For the Quarter Ending March 2025
North America
The North American Polyester Filament Yarn (PFY) market recorded a marginal 1.0% decline in Q1 2025 compared to the previous quarter, amid ongoing global uncertainties and regional supply chain disruptions. Early in the quarter, prices rose as buyers accelerated purchases in anticipation of proposed 10% tariffs on Chinese imports. Reduced production ahead of the Chinese Lunar New Year also spurred stockpiling amid concerns of potential supply shortages. Severe winter weather disrupted logistics along the East and Gulf Coasts, contributing to short-term supply tightness.
As the quarter progressed, PFY prices remained firm, supported by higher import costs, and resumed Chinese shipments post-holiday. While ocean freight rates declined, elevated tariffs kept landed costs high. Some domestic supply disruptions—stemming from staff shortages, wildfires in California, and extreme weather—also supported price increases. Demand from the textile sector remained moderate, largely focused on replenishing inventories.
However, the quarter ended with renewed price pressure as uncertainty around proposed U.S. port fees on Chinese vessels dampened buying interest. PFY CFR Texas closed at USD 1150 /MT, reflecting cautious sentiment and logistical concerns.
APAC
The Asia-Pacific Polyester Filament Yarn (PFY) market recorded a modest 0.5% quarter-on-quarter price increase in Q1 2025. At the start of the quarter, prices climbed due to reduced production and ongoing maintenance at several plants, which tightened supply. Higher feedstock PTA costs and active pre-Spring Festival procurement by downstream industries further supported the upward momentum. However, as the quarter progressed, sentiment weakened. A 10% tariff imposed by the U.S. on Chinese textile exports led to trade order cancellations, particularly in mid-to-lower-end segments. Seasonal softness in the weaving industry and rising inventories also limited PFY uptake. By quarter-end, downstream demand remained muted despite efforts by manufacturers to stabilize prices through coordinated production cuts. Most buyers had already completed restocking earlier in the quarter, prompting limited purchasing activity. Cautious sentiment among textile processors and subdued export demand added to the slowdown in transactions. Nevertheless, PFY FOB Shanghai prices closed at USD 920/MT, reflecting a net quarterly gain driven by strong early-quarter fundamentals.
Europe
The European Polyester Filament Yarn (PFY) market declined by 1.89% in Q1 2025 compared to Q4 2024, primarily due to weakened demand and rising competitive pressure from imports. At the beginning of the quarter, prices rose slightly as European buyers, particularly in Germany, increased purchases to secure material ahead of the Chinese Lunar New Year. This early stockpiling was driven by reduced production in Asia and expectations of delayed shipments. Mid-quarter, the European PFY market saw cost support from rising feedstock and energy prices. Despite this, supply remained ample as Chinese suppliers resumed post-holiday exports, sending steady volumes to Europe. However, demand from the textile sector stayed moderate, largely driven by cautious inventory restocking rather than new order growth. The quarter closed at USD 1110/MT CFR Hamburg as competitive Asian imports flooded the market amid U.S. trade policy uncertainties. With German manufacturers well-stocked and high interest rates dampening textile demand, procurement limited to immediate needs drove the quarterly decline despite earlier cost pressures.
For the Quarter Ending December 2024
North America
The North American Polyester Filament Yarn (PFY) market faced an 11% decline in Q4 2024 compared to Q3, driven by a combination of weak global market conditions and regional logistical challenges. At the start of the quarter, PFY prices in the U.S. declined, reflecting the bearish trend in China, the region's primary supplier. Falling Purified Terephthalic Acid (PTA) prices, rising inventories, and lacklustre demand in China directly influenced U.S. pricing. Additionally, reduced freight costs from North China to the U.S. East Coast added downward pressure.
However, as the quarter progressed, demand from the downstream textile sector showed some positivity due to improved consumer confidence following Federal Reserve interest rate cuts, logistical disruptions caused by Longshoreman strikes and hurricane-related port bottlenecks hindered smooth product circulation.
By December, PFY supplies in North America remained adequate despite persistent challenges, including high transpacific freight rates and equipment shortages at West Coast ports. The quarter-end price for PFY CFR Texas was reported at USD 1,220/MT, reflecting subdued demand, seasonal year-end destocking, and cautious procurement trends. Market participants remain wary of potential cost escalations in 2025, driven by elevated shipping rates and tariff adjustments.
