According to the Commodity Market Analysis System of Shengyi Society, the domestic price of polyester filament showed a trend of first rising and then falling in July. Currently, the mainstream polyester filament factories in Jiangsu and Zhejiang offer POY (150D/48F) at a price of 7700-8000 yuan/ton, polyester DTY (150D/48F low elasticity) at a price of 9200-9500 yuan/ton, and polyester FDY (150D/96F) at a price of 8200-8400 yuan/ton.

On July 30th, the Brent crude oil benchmark price was $79.05 per barrel. Compared to $85.26 per barrel at the beginning of this month, it has decreased by -7.28%. The WTI crude oil benchmark price is $74.73 per barrel. Compared to the $81.74 per barrel at the beginning of this month, it has decreased by -8.57%. The current crude oil market is facing multiple impacts. Firstly, the capacity policy adjustment of OPEC+has become a key variable, and its production decisions directly affect the market supply situation. Secondly, as the crude oil market shifts from the traditional peak demand season to the off-season, the support of seasonal factors for oil prices gradually weakens. Especially as one of the world’s major crude oil consuming countries, China’s demand changes have a significant leading role in the trend of the oil market.

According to the Commodity Market Analysis System of Shengyi Society, the domestic PTA spot market surged and fell in July. As of July 30th, the average price of PTA in the East China region was 5781 yuan/ton, a decrease of 4.25% from the beginning of the month.

Specifically, PTA continued to reduce inventory in early July, coupled with tight supply from some ports and active downstream buying, boosting the PTA market. At the same time, the international crude oil market has risen, providing upward support for PTA costs, leading to a surge in PTA prices at the beginning of the month. However, with the restart of some PTA facilities and an increase in market supply, the tense atmosphere of supply in some ports has eased. Starting from the second half of the month, downstream polyester factories will gradually reduce production and raise prices, reducing the demand for PTA. In addition, the market is generally concerned about weak demand for crude oil, with European and American crude oil futures falling to their lowest level in six weeks. The weak fundamentals and downward cost support have led to a continuous decline in PTA prices. Although some PTA plants were temporarily shut down during this period, the boosting effect on the PTA market was average.

In terms of demand, as the end of the month approaches, downstream users have concentrated their purchases in the early stage, and their willingness to inquire is not strong, resulting in a significant decrease in the production and sales of polyester filament. Recently, polyester filament manufacturers have been adhering to a fixed price model under the background of guaranteed processing fees, which has effectively supported prices; However, on the demand side, downstream factories have poor procurement of raw materials due to high temperatures, high costs, and high inventory, which has dragged down prices.

Business analysts believe that the overall production and sales are flat and difficult to fundamentally change in the short term. The polyester filament market is stable with small fluctuations, and the fundamentals of polyester filament in August are still mainly weak, with a relatively high possibility of price stability.