In mid-July, the polyester filament market is undergoing a structural adjustment driven by cost factors. The latest price monitoring data from Wangjiangjing reveals that while the overall market shows a stable-to-firm trend, clear divergence has emerged among different product categories, reflecting a new phase of upstream-downstream game-playing.
Price Divergence: FDY and POY Lead, DTY Stays Flat
From July 16 to 19, FDY semi-dull 50D/24F from multiple producers saw a uniform price increase of 50 yuan/ton, with Shenghong Chemical's similar product rising to 9,450 yuan/ton. The FDY bright 75D/36F saw even more significant gains, with Rongsheng Chemical and Yixing Huaya increasing by 100 yuan and 50 yuan, respectively.
The POY segment experienced a broader price hike. The 75D/96F specification from Jiatong Chemical, Shenjiu Chemical, Shenghong Chemical, and Xiaoshan Senkai all rose by 100 yuan/ton. Notably, Zhejiang Tongkun's POY 150D/96F increased by 150 yuan/ton, one of the largest single-item increases.
In stark contrast, the DTY series remained completely unchanged across all specifications, including regular 75D/36F, 150D/48F, and textured yarn varieties. This pattern of 'upstream rising, downstream stable' clearly illustrates the resistance to profit transmission along the supply chain.
Cost-Driven vs. Demand-Led: The Fragility of the Price Hike Logic
The core driver for FDY and POY price increases is the strong support from upstream polyester feedstock. Sustained high crude oil prices directly push up production costs for PTA and MEG, forcing polyester plants to transfer cost pressures downstream. As an important polyester filament distribution hub in Jiangsu and Zhejiang, Wangjiangjing's price movements first reflect this cost transmission.
However, DTY's price stagnation reveals the true state of demand. DTY, as a textured yarn closer to the final fabric market, failed to follow the price increase, indicating cautious purchasing willingness among downstream weaving mills. Industry data shows that the operating rate of looms in Jiangsu and Zhejiang remains around 70%, with no explosive growth in terminal orders. This suggests that if cost-driven price increases fail to gain demand-side confirmation, their sustainability will be challenged.
Ripple Effects on Regional Industrial Clusters
This price adjustment in Wangjiangjing will directly impact surrounding industrial clusters. For fabric manufacturers in Shengze and Jiaxing, the rise in FDY and POY means higher greige fabric costs. Conventional fabric varieties like faux silk and taffeta, which primarily use FDY, may see further profit margin compression.
For texturizing mills, rising POY prices coupled with stagnant DTY prices means processing margins are being eroded. If this situation persists, texturizing mills may be forced to cut production or lower operating rates, thereby suppressing demand for POY. This negative feedback loop is the biggest uncertainty in the current polyester filament market.
Outlook: Narrow Uptrend, but Limited Upside
In the near term, polyester filament prices are likely to maintain a narrow uptrend. The support from upstream polyester feedstock will not disappear in the short term, providing a floor for prices. However, downstream demand weakness and inventory digestion speed will determine the ceiling for price increases.
For buyers, the current divergent market calls for more refined procurement strategies. For upstream polyester plants, finding a balance between cost and demand will be a key challenge in the coming weeks.