Electricity curtailment measures in both Jiangsu and Zhejiang are increasingly strengthening the market price of textile raw materials
Since mid-August, high temperatures have led to increasingly strict electricity curtailment measures in both Jiangsu and Zhejiang provinces, significantly limiting the operating rates of textile weaving companies. This has had a noticeable impact on the local polyester filament market. For example, during the past weekend, many polyester filament enterprises reported production and sales rates as low as 2% to 40%, with transaction prices dropping sharply. Among the most affected products was fine denier FDY yarn, which saw a significant decline in profit margins. The price drops in the Jiangsu and Zhejiang regions have also put downward pressure on prices across the country.
Although the polyester raw material market showed some upward movement during this period, downstream demand remained weak, and this did not translate into improved performance for polyester filaments. This week, the domestic polyester filament industry further reduced its production load, and this trend is expected to continue in the short term.
Meanwhile, New York crude oil prices rose above $80 per barrel but then stabilized, failing to boost market confidence despite the price increase. U.S. economic data remains weak, keeping the market within the $75 range. At the same time, PX prices have begun to retreat, with Asian prices now hovering around $900 per ton. The PTA spot market has seen a weaker atmosphere, with fewer inquiries and a quoted price range of 7,350–7,400 yuan/ton, while the overseas price is negotiated around $900/ton. The MEG market has also slowed down, with prices stabilizing at 6,400 yuan/ton domestically and $780/ton overseas.
Sinopec’s August contract prices for polyester chips remain steady, with half-light chips at 9,300 yuan/ton, light chips and industrial silk chips also at 9,300 yuan/ton, and all-extinction chips at 10,100 yuan/ton. However, the polyester chip market remains subdued, with a wait-and-see attitude among participants. The current mainstream quoted price is around 9,100–9,200 yuan/ton.
In the POY market, recent performance has been weak, with companies struggling to maintain production and sales levels. Starting from the end of last week, corporate quotations began to fall, and actual transaction prices dropped even more. However, due to power restrictions in Zhejiang, the operating rate of local producers has declined, affecting POY demand. Major companies recently announced slightly lower forecast prices, with POY100D/36F settling at 11,700 yuan/ton and POY150D/48F at 11,400 yuan/ton. Current POY inventory levels are about one week, and the market is expected to remain weak and volatile in the near term.
The DTY market has also faced challenges, with limited power policies causing a sharp drop in local production rates. Weak downstream purchasing activity has led to a significant decline in transaction focus. Companies are offering more discounts, but transaction volumes have not improved. Lower-end demand is also affected by reduced raw material usage due to power cuts. Inventory levels have started to rise, with major DTY companies quoting prices at 12,800 yuan/ton for 150D low elasticity yarn, 13,600 yuan/ton for 150D network filament, 12,100 yuan/ton for 300D/96F low elasticity yarn, and 12,500 yuan/ton for 300D/96F network filament. DTY inventory currently exceeds ten days, and the market is expected to remain weak in the short term.
In the FDY market, the past week saw a break from the previous stagnation, with traders taking profits and prices falling sharply. The main cause was the decline in downstream company operating rates and weak purchasing intentions. As a result, polyester enterprises experienced sluggish production and sales, leading to a market downturn. After a long period of strong price increases, the recent price correction has helped ease market pressure. Major FDY companies still quote prices at 18,500 yuan/ton for FDY40D/24F half-light, 17,600 yuan/ton for FDY50D/24F half-light, 18,100 yuan/ton for FDY40D/24F light, and 17,400 yuan/ton for FDY50D/24F light. Current FDY inventory stands at slightly over five days, and the market is expected to remain stable in the short term.
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