The benchmark price of nylon POY stood at 14,625 RMB/ton on September 1, 2026, up 4.46% from the previous month, yet still 2,325 RMB short of the year's high of 16,950 RMB/ton. The price has risen above the annual midpoint but remains far from the peak, reflecting a tug-of-war between cost support and weak demand.
Price Center Shifts Up, but Ceiling Pressure Persists
Annual statistics from September 2025 to September 2026 show a wide trading range: a low of 11,300, a high of 16,950, a median of 14,125, and an average of 13,086.27 RMB/ton. The current price is about 11.8% above the average, indicating a solid recovery from the trough, yet still 13.7% below the peak.
Notably, the daily change was 0.00%, suggesting a temporary equilibrium. This balance is not driven by robust supply-demand dynamics but by the offsetting effects of cost-push and demand suppression. For buyers, this implies limited directional moves in the short term, making range-bound trading more attractive than trend-following.
Cost Pass-Through vs. Weak Demand
Nylon POY's upstream raw material is caprolactam, whose price fluctuations directly determine the cost floor. Recently, the raw material side has been relatively strong, providing rigid support and keeping POY prices above the midpoint. However, downstream weaving and apparel sectors have not shown synchronized recovery, with terminal orders mainly for essential needs and little willingness to build inventories.
This "hot upstream, cold downstream" pattern concentrates profits upstream, squeezing processing margins for polymerization and spinning links. POY producers face difficulty passing on cost increases, putting gross margins under pressure. Consequently, operating rates diverge: integrated plants maintain high loads, while independent spinners reduce output to control inventory.
Event Anchor: Price Signals and Industrial Adjustment
The September 1 price data serves as a signal light for industrial adjustment. The midpoint position indicates neither panic selling nor overheating, but the gaps to the high and low remind us of significant price elasticity. If downstream demand picks up during the traditional peak season (September-October), prices may test the 17,000 RMB/ton ceiling; otherwise, a pullback toward 13,000 RMB/ton is possible.
For the textile supply chain, POY price movements affect not only fabric costs but also transmit to nylon filament, grey fabric, and final apparel pricing. Foreign trade enterprises should watch the interaction between exchange rates and raw material prices to avoid margin erosion.