Between 8,500 and 8,750 yuan per ton—that was the price range for polyester FDY 150D/96F semi-dull offered by six major chemical fiber companies in Zhejiang Province on June 26. While a 250-yuan gap per ton may not seem dramatic, for weaving mills that closely track cost fluctuations, this number signals a narrowing procurement window and a widening gap in pricing power among companies of different scales.
The Industrial Logic Behind the Price Gap
The quotation data comes from six leading enterprises in Hangzhou and Shaoxing, including Rongsheng Petrochemical, Tongkun Group, and Tiansheng Chemical Fiber. Among them, Rongsheng and Juxing Chemical Fiber both quoted 8,500 yuan/ton—the lowest in the range—while Tongkun Group quoted 8,750 yuan/ton, nearly 3% higher than peers. This divergence is no accident: Tongkun, with a higher degree of integration, has a greater self-sufficiency rate in PX and PTA within its cost structure, making it more resilient and thus able to maintain a relatively high quotation.
In contrast, Rongsheng and Juxing, which rely more on externally sourced raw materials, are under pressure from falling PTA prices and high greige fabric inventories downstream. According to industry data, the operating rate of polyester FDY in Zhejiang remained at around 75% in the first half of 2026, but the willingness of downstream weaving mills to purchase was low, causing social inventories to rise by about 8% month-on-month.
Regional Capacity and Inventory Pressure
Zhejiang Province is the world's largest production base for polyester filament yarn, with FDY capacity in Hangzhou and Shaoxing alone accounting for nearly 40% of the national total. The pricing behavior of these companies directly reflects the fragile supply-demand balance in the region. Notably, the quotation of 8,500 yuan/ton is close to the cash cost line for some small and medium enterprises.
For weaving mills, a 250-yuan price gap means procurement decisions need to be more refined. Opting for low-priced supply may risk batch stability, while insisting on high-priced brands requires bearing higher raw material costs. This tug-of-war is reshaping traditional "one-time purchase, long-term use" patterns, giving rise to small-batch, high-frequency procurement habits.
Upstream-Downstream Transmission and Price Expectations
Price fluctuations in polyester FDY never occur in isolation. Upstream PTA fell by about 1.5% cumulatively in June, while MEG prices remained largely flat, compressing FDY processing margins to the 300-400 yuan/ton range. Meanwhile, the downstream greige fabric market shows a "volume contraction, price stabilization" pattern—mills are reluctant to cut prices, but order volumes have decreased by about 12% year-on-year.
This "sandwich layer" effect between upstream and downstream is forcing chemical fiber companies to rethink their pricing strategies. Historically, when the price gap for the same specification exceeds 200 yuan/ton and persists for more than two weeks, it often signals an impending round of production cuts or promotions in the industry. The duration of this price divergence will determine the tone of the polyester market in the second half of the year.