Last week, the domestic polyamide filament market lacked positive drivers and continued its overall downward trend. Following a concentrated mid-week drop in the three major product categories—POY, DTY, and FDY—across key production hubs in Jiangsu and Fujian, prices remained low and consolidated for the remainder of the week. Market sentiment regarding transactions was subdued; weak cost support from raw materials, combined with insufficient downstream demand, exacerbated the industry's supply-demand imbalance and drove product prices down across the board.

Price Trend Analysis by Variety

(I) Polyamide DTY (Jiangsu, 70D/24F, semi-dull, premium grade)

Last week (June 21–28), the opening quote for DTY in Jiangsu held steady at 15,980 RMB/ton, with prices remaining flat on June 22 and 23. However, prices saw a concerted drop starting June 24, falling by 140 RMB/ton to 15,840 RMB/ton—a cumulative weekly decline of 0.88%. From June 24 to 28, market prices remained stable without any rebound or recovery; trading was dominated by low-priced supplies. Weakness in upstream raw materials pressured DTY producers to lower their quotes, and with a strong wait-and-see sentiment prevailing in the market, factories showed no immediate inclination to actively raise prices.

(II) Polyamide POY (Jiangsu, 86D/24F, semi-dull, prime grade)

As a foundational feedstock for polyamide filament, the price of polyamide POY began to decline last week (June 21–28) earlier than that of downstream textured yarn products. Ex-factory prices held steady at 13,800 RMB/ton from June 21 to 23, but dropped by 150 RMB/ton in a single adjustment on June 24 to 13,650 RMB/ton. This represented a weekly decline of 1.09%, making it the product among the three monitored categories that experienced the most significant price drop. Following the price reduction, the market remained sluggish at low levels for the remainder of the week; spinning enterprises faced mounting pressure to move stock, inventories accumulated slowly, and manufacturers focused primarily on lowering prices to stimulate sales.

(III) Polyamide FDY (Fujian, 40D/12F, semi-dull, prime grade)

At the start of the previous period, the quote for polyamide FDY was 16,500 RMB/ton. Prices remained stable on June 22–23 but dropped by 200 RMB/ton to 16,300 RMB/ton on June 24. This 1.21% weekly decline marked the steepest drop among polyamide filament categories. FDY is primarily used in weaving, home textiles, and apparel fabrics; insufficient end-market orders have directly suppressed market quotes. Following the price drop, downstream willingness to purchase at the lower price point remained limited, trading activity stayed sluggish, and the low-price trend remained entrenched.

Overall, the three major types of polyamide filament yarn underwent a concerted round of price adjustments on June 24, marking the end of the earlier standoff over price stability. Faced with the dual pressure of declining costs and sluggish demand, manufacturers were compelled to lower prices to reduce inventory; following these adjustments, the market entered a state of weak equilibrium, with no rebound in prices observed during the week.

Upstream Raw Materials: Cost Support Continued to Weaken

Last week (June 21–28), the markets for upstream polyamide raw materials—such as caprolactam and pure benzene—exhibited a weak, fluctuating trend, failing to provide effective cost-side support for polyamide filament. On one hand, the pure benzene market faced loose supply-demand dynamics, with domestic refineries maintaining steady shipment paces; the slight decline in raw material prices drove a downward drift in caprolactam spot prices. On the other hand, caprolactam plants maintained high operating rates, ensuring ample market supply; the resulting decline in spot quotes directly squeezed production margins for polyamide spinning enterprises.

The continued decline in upstream raw material prices left polyamide manufacturers with little leverage to maintain price levels. Strategies previously adopted by some plants to stabilize prices proved unsustainable, forcing them to lower ex-factory quotes in line with raw material costs; this persistent weakening of cost support emerged as a primary driver behind the broad-based decline in polyamide filament prices.

Downstream end-market demand: Order follow-through was sluggish, and the market lacked support from essential demand.

The downstream end-markets for weaving, knitting, and home textiles are currently in a traditional off-season, which is the primary factor dragging down the polyamide filament market during this period of weakness.

1. Downstream textile mills are holding high levels of finished goods inventory, and raw material stocks purchased earlier have not yet been fully consumed. Consequently, activity last week (June 21–28) was dominated by small-volume, on-demand restocking, with few large-scale bulk orders. Faced with falling raw material prices, downstream players have adopted a "wait-and-see" stance—generally anticipating further price drops—and show little inclination to enter the market to buy at the bottom;

2. Orders for both domestic and export markets have underperformed expectations. On the export front, there has been limited growth in apparel orders from Europe and the US; domestically, demand for summer fabrics is winding down while orders for autumn/winter fabrics have yet to be released in volume. As a result, operating rates at weaving mills remain low, slowing the pace of raw material consumption;

3. Despite the drop in polyamide filament prices, there has been no surge in downstream restocking. The market sentiment of "buying on the rise but not on the fall" is evident, leading to a further buildup of inventory at polyamide plants and forcing manufacturers to continue offering price concessions to move stock.

Market Outlook:

In the short term, the polyamide filament market lacks substantial bullish support; the weakness in upstream raw materials is unlikely to reverse quickly, and downstream demand remains in a slow recovery phase following the off-season. Consequently, prices for polyamide POY, DTY, and FDY are expected to fluctuate at low levels in the near term. Should raw material prices continue to decline and downstream orders fail to improve, the market may see further slight price reductions aimed at destocking. A recovery and upward trend in the polyamide filament market will only materialize if there is a surge in new orders for autumn/winter fabrics alongside a stabilization and rebound in raw material prices.

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