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Insight | Time: Jan 21 2022 2:27PM  Editor:CCFGroup
2021 CPL & PA6 imports fall evidently YOY, PA6 export grows steadily
 
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Dec-21 Quantity (mt) Value (USD) Price ($/mt)
CPL 4,058 8,074,471 1,990
PA6 19,088 36,466,754 1,910

Click here for more detailed import and export statistics


According to the Customs, China imports 4.06kt caprolactam in December 2021, down 73% from the same period of last year, and down 42% month-on-month. The December average import price is at $1,990/mt.


Meanwhile, nylon 6 chip import volume totals 19.09kt in December 2021, down 23% from the same period of last year, and down 18% month-on-month. The December average import price is at $1,910/mt.


CPL imports significantly lower YOY in H2 2021

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CPL imports in 2021 was significantly reduced compared to the previous years. Observing the monthly imported volume, the transaction has been thin since June 2021, and in July 2021 the volume falls to an unprecedented low of less than 3,000 tons. In the fourth quarter, as CPL RMB spot tumbles evidently, and import volume is thus curbed by the wide price spread again.


The core reason is the difference between China and overseas market situations.  First, China domestic demand has been weak. Since the second quarter, chip plants' operating rate continued to decline, and is lower than the same period of the previous years until the end of the year. CPL USD spot is linked with recovery of European and the US markets, and the supply had been tight. This causes the price difference between CPL USD and RMB spot. The second major problem is that the shipping cost is too high and the shipping schedule and unloading time have been unstable, which hinders the transaction.


Nylon 6 chip imports continue to decrease

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Nylon 6 chip imports has been declining for 3 years since 2019. The main reason is sufficient supply in China domestic market, under which the price advantage over imported sources expands. China-made goods continued to replace imported sources. 


Periodically speaking, nylon 6 chip imports have increased evidently during March-May, as China domestic market ramps up rapidly while the rise in imported sources is slower. However, starting from June, due to weakening China domestic demand, comparatively high cost of imported chip, and shipping pressure, import volumes of nylon 6 chip from June to December is significantly lower than the same period of 2020, lingering at low levels between 18,000 tons to 20,000 tons, as only import volume in November temporarily rebounds.


Nylon 6 chip exports grow steadily

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Under the price advantage of China-made nylon 6 chip, the export window has been opened gradually. As the global pandemic becomes the norm, overseas production demand is gradually recovering in an orderly manner. The price advantage also benefites the substantial growth of exports. 


In Jan-Dec 2021, the export of nylon 6 chip in 2021 totals 276,894 tons, up 125% from the same period of 2020 (122,849 tons). The main export growth is engineering plastics-related products, and textile use has also increased, but it accounts for a relatively smaller proportion. 


[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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