On July 1, 2026, spot quotes for polyester DTY (150D/48F, AA grade semi-dull low-elastic) showed notable divergence, with the market average declining roughly 2%-3% from the previous month. Among the seven major Zhejiang-based producers surveyed, the spread between the highest and lowest quote reached 550 CNY/ton, a level rarely seen in the past three months, reflecting deep disagreement on near-term market direction across the supply chain.
Price Gradient and Regional Signals
The lowest quote came from Zhejiang Juxing Chemical at 9,000 CNY/ton, 5.8% below industry leader Tongkun Group's 9,550 CNY/ton. Rongsheng Petrochemical, Zhejiang Jisi New Materials, and Senkai New Materials all quoted in the 9,250-9,300 range, while Kaishi Group posted 9,350 and Zhengkai Chemical 9,500. This wide distribution from 9,000 to 9,550 means the market lacks a clear pricing anchor, giving buyers ample room to secure discounts through multi-source inquiries.
Geographically, all quoted companies are concentrated in Zhejiang Province, particularly Hangzhou and Shaoxing. This is no coincidence—Zhejiang is China's densest concentration of polyester filament capacity, and the operating rates of its three major clusters in Xiaoshan, Shaoxing, and Tongxiang directly determine national DTY supply elasticity. The current quote dispersion essentially reflects differences in inventory pressure, cash-flow needs, and downstream customer profiles among individual producers.
Supply Chain Transmission Logic
The softening of DTY prices is not an isolated event. Upstream PTA experienced consecutive declines in late June, with the PX side losing cost support due to retreating international oil prices. Meanwhile, downstream weaving utilization in Jiangsu and Zhejiang dropped to around 68% by end-June, down 5 percentage points from the May peak. Greige fabric inventories have accumulated to over 35 days, prompting weavers to purchase raw materials only for immediate needs and small lots, with virtually no speculative stockpiling appetite.
What does this mean? DTY mills are now facing not a single dimension of price pressure but a dual squeeze from "falling costs + shrinking demand." The 150D/48F specification, widely used in garment linings and bag fabrics, is often seen as a bellwether for the entire polyester filament market. When quotes for this specification show systemic weakness, it typically signals that the whole category's price center will follow downward.
Dual Tests from Exports and Domestic Demand
On the export front, total polyester filament export volume grew about 8% year-on-year in the first half of 2026, but the growth rate narrowed to below 3% in June alone. Key destination countries Vietnam and Bangladesh saw slowing apparel order growth, with some orders shifting to Cambodia and Indonesia. These emerging production bases are more price-sensitive; if the price gap between Chinese DTY and local Southeast Asian offers narrows, China's export premium will be squeezed.
Domestic demand is also lackluster. China's terminal apparel retail sales growth fell below the average social retail growth rate for two consecutive months in April and May. The "618" e-commerce promotion saw lackluster performance in textile categories, failing to create an effective destocking effect. While the home textile market has some support from summer seasonal demand, its scale is insufficient to offset the weakness in apparel fabrics.
Industry Response Strategies
Capacity adjustment is the most direct stabilizing tool. Some chip-spun DTY plants have already reduced operating rates by 5%-10% in late June, but melt-direct-spinning large mills have limited flexibility due to continuous production characteristics. Inventory management becomes the key variable—whoever has lower inventory pressure will hold the upper hand in price negotiations.
From a procurement window perspective, the current 9,000-9,250 CNY/ton range is close to the cash cost line for some mills, limiting further downside. However, given that downstream weaving orders will take time to recover, the price bottom may not be confirmed until late July.