FDY Price Divergence: The Story Behind 8,300 and 8,510 CNY/Ton in Hangzhou and Shaoxing

On July 3, 2026, publicly quoted prices for polyester FDY (150D/96F, semi-dull AA grade) ranged from 8,300 to 8,650 CNY per ton, a spread of 350 CNY. This seemingly modest gap is actually a significant signal for the chemical fiber industry: the market is no longer monolithic, and the pricing logic of different producers and regions is beginning to diverge.

Data Snapshot: Identifying Low and High Price Zones

The data shows the lowest price of 8,300 CNY/ton was offered by Rongsheng Petrochemical (Hangzhou) and Zhejiang Juxing Chemical Fiber (Shaoxing), while Tongkun Group (Hangzhou) quoted the highest at 8,650 CNY/ton. Tiansheng Chemical Fiber (Shaoxing) quoted 8,510, Kais Group (Hangzhou) 8,550, and Jiabao Fiber (Shaoxing) 8,310 CNY/ton.

The 350 CNY gap cannot be attributed to quality differences, as all quotes are for the exact same specification. The root cause lies in each company's position in the industrial chain, inventory pressure, and regional supply-demand dynamics.

Regional Capacity Game: Divergence Between Hangzhou and Shaoxing

Hangzhou and Shaoxing are two major polyester filament production hubs in Zhejiang Province. Hangzhou hosts large integrated refining-chemical enterprises like Rongsheng and Tongkun, whose FDY capacity is often paired with upstream PTA and MEG units, giving them stronger cost control. Shaoxing, on the other hand, is home to medium-sized specialized polyester mills like Juxing and Jiabao, which rely more on external raw material procurement and feel cost fluctuations more directly.

When the upstream PX-PTA chain softens, integrated companies can cut prices faster to grab market share, while Shaoxing mills, constrained by higher raw material inventory costs, have less room to lower prices. However, the surprise here is that Juxing in Shaoxing matched Rongsheng's low price of 8,300 CNY/ton, suggesting an aggressive destocking move to hedge against uncertain future orders.

Downstream Demand Transmission: Weaving Operating Rates as the Final Arbiter

The downstream for FDY is mainly water-jet looms and warp knitting machines. In Q2 2026, the comprehensive operating rate of weaving mills in Jiangsu and Zhejiang has been hovering between 68% and 72%, 5-7 percentage points lower than the same period last year. Gray fabric inventories are high, and weaving mills are reluctant to buy raw materials, preferring a just-in-time, small-lot, high-frequency procurement strategy.

This 'short, fast, flat' procurement model amplifies price differences among suppliers. When end orders are weak, weaving mills will prioritize the lowest bidder, forcing high-price companies to either cut prices or shift to differentiated products (e.g., cationic, flame-retardant, micro-denier FDY). The widening spread for the standard 150D/96F specification is a classic sign of the market transitioning from supply shortage to oversupply.

Practical Implications for Buyers and Mills

For Buyers - Prioritize low-price sources (e.g., Rongsheng, Juxing), but verify their inventory stability to avoid supply disruptions from a sudden price reversal. - If your company has stable weaving orders, consider signing monthly contracts with high-price mills (e.g., Tongkun) to lock in prices and hedge against future PTA cost spikes. - Monitor price movements in Shaoxing closely; if Juxing's 8,300 CNY/ton becomes the new norm, other Shaoxing mills may follow within a week.

For Mills - For FDY-heavy producers, proactively lower prices for standard specifications to secure cash flow while shifting some capacity to differentiated products (e.g., 50D/72F, 75D/36F) to avoid the red ocean. - Mills with high raw material procurement ratios should strengthen PTA futures hedging to lock in processing margins and prevent passive losses from raw material volatility. - Consider a 'consignment inventory' model with downstream weaving mills: the mill stores raw materials, and the weaver picks up as needed, paying a small storage fee, thereby smoothing cash flow for both parties.