This week (February 2-6, 2026), polyester filament prices remained stable, with weakening costs, supply contraction, frozen demand, and diverging market sentiment. As of February 6, mainstream polyester filament producers in Jiangsu and Zhejiang quoted POY (150D/48F) at 6,950–7,100 yuan/ton, DTY (150D/48F low-elastic) at 8,000–8,300 yuan/ton, and FDY (150D/96F low-elastic) at 8,000–8,300 yuan/ton.

Cost-side raw materials: Brent crude fluctuated weakly within the range of 80–82 USD/barrel during the week, providing insufficient cost support. PTA fell by over 4% at its maximum during the week; the restart of Sichuan Nengtou’s 1-million-ton unit slightly increased supply. Reduced polyester operating rates weakened demand, pushing processing fees down to 415–469 yuan/ton and compressing margins. Ethylene glycol declined by over 4.6% at its maximum during the week; domestic plant operating rates rebounded, and port inventories reached 831,000 tons (+32,000 tons), increasing accumulation pressure. Both coal-based and ethylene-based processes were generally unprofitable (coal-based losses around -50 yuan/ton, ethylene-based losses around -755 yuan/ton).

Costs and profits: The weekly average cost of polyester filament was approximately 6,850 yuan/ton (-110), with production gross profits at 550 yuan/ton (-40). Although profits contracted, they remained within a reasonable range. On February 2, a sharp drop in raw material prices drove costs down by about 180 yuan/ton in a single day, marking the largest cost fluctuation point of the week.

Supply-side operating rates and production: Polyester operating rates stood at 79.3% (-4.9%); weekly production reached 452,000 tons (+5,000 tons). Increased maintenance (e.g., partial units of Hengli and Rongsheng) led to a contraction in effective supply.

Inventories and price support: Factory inventories were around 7–9 days (low level), with tight circulation. Major producers coordinated to support prices, implementing production cuts and mutual inspections, maintaining firm quotations with limited concessions.

Key changes: After February 2, spot prices remained resilient due to low inventories, with the POY basis rising to +280, significantly stronger than futures.

Demand-side downstream operations: Texturing/weaving plants gradually shut down for holidays, with operating rates dropping to 30–40%, and as low as 10–20% in some regions. Purchasing was mainly driven by rigid demand restocking.

Sales-to-production ratios and orders: The weekly average sales-to-production ratio was 25% (-15%), with daily ratios below 30%. Downstream orders were scarce, and pre-holiday restocking willingness was weak, with many adopting a wait-and-see approach.

Exports: Overseas orders remained stable, with weekly exports around 28,000 tons (down 3,000 tons month-on-month). However, this was insufficient to offset the decline in domestic demand, providing limited price support.

Outlook: Business Society predicts that spot prices will remain resilient in the short term, fluctuating within a range. Post-holiday resumption progress should be monitored. If demand recovers and inventories decline, prices may stabilize and rebound.