Price trend

According to the SunSirs Commodity Market Analysis System, the spandex market experienced a strong rebound in March. This recovery was driven by a dual impetus: the rigid rise in production costs and an improvement in the supply-demand landscape, signaling a distinct trend of the industry emerging from its slump. As of March 31, the SunSirs benchmark price for spandex stood at 26,333 RMB/ton—a 7.48% increase from the 24,500 RMB/ton recorded at the beginning of the month. Prices rose steadily throughout the month, entering a phase of high-level consolidation in the latter half, while overall market sentiment continued to recover. In March, leading industry enterprises implemented significant price hikes; notably, Taihe New Materials raised the price of its spandex products by 2,000 RMB/ton, while Huahai Spandex increased its prices by 3,000 RMB/ton. Furthermore, several other companies added an additional 1,000 RMB/ton to their previously adjusted prices, thereby driving an overall upward trend in industry pricing.

Market analysis

Raw material prices have surged robustly, with crude oil driving an upward trend across the entire industrial chain. As of March 31, the settlement price for the May contract of US WTI crude oil futures stood at $102.88 per barrel, while the settlement price for the June contract of Brent crude oil futures is $107.39 per barrel. This high-level volatility had driven up overall costs within the chemical industry chain, providing fundamental cost support for spandex production. Prices for MDI had risen sharply; as of the end of the month, the reference price for Shanghai-sourced MDI in the East China market ranged from 23,500 to 24,000 RMB/ton—an increase of 5,500 to 5,700 RMB/ton compared to the beginning of the month. PTMEG prices had risen in tandem; as of March 31, within the spandex sector, the reference range for actual negotiated prices of domestically produced bulk PTMEG (with a molecular weight of 1800) was 12,000 to 12,600 RMB/ton.

On the supply side, the elimination of excess capacity was accelerating, and inventory levels remained low. Prolonged periods of low industry prices had hastened the exit of obsolete capacity, leading to a continuous optimization of the supply landscape; meanwhile, low inventory levels were reshaping corporate bargaining power. Between 2025 and 2026, the domestic market is projected to cumulatively eliminate approximately 110,000 tons of obsolete spandex capacity. In 2026, while the industry is expected to add approximately 175,000 tons of new capacity, the net increase—after accounting for the eliminated capacity—will be minimal; this represents the slowest growth rate observed in the past five years, signaling a distinct trend of supply-side contraction. Inventory levels currently sit at a historical low; some enterprises had even reached a point where inventories had bottomed out, prompting them to restrict shipments. This situation marked a complete reversal of the previous pattern of passive inventory reduction, resulting in a substantial enhancement of corporate bargaining power.

March coincides with the traditional peak season—known as "Golden March and Silver April"—for the textile and apparel industry; here, a rebound in downstream demand and the need for inventory replenishment provide mutual support. Demand has seen a significant recovery across sectors such as textiles and apparel, sports and outdoor gear, and medical supplies. Operating rates at domestic garment manufacturers and fabric processing plants have steadily risen, while orders for spring fabrics and summer clothing are gradually being released, leading to a sustained increase in essential procurement for spandex. Meanwhile, inventory replenishment demand in overseas markets has shown signs of recovery, and textile export orders are gradually rebounding, further driving the simultaneous growth of both domestic and international demand for spandex. Anticipating rising raw material prices, downstream enterprises have increased their willingness to purchase; the combined forces of channel inventory replenishment and essential stock-building have effectively facilitated the smooth transmission of price increases.

Market Outlook:

Analysts at SunSirs believe that cost-side rigidity remains strong; with crude oil prices fluctuating at elevated levels, it is unlikely that the prices of MDI and PTMEG will decline rapidly, ensuring continued cost support. Furthermore, inventory levels within the spandex industry remain low, granting leading enterprises significant bargaining power. As the traditional "Golden March and Silver April" peak season continues, downstream textile orders and export demand are expected to see further improvement, with restocking requirements providing support to the market. In April, the spandex market is projected to maintain its trend of stability with a slight upward bias; market participants should pay close attention to crude oil price movements and the status of downstream orders.

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