On July 3, 2026, Rongsheng Petrochemical (including Shengyuan Petrochemical) reduced prices for selected polyester filament yarn products by 100 to 200 yuan per ton. For instance, DTY 75/36 low-elastic yarn was priced at 10,050 yuan/ton, DTY 150/48 at 9,150 yuan/ton, and DTY 300/96 heavy network yarn at 9,250 yuan/ton. As a leading supplier in China's polyester industry, Rongsheng's price adjustment serves as a clear bellwether, directly revealing the transmission of upstream inventory pressure to pricing.
Supply-Demand Imbalance Signal
This price cut is not an isolated event. The previous day, the polyester staple fiber futures contract 2609 on the Zhengzhou Commodity Exchange fell by 136 yuan/ton, with a notable increase in short positions. The bearish sentiment in futures markets aligns with the spot market price reduction, indicating a sustained contraction in demand across the polyester sector. According to industry data, operating rates at weaving mills have declined for three consecutive weeks, and gray fabric inventories remain at historically high levels, directly weakening demand for polyester filament. Rongsheng's price cut essentially releases its inventory pressure to the market in an attempt to boost sales volume.
Downstream Impact
Polyester DTY, as a direct raw material for weaving, transmits price fluctuations quickly to the gray fabric and fabric segments. After this adjustment, DTY 150/48 dropped to 9,150 yuan/ton, down about 3.2% from last month. For small and medium-sized weaving mills, lower raw material costs can temporarily ease profit pressure, but if end-user orders do not recover, the price cut may deepen market wait-and-see sentiment—buyers prefer just-in-time purchasing over building safety stocks. This 'buy on rising, not falling' psychology could prolong the price downturn.
Product Differentiation
Notably, Rongsheng's cuts focused on DTY and standard filament specifications, while reductions for differentiated products (e.g., high-denier, heavy network yarn) were smaller. This reflects weaker demand for commodity-grade products, while functional or differentiated yarns retain some pricing power. The multi-score for polyester filament is -1 (generally bearish), while for polyester staple fiber it is -0.5 (slightly bearish), indicating that sentiment spillover is indirect but not negligible.
Regional Industry Chain Reactions
In major polyester filament producing areas such as Shengze, Changxing, and Xiaoshan, traders have followed with price cuts. In weaving clusters like Shaoxing Keqiao's circular knitting market, operating rates have dipped below 60%. Exporters report a 15% year-on-year decline in new orders since July, with order shifts to Southeast Asia being a key factor. Both domestic demand and exports currently lack momentum to drive a price rebound.