Any chance for the bearish nylon 6 market

With crude oil continues bottoming down, decline goes on in benzene, CPL and nylon 6 chip products. But for this series of products, CPL and nylon 6 chip have no more margin, and the downward space is decided by benzene.

As one of the many chemical products, the cost for benzene is hard to calculate due to its complicated production techniques. In Feb 2020, when almost all aromatic market dropped steeply, benzene market had been supported firmly above 5,000yuan/mt. Is it because of high cost? Apparently not! Based on the cost of naphtha price plus $130/mt, margin of benzene is as below chart, pretty good in Mar 2020. Is it because of benzene’s own supply-demand structure? Certainly not either! As its major downstream products styrene monomer and CPL both dropped freely, and production was cut greatly as well, benzene market fundamentals were by no means good.