Polyester Filament: Price Catch-up, Spread Widening, Full-Chain Inventory Reduction

English summary

After crude oil stabilized, filament prices showed catch-up gains. As of July 28, 2026, PX/PTA/filament POY/DTY/FDY/staple fiber prices were RMB 8,056/5,765/8,500/9,450/8,650/7,520 per ton, with weekly YoY changes of -3.4%/-5.5%/+1.8%/+1.1%/+1.1%/-2.4%. Filament spreads widened, with PTA/filament POY/DTY/FDY/staple fiber spreads at -25/824/474/274/-356 yuan/ton, weekly changes of -146/+392/-50/+342/+67 yuan/ton. Concentrated maintenance and industry coordination keep operating rates at low levels. PX/PTA/filament/staple fiber/dyeing/printing and textile weekly operating rates were 62.6/57.3/74.1/75.7/49.3/47.8%, with WoW changes of 0/+3.5/-0.3/-0.1/0/-0.3 percentage points. Inventory is shifting from upstream to downstream, with overall de-stocking across the chain. ...