In the second week of July 2026, the textile raw material market presented a starkly contrasting performance. PTA led the gains with a 2.25% weekly increase and a 21.80% year-on-year rise, while acrylonitrile plummeted 4.20% weekly, with its YoY gain narrowing to 15.61%. This divergence is not short-term sentiment but a concentrated reflection of different supply-demand dynamics across the industrial chain.
Strength and Concerns in the Polyester Chain
PTA's strength is not isolated. Polyester staple fiber rose 0.95% weekly, and polyester yarn was flat, but all polyester filament yarns (FDY, DTY, POY) declined, with losses ranging from 0.77% to 1.68%. This "strong upstream, weak downstream" pattern signals that PTA's rise is more cost-driven than demand-driven.
Data shows PTA prices moved from 5,780.66 yuan/ton to 5,910.50 yuan/ton. Its 21.80% YoY gain is second only to spandex (21.09%) in the textile sector. However, polyester FDY only rose 14.98% YoY, DTY 10.38%, and POY 16.05%—all significantly less than PTA. This indicates PTA's profit margins are being squeezed by upstream PX, while downstream polyester mills face the dual pressure of rising raw material costs and limited product price increases.
For buyers, PTA is currently in a cost-driven uptrend; if PX supply remains tight, a short-term correction is unlikely. However, the fact that polyester filament yarns are already cutting prices to destock often signals weak downstream weaving orders.
Cotton Yarn's Moderation and Acrylonitrile's Sharp Drop
Cotton yarn markets performed moderately. 32S cotton yarn rose 0.61%, and 21S cotton yarn edged up 0.28%, to 24,875 yuan/ton and 23,466.67 yuan/ton respectively. In contrast, cotton lint fell 0.92% to 17,706 yuan/ton. The spread between cotton yarn and lint widened slightly, indicating marginal profit improvement for spinners, but the extent is limited.
Acrylonitrile's sharp drop is more alarming. Falling 4.20% from 9,533.33 yuan/ton to 9,133.33 yuan/ton, it was the week's biggest loser. Acrylonitrile is mainly used for acrylic fiber and ABS resin. Such a plunge typically reflects two issues: concentrated new capacity release on the supply side, and low operating rates in downstream ABS. Given that acrylonitrile still has a 15.61% YoY gain, this drop looks more like a high-level correction than a trend reversal.
Viscose staple fiber and spandex prices were flat for the week, at 14,200 yuan/ton and 29,666.67 yuan/ton respectively. Spandex's 21.09% YoY gain tops the sector, but its high-level plateau suggests the market is waiting for further demand confirmation.
Transmission Effects in Regional Industrial Clusters
Behind the price data lie the actual reactions of industrial clusters. In Shengze and Changxing, major polyester filament production areas, FDY and DTY faced downward price pressure this week. Weaving mills reduced purchasing, adopting a hand-to-mouth strategy. Meanwhile, PTA's rise accelerated destocking in production bases like Ningbo and Dalian, with traders becoming more inclined to hold prices.
In the cotton yarn sector, spinning mills in Shandong and Henan reported relatively stable orders for 32S cotton yarn, but weak demand for high-count yarn. The slight decline in cotton lint reduced raw material cost pressure, but changes in Xinjiang cotton transport subsidy policies remain an uncertainty for the second half of the year.
The sharp drop in acrylonitrile directly impacted acrylic fiber producers in East China. Lower raw material costs theoretically benefit acrylic fiber margins, but if downstream textile and apparel demand does not recover simultaneously, margin improvement will not be sustainable.