The price of 9,000 yuan per ton for polyester DTY on July 3, 2026, sent a chill through many chemical fiber traders. Zhejiang Juxing Chemical Fiber quoted that level for 150D/48F semi-dull low-elastic DTY, while industry leader Rongsheng Petrochemical was only 150 yuan higher at 9,150 yuan/ton. This is not an isolated fluctuation but a microcosm of the entire polyester chain's weakness.
Price Decline: From Price Support to Concession
Compared to early Q2 of this year, mainstream DTY quotes had hovered in the 9,400-9,600 yuan/ton range, supported by high crude oil prices and PTA plant maintenance. However, since late June, gray fabric inventories have continued to climb, and weaving mill operating rates have fallen below 70%, directly curbing upstream price increases.
The price divergence between Rongsheng and Juxing essentially reflects different strategies adopted by companies of varying scales. Large integrated players, with their full PX-PTA-polyester chains, have cost buffers and can hold prices relatively firm. Small and medium-sized texturing mills, squeezed by both easing PTA prices and insufficient end-user orders, have to cut prices first to recover cash flow. This divergence signals that the overall price center still faces downside risk.
Inventory Transmission: The 'Dam' Effect at Weaving
Current inventory pressure in the polyester chain is transmitting upstream along the 'weaving → texturing → polyester → PTA' path. According to publicly available industry data, gray fabric inventories at major weaving bases in Jiangsu and Zhejiang, such as Shaoxing and Shengze, have exceeded 40 days, well above the 30-day warning line. End-use apparel brands are slowing their order pace, and some foreign trade orders, affected by prolonged overseas destocking cycles, have shorter delivery times and smaller lot sizes.
Under these circumstances, texturing mills have very low willingness to purchase DTY raw materials. Juxing's quote of 9,000 yuan/ton is more a reluctant 'price-for-volume' strategy—preferring to sacrifice profit to keep machines running and workers stable. But the problem is that downstream willingness to purchase is insufficient; price cuts may not necessarily translate into effective transactions.
Regional Industrial Zones: The 'Temperature Gap' Between Shaoxing and Hangzhou
Geographically, Rongsheng is based in Hangzhou, while Juxing is in Shaoxing—less than 100 km apart—yet they reflect different market rhythms. Hangzhou, home to large chemical fiber groups like Rongsheng and Hengyi, has a complete industrial chain, giving large mills stronger pricing power. Shaoxing, as one of China's largest chemical fiber texturing clusters, has a huge number of small and medium-sized texturing enterprises, leading to more intense market competition and higher price sensitivity.
This 'temperature gap' may widen further in the coming weeks. Once the price support resolve of leading companies wavers, a price-cutting wave could spread from Shaoxing to wider areas, making it not a small probability event for DTY prices to break below the 9,000 yuan/ton mark.