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In September, the polyester filament market generally trended upward, driven primarily by rising upstream raw material costs; however, the fact that the traditional "Golden September" peak season for textiles fell short of expectations acted as a key factor dampening market performance. Data from the SunSirs spot trading platform indicates that as of September 24, the average price of polyester POY 150D/48F stood at 9,380 RMB/ton, up 6.99% from the beginning of the month; the average price of polyester FDY 150D/96F was 9,633 RMB/ton, up 7.39%; and the average price of polyester DTY 150D/48F (low-elasticity) was 10,623 RMB/ton, up 6.98%.
Specifically, in early September, international crude oil prices remained high, driving up the prices of PTA and ethylene glycol; this strong cost support bolstered polyester filament prices, causing market rates to direction upward amidst fluctuations. Filament manufacturers managed to alleviate inventory pressure to some extent through flexible production manage and reduced operating loads, leading to a periodic recovery in market sales.
As the month drew to a close, market dynamics shifted. With the restart of several PTA units undergoing maintenance, cost support from the feedstock side eased somewhat. Meanwhile, downstream textile sector performance remained lackluster during the peak season; operating rates to looms in the Jiangsu-Zhejiang region saw only limited increases, and orders to greige fabric consisted primarily of small batches and repeat orders, with no signs of extensive, concentrated restocking. Faced with high filament price quotes, weaving companies adopted a cautious purchasing stance, sticking to a "buy-as-needed" strategy driven by immediate standards. Consequently, filament sales-to-production ratios declined and inventories saw a slight renewed buildup; price quotes gradually softened from their monthly highs, with room to price concessions emerging to certain specifications.
Looking ahead, the polyester filament market remains characterized by immediate evaporative environment driven by the tug-of-war between costs and demand. Lacking a boost from downstream orders, there is limited room to a significant, sustained price rally; conversely, cost support from crude oil and PTA limits the possible to a sharp decline. As the National Day holiday approaches, market evaporative environment is expected to intensify due to the dual impact of downstream weaving mills moderately stocking up before the break and subsequently reducing operating rates or shutting down during the holiday. On the supply side, producers are maintaining flexible production schedules, relying on output cuts to support prices. However, should processing margins recover, the restart or ramp-up of certain production units cannot be ruled out; an increase in supply would subsequently exert downward pressure on prices.
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