A 150 yuan per ton price gap is not trivial in the highly standardized polyester POY market. On September 24, 2026, Rongsheng Petrochemical quoted 9,300 yuan/ton for 150D/48F semi-dull first-grade product, while Zhejiang Yongsheng quoted 9,150 yuan/ton for the same specification. Same day, same spec, both from Zhejiang—yet the spread reached 1.6%. For a texturing plant purchasing thousands of tons monthly, this means a monthly cost fluctuation exceeding 150,000 yuan.
Pricing Logic Behind the Spread
POY, the precursor to polyester filament, typically tracks PTA and MEG feedstock costs. But this spread is not cost-driven—both companies are in Zhejiang with similar raw material procurement radii and logistics. A more reasonable explanation: leading producers are using brand premiums and supply stability to implement tiered pricing.
Rongsheng, as an industry leader, is often viewed as a market bellwether. Its 9,300 yuan/ton quote signals relatively optimistic short-term demand expectations. Yongsheng's 9,150 yuan/ton, meanwhile, aligns more closely with what texturing plants can actually absorb. This spread structure sends a clear signal: the POY market is not monolithic, and bargaining room genuinely exists.
From an industrial belt perspective, texturing enterprises around Shaoxing and Hangzhou have begun adjusting procurement rhythms. Some plants are shifting orders toward lower-priced suppliers, but also evaluating supply stability and payment terms. After all, if the 150 yuan/ton gap comes at the cost of delivery punctuality, the impact on production scheduling could far exceed cost savings.
Transmission Effects Up and Downstream
The widened POY spread first affects raw material cost accounting at texturing plants. Taking 150D/48F as an example, after processing into DTY, market prices typically add 3,500-4,500 yuan/ton in processing fees over POY. If POY procurement spreads reach 150 yuan/ton while DTY selling prices converge, profit differentials among texturing plants widen.
More notably, this spread could transmit upstream to the PTA market. If Rongsheng maintains high quotes with thin trading, PTA spot prices may come under pressure; conversely, if Yongsheng's low-price strategy drives volume, it could force other POY producers to follow with price cuts. Late September is traditionally peak season, but this year's peak lacks luster—weaving mill operating rates have not risen significantly, giving POY producers greater shipment pressure.
Regionally, Zhejiang as the core polyester filament production area, its price fluctuations quickly affect downstream clusters in Shengze, Jiangsu, and Changle, Fujian. Shengze's water-jet loom enterprises mainly purchase DTY and FDY, but POY spreads transmit indirectly through texturing. If texturing profits are squeezed, they may reduce POY purchases, affecting upstream production-sales ratios.
Recalibrating Procurement Strategy
For buyers, the current POY spread structure offers an optimization window. But simple price comparison is insufficient—supplier fulfillment capability, quality stability, and financial policies must be comprehensively assessed.
For Buyers - Establish multi-source price comparison: include quotes from Rongsheng, Yongsheng, and other major suppliers in a weekly tracking table, focusing on spread trends rather than single-day absolutes. - Evaluate total cost of ownership: lower-priced POY may come with stricter payment terms or longer delivery cycles; incorporate capital costs into calculations. - Lock in partial forward orders: if raw material prices are unlikely to fall short-term, sign partial forward contracts with lower-priced suppliers to lock in costs.
For Factories - Optimize raw material inventory: when spreads are pronounced, appropriately increase the proportion of lower-priced raw materials in stock, but control total inventory to avoid price decline risks. - Monitor processing fee changes: POY spreads may compress texturing profits; factories should simultaneously communicate processing fee adjustment space with downstream customers. - Flexibly adjust product mix: if the 150D/48F spread persists, evaluate the feasibility of switching to other specifications or differentiated products.
From a broader perspective, this spread event reflects subtle changes in the polyester filament competitive landscape. Leading enterprises are no longer solely pursuing shipment volumes, but screening customers and optimizing profit structures through pricing strategies. For small and medium-sized texturing plants, this means the necessity of shifting raw material procurement from "market-following" to "strategic procurement" is rising.
In the coming week, two indicators warrant close attention: whether Rongsheng adjusts quotes to narrow the spread, and whether Yongsheng's low-price strategy triggers follow-up from other enterprises. If the spread persists, POY market price discovery will become more complex, and buyers' information advantage will become a core competency.