The signals from the Wangjiangjing polyester filament market on June 28 were far from optimistic. Although a few specifications such as FDY 75D/144F maintained relatively stable inquiries, the overall contraction in trading volume and the downward shift in price centers have clearly outlined a declining trend.
Product Differentiation: The 'False Firmness' of Fine Denier Varieties
From the latest quotations, FDY 75D/144F stands out as one of the few bright spots in this round of market movement. This specification, used for lightweight fabrics and silk-like products, still enjoys stable demand from downstream weaving clusters in Shengze and Keqiao. However, it must be noted that this 'firmness' is relative—it primarily reflects rigid restocking demand for specific fine-denier products, rather than a signal of overall market recovery.
Meanwhile, purchasing power for DTY 150D/144F remains weak. This specification is widely used in home textiles and conventional apparel fabrics, and its sluggish demand directly points to persistent destocking pressure in the end-consumer market. China Customs data confirms this: in the first five months of this year, the growth rate of China's textile and apparel exports has slowed from double digits in the same period last year to single digits, and the recovery of domestic demand has also fallen short of expectations.
Price Transmission: A Chain Reaction from Raw Materials to Finished Products
The weakness in polyester raw materials is the root cause of the current price decline. PTA and MEG prices have continued to fall recently, significantly weakening the cost support for polyester filament yarn. Industry public data shows that spot PTA prices have dropped to year-to-date lows in late June, while MEG port inventories continue to accumulate, further dampening market sentiment.
This cost-side pressure is transmitting downstream along the supply chain. From the quotation details in the Wangjiangjing market, it is clear that the ex-warehouse prices of FDY 100D/48F and 150D/36F have each fallen by 100 yuan per ton. Although most POY and DTY varieties remain flat, the room for concessions during transactions is actually expanding. For weaving enterprises, this means stronger bargaining power in raw material procurement, but it also signals more intense price competition for finished fabrics.
Industrial Zone Reaction: Wangjiangjing's 'Barometer' Role
As an important polyester filament distribution center in the Yangtze River Delta, Wangjiangjing's market conditions often reflect the prosperity of the entire Jiangsu-Zhejiang weaving sector ahead of time. The current price decline and sluggish trading align with declining operating rates in surrounding clusters like Shengze and Changxing. According to industry surveys, the comprehensive operating rate of water-jet looms in the Jiangsu-Zhejiang region in late June had fallen below 70%, with some small and medium-sized weaving factories opting for phased production halts due to insufficient orders.
This regional capacity contraction, in turn, exacerbates the supply-demand imbalance in the polyester filament market. Inventories at polyester filament yarn factories are rapidly climbing, with some companies' inventory days approaching a high level of 30 days. To alleviate financial pressure, factories are opening up room for price concessions, but downstream buyers generally remain on the sidelines, creating a negative feedback loop of 'the more it falls, the less they buy.'
Outlook: Downward Channel Not Yet Closed
Considering the trends in upstream raw materials and the current state of downstream demand, a trend reversal in the polyester filament market is unlikely in the short term. The weak pattern of polyester raw materials is expected to persist at least until the beginning of the third quarter, and the recovery of end-user textile and apparel consumption still awaits further improvement in the macroeconomic environment.
For buyers, while current price levels hold some appeal, the risk of 'bottom-fishing' must be carefully assessed. It is recommended to adopt a small-lot, high-frequency procurement strategy to avoid losses from subsequent price drops due to large one-time stockpiling. At the same time, close attention should be paid to the price spread changes between fine-denier FDY varieties and conventional varieties, adjusting product mix in a timely manner.