The polyester filament market is experiencing a subtle price easing. On June 26, 2026, multiple mainstream polyester enterprises in China updated their ex-factory quotations for polyester FDY 150D/96F semi-dull grade, with the mainstream transaction range falling between 8,500 and 8,750 yuan per ton. At first glance, this appears to be a routine price update, but a closer look at the data—the price differences among major industrial clusters, the divergence in pricing strategies among enterprises, and the underlying supply-demand logic—points to a signal: the profit distribution within the polyester chain is undergoing a reshuffle.
Price Easing: Dual Divergence Across Regions and Enterprises
From the day's quotations, Zhejiang Province became the main battlefield of price games. Rongsheng Petrochemical and Zhejiang Juxing Chemical Fiber both quoted an ex-factory price of 8,500 yuan/ton, at the bottom of the range, while Tongkun Group maintained 8,750 yuan/ton, the highest of the day. The 250 yuan/ton spread between them is uncommon for a highly homogeneous product like FDY. A gradient emerged among enterprises in Hangzhou, Shaoxing, and Jiaxing, with Hangzhou at the low end, Shaoxing in the middle, and Jiaxing at the high end—a pattern that is no coincidence.
This regional divergence reflects three underlying differences: first, logistics costs for raw materials PTA and MEG, where enterprises near ports or PTA production bases enjoy cost advantages; second, varying inventory turnover pressures, with high-inventory firms more inclined to discount; third, the distribution of downstream weaving clusters. Enterprises closer to weaving hubs like Xiaoshan and Shaoxing often achieve faster order responses, allowing greater pricing flexibility.
Cost and Demand: Squeezed Profit Margins from Both Ends
The core driver behind the current FDY price correction is the dual squeeze from the cost side and the demand side. Upstream PTA prices have recently experienced a phased decline due to crude oil fluctuations and new PX capacity releases, directly weakening the cost support for polyester filament. On the downstream weaving front, the traditional off-season is taking effect—the operating rate of water-jet looms in Jiangsu and Zhejiang has fallen from its May peak, while gray fabric inventories continue to accumulate. Weaving mills maintain a cautious, hand-to-mouth procurement strategy for raw materials, making concentrated restocking unlikely.
For polyester plants, an FDY price of 8,500 yuan/ton is already approaching the break-even line for some small and medium enterprises. Based on current spot prices of PTA and MEG, the industry's average cash flow has been compressed to a thin margin of 200-300 yuan/ton. This means that any rebound in raw material prices or further contraction in end orders could trigger a new round of production cuts or maintenance shutdowns.
Industrial Cluster Response: From Passive Following to Active Concessions
Notably, in this round of price adjustments, the pricing strategies of large leading enterprises and SMEs have diverged significantly. Head firms like Tongkun Group chose to maintain high quotations, largely to preserve brand premium and long-term contract customer confidence, while Rongsheng Petrochemical and Zhejiang Juxing proactively lowered prices, reflecting a higher priority on inventory turnover speed. This divergence essentially signals differing market expectations: one side believes demand resilience remains, while the other sees destocking as the priority.
From a regional perspective, Shaoxing enterprises showed more concentrated quotations, suggesting the role of local industry associations in price coordination; in contrast, wider price dispersion in Hangzhou indicates more intense market competition and stronger independent pricing power. These regional characteristics will be amplified in the coming third-quarter off-season, serving as a key observation window for judging the direction of the polyester market.