In early July 2026, a significant signal emerged in the polyester DTY market: the price range for the same specification (150D/48F, semi-dull low-elastic, AA grade) in Zhejiang widened to 9,000–9,150 yuan/ton, a spread of 150 yuan. The divergence between Rongsheng Petrochemical and Juxing Chemical Fiber reflects not just pricing tactics but deeper supply-demand rebalancing within Zhejiang's chemical fiber industrial cluster.
Price Divergence: Dual Pressure from Cost Pass-Through and Inventory
Rongsheng quoted 9,150 yuan/ton, while Juxing offered 9,000 yuan/ton. Rongsheng, as an integrated player with its own PTA and polyester capacity, has cost buffers and can maintain firmer prices. Juxing, relying more on external raw materials, faces thinner margins and had to cut prices to reduce inventory amid weakening downstream demand.
Industry data shows that since Q2 2026, DTY operating rates in Zhejiang have fallen from 85% to around 78%, while social inventory remains above 30 days. Even with price cuts, buying interest has not recovered. The 150 yuan spread is essentially a mirror of different cost control capabilities and inventory pressures.
Structural Imbalance: Divergent Responses in Shaoxing and Hangzhou
Zhejiang is China's chemical fiber heartland, but Hangzhou and Shaoxing reacted differently. Rongsheng in Hangzhou benefits from its integrated refining-petrochemical complex, giving it cost advantages and pricing resilience. Shaoxing, home to many small- and medium-sized texturing mills, faces more intense local competition and price wars during demand downturns.
For buyers, this means Shaoxing may offer more flexible pricing for urgent orders, but quality risks are higher. Hangzhou-based leaders provide more stable supply and quality, albeit at a premium. Procurement decisions now involve a trade-off between price and risk.
Downstream Pass-Through: Weaving Sector's Wait-and-See Approach
DTY's downstream customers include circular knitting and warp knitting mills. In H1 2026, sluggish export orders for apparel and weak domestic demand led mills to adopt a hand-to-mouth strategy, cutting inventory cycles from 15-20 days to 7-10 days. This short-order model pressures upstream suppliers to cut prices to secure volumes.
The 150D/48F specification is mainly used in medium-weight fabrics for trousers and jackets, linked to fast fashion and functional apparel. The current price weakness reflects end-consumer markets' inability to absorb high inventories. If PTA prices rebound, DTY producers face a dilemma: raise prices and lose orders, or hold prices and lose margins.