in early October. With players offering hefty discounts, spot discussions for polyamide chips were heard trading around USD 1200-1300 per tonne CFR China in mid-September.
North America
Outages due to hurricane Laura were heard impending little to no effect on the supply of US nylon 6 and 6,6. US’ polymers and fibers giant INVISTA temporarily shut operations at its Texas facility ahead of Hurricane Laura but the turnaround had a limited effect on the regional supply. Nylon demand in the region maintained pace with the downstream construction and automotive sector which showed signs of revival in the third quarter after witnessing a major slump in Q2. Some producers preferred to operate at curtailed rates knowing that the sector would get back to normalcy only in 2021. Players report that the demand for construction applications has been on a rise backed by strong demand for Nylon films for food packaging. This remained indicative of the improved outlook for Q4 compared to the Q3 levels, which however remained still below the previous year’s levels.
Europe
Downstream buying which got affected due to lacklustre automotive demand showed gradual recovery in Q3, allowing some producers to ramp up their Nylon-6,6 production outputs. Players maintained a cautious stance amid looming market uncertainties as the number of cases resurge strongly in Europe, raising fears of the second coronavirus wave. Moving into September, buoyant demand for engineering plastics, helped in fetching high volume orders with sales figures outperforming September 2019 for some producers. Contract prices for industrial grade Nylon 6,6 oscillated between rollovers and decrease, settling around USD 4650-4670 per tonne NWE in September. However, market took off from the ground levels as Nylon consumption in textile applications gained strength for a number of household products backed by growing demand from the apparel sector for new seasonal collections ahead of Christmas and New Year.
