The polyester industry chain is experiencing a rare synchronized rally. On September 2, 2026, bulk commodity monitoring data showed PTA led the textile sector with a 1.93% single-day gain, followed by polyester DTY, FDY, staple fiber, and POY with increases ranging from 0.43% to 1.22%. This across-the-chain uptick is uncommon in recent months, driven not by a single piece of news but by a confluence of cost, inventory, and expectation factors.
Cost-side anomaly: the root of PTA's jump
PTA rose 123.5 yuan/ton to 6513.25 yuan/ton, with a year-on-year increase of 36.85%, the highest among the polyester chain. This price level indicates that PTA has completely exited the low range of 2025 and entered a new cost-driven cycle. For polyester plants, every 1% rise in PTA directly increases production costs of polyester filament by approximately 0.6% to 0.7%. Therefore, the day's gains in DTY and FDY basically covered the cost increase, but POY only rose 0.43%, lagging behind, suggesting that some plants are still digesting lower-priced inventories and have not fully synchronized their price hikes.
Notably, PTA's year-on-year increase far exceeds that of downstream polyester products. DTY is up 23.15%, FDY 22.94%, and staple fiber 22.62%, all below PTA's 36.85%. This gap indicates that profits are concentrating upstream, and cost pressure on downstream weaving enterprises is accumulating. If PTA remains high, polyester products likely have room for catch-up increases in the next two to three weeks, but successful transmission downstream depends on end-order acceptance.
Divergence intensifies: why spandex and raw silk fell
In sharp contrast to the broad polyester rally, spandex and raw silk were the only two declining products. Spandex fell 0.56% to 29333.33 yuan/ton, still up 20.96% year-on-year, but the single-day decline is notable. Spandex is mainly used in stretch fabrics, closely tied to sportswear and intimate apparel. At current historically high prices, downstream buyers are resistant, and some plants are reducing operating rates to wait and see, leading to softer spot transactions and price easing.
Raw silk fell 0.14% to 426000 yuan/ton, down 9.34% year-on-year, the only product with a negative annual change. The persistent weakness reflects ample supply from silkworm farming—spring cocoon output exceeded expectations in 2026, coupled with sluggish demand from major export markets like India, leading to inventory accumulation. For silk enterprises, low raw silk prices offer a cost advantage, but pricing power for finished silk products has not strengthened because terminal consumption recovery is slow, and brands prefer to negotiate lower prices.
Flat intermediates: a wait-and-see mood
Acrylonitrile, cotton yarn, viscose staple fiber, and nylon series all remained flat on the day. Acrylonitrile, despite no daily change, has a year-on-year increase of 44.12%, the highest among all listed products. As a raw material for acrylic fiber and ABS resin, its high price has already transmitted to downstream acrylic yarn, but acrylic-related products did not appear on the list, indicating the market is still digesting earlier gains.
Cotton yarn 21S and 32S were flat at 23700 and 25100 yuan/ton, with year-on-year increases of only 7.4% and 6.58%, far below chemical fiber products. This divergence reflects different supply-demand dynamics: cotton supply is relatively ample, while chemical fibers are more influenced by crude oil prices. Viscose staple fiber and rayon yarn were flat, with year-on-year increases of 10.43% and 5.66%, showing a moderate upward channel.
Industry impact: procurement strategies need adjustment
The current polyester rally is not isolated but reflects a combination of global energy price fluctuations and domestic demand recovery expectations. For downstream weaving and apparel enterprises, raw material costs typically account for 60% to 70% of total costs, and sustained high PTA prices will directly compress profit margins. Buyers are advised to closely monitor PTA futures trends and mainstream plants' pricing policies, avoiding concentrated restocking during rapid price increases.
For foreign trade enterprises, exchange rate fluctuations and overseas demand uncertainty remain major risks. Export quotations for polyester products, based on current raw material costs, need sufficient profit buffers to cope with potential exchange rate corrections. Meanwhile, attention should be paid to price changes of Southeast Asian competitors; if domestic raw material increases outpace those in Southeast Asia, some orders may shift.