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Snapshot | Time: Feb 26 2020 8:43AM
China nylon market snapshot (Feb 2, 2020)
 
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Financial Markets        
  Closing price Change High Low
US Dollar Index 98.97 -0.32% 99.39? 7-Apr
Shanghai Composite 3013.05 -0.60% 3016.95? 2943.72?
Prices        
Exchange rate: $1=CNY 7.04 25-Feb Change Pre-week AVE. MTD (%)
WTI crude futures ($/bbl) April 49.90 -1.53 53.02 -0.42%
Brent crude futures ($/bbl) April 54.95 -1.35 58.47 0.92%
Asian benzene ($/mt, FOB Korea) 656.00 10.00 670.60 -1.80%
NWE benzene ($/mt, FOB Rdam) 662.00 -10.00 701.40 -10.66%
RMB CPL price (yuan/mt) 10200.00 0.00 10610.00 -10.53%
USD CPL price ($/mt) 1260.00 0.00 1260.00 -0.79%
Nylon 6 HS chips (yuan/mt) 12110.00 -120.00 12444.00 -3.97%
USD N6 HS chip price ($/mt) 1620.00 0.00 1620.00 5.19%
Nylon 6 CS chips (yuan/mt) 11350.00 -50.00 11820.00 -6.20%
Nylon 6 POY (yuan/mt) 14300.00 0.00 14300.00 0.00%
Nylon 6 FDY (yuan/mt) 15300.00 0.00 15300.00 0.00%

Market Summery
CPL USD spot discussions were assessed at around $1,250-1,270/mt CFR China, L/C 90 days. RMB CPL spot market stabilized weakly on Tuesday. Mainstream discussions were around 10,200-10,300yuan/mt, 6 months payment, delivered to E China. Fujian Shenyuan and Nanjing Fibrant (former as DSM Nanjing) settled the February contract prices for CPL at 11,300yuan/mt, liquid-grade products, 3 months payment, ex-works.
     
Nylon 6 semi-dull HS chip spot saw few effective discussions, and bright CS chip market was weak. Nylon textile filament market hardly had discussions.

Market Concern
Last week, despite of a slow recovery of nylon filament and downstream mills, demand for CPL and nylon 6 chip remained thin. Workers were slowly returning and market still had heavy bearish mood. CPL spot was now a buyers’ market and prices continuously fell. Nylon 6 chip market also followed down, while decrease was slower due to sluggish trades. Sinopec had settled the Feb contract at 11,100yuan/mt on Monday, higher than market expectation. End users’ demand could hardly recover to evident condition and turnover may gradually increase this week. Prices of nylon 6 chip and filament may gradually tumble.

Nylon industrial chain may trend down on the whole.

Suggestion
Players may pay attention to production recovery of NFY and downstream weaving mills. Players are suggested to keep a rational operating rate and restock modestly at market reasonable lows.
[RISK DISCLAIMER] All opinions, news, analysis, prices or other information contained on this report is provided by analyst of Zhejiang Huarui Information Consulting Co., Ltd (CCFGroup) as general market commentary and does not constitute investment advice. CCFGroup will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.
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