APAC
The Polyester Filament Yarn (PFY) market in the APAC region saw a 4% decline in Q4 2024 compared to Q3, driven by weak demand, rising inventories, and unfavourable export conditions. Early in the quarter, PFY prices dropped because of declining feedstock Purified Terephthalic Acid (PTA) prices and increased operational rates at polyester plants, leading to supply surpluses. Additionally, adverse weather conditions, including Typhoon Yagi and Typhoon Bebinca, disrupted logistics, further compounding market challenges. Mid-quarter, however, a slight uptick was observed. Falling temperatures boosted domestic consumption, particularly for thermal fabrics, while resilient U.S. demand and an improved inventory cycle fuelled export demand. This temporary rebound did little to offset the broader trend of weak market conditions, as seasonal factors failed to trigger the recovery seen in the same period last year. By the end of Q4, PFY demand remained sluggish, with downstream textile plants focusing on existing inventory and reducing raw material procurement. The quarter-ending price for PFY FOB Shanghai stood at USD 908/MT, reflecting steady price declines throughout the quarter, driven by destocking and stagnant downstream activity.
Europe
The European Polyester Filament Yarn (PFY) market recorded a 12% decline in Q4 2024 compared to Q3, as demand remained subdued amidst challenging economic conditions and seasonal headwinds. Early in the quarter, PFY prices in faced downward pressure due to declining feedstock Purified Terephthalic Acid (PTA) prices in China, the region's primary export supplier. Rising inventory levels in China, coupled with lower-than-expected global demand, amplified the bearish trend in European markets. Midway through the quarter, stable PFY supplies contrasted with muted textile demand. Downstream buyers limited purchases to immediate needs, leveraging discounted prices to prepare for January demand. Despite this, market sentiment remained cautious, dampened by ongoing port congestion in Hamburg due to terminal upgrades, and looming cost pressures from the EU's upcoming expansion of the Emissions Trading System (ETS) in 2025. By quarter-end, PFY demand declined further due to year-end destocking and seasonal procurement slowdowns. The quarter-ending price for PFY CFR Hamburg stood at USD 1,150/MT, reflecting steady price declines throughout Q4, driven by cautious market activity, weak demand, and rising cost concerns for 2025.
For the Quarter Ending September 2024
North America
In Q3 2024, the Polyester Filament Yarn (PFY) market in North America faced a notable decline in prices, indicative of a challenging pricing environment. Prices fell by 6% compared to the same quarter last year, driven by various factors. Declining demand, particularly due to off-season trends in the textile industry, led to oversupply and subsequent price drops. Additionally, maintenance turnarounds at key feedstock plants, such as PTA and MEG, increased production costs, negatively impacting PFY pricing.
The US market remained significantly oversupplied due to extensive destocking by Chinese PFY manufacturers. Despite increased freight costs—up 1% from East Asia to North Europe this week and 25% over the month—the oversupply persisted. Major Chinese producers, including Xin Feng Ming, TongKun, and Hengyi, aggressively discounted PFY to offload excess inventory, reflecting weak downstream demand. Prices were reduced by Yuan 200-350 per metric ton, consistent with the downward trend. In contrast, supplies of polyester yarn were sharply curtailed due to declining operating rates at polyester plants, now around 85.8%, down from 86.2% the previous week and significantly lower than the 93%-94% range seen in July 2023. Typhoon Gaemi further complicated logistics and transportation, while feedstock prices, particularly PTA, fell by about 2.5%. Focusing on the USA, the market recorded a 2% decline from the previous quarter and a 6% drop between the first and second halves of Q3.
The quarter-ending price for Polyester Filament Yarn 150D/48F CFR Texas stood at USD 1,360/MT, underscoring the prevailing bearish sentiment and challenging dynamics in the market.
Europe
In Q3 2024, Polyester Filament Yarn (PFY) prices in Europe experienced a consistent decline due to several key factors. Oversupply in the market, driven by reduced demand in the downstream textile industry, played a significant role in this trend. Additionally, ongoing maintenance at key PTA and MEG plants increased production costs, further pressuring PFY prices downward. Seasonal off-peak demand also negatively impacted market sentiment. The European market saw price depreciation throughout the quarter, largely influenced by improved supply conditions. The German PFY market, heavily reliant on imports from China, felt the effects of price reductions initiated by major Chinese producers like Xin Feng Ming, TongKun, and Hengyi, who aimed to clear excess inventories. In early August, these manufacturers reduced PFY prices by approximately Yuan 200-350 per metric ton, which became evident by mid-August.
Production costs for PFY were not bolstered, as feedstock PTA prices dropped by about 4% in early 2024 due to abundant supplies. In Germany, prices decreased by 2% year-on-year and by 1% from the previous quarter, with a notable 7% drop between the first and second halves of the quarter. The quarter-ending price for PFY in Germany reached USD 1,300/MT, highlighting the prevailing downward trend in the market.
APAC
In Q3 2024, the Polyester Filament Yarn (PFY) market in the APAC region experienced a notable decline in prices, primarily driven by several key factors. China, in particular, saw the most significant price changes, reflecting an overall negative sentiment in the region. Seasonal factors, such as off-season demand and reduced manufacturing activities, contributed to the steady price drop, resulting in a challenging pricing environment for PFY. Excess supplies were prevalent, as major polyester producers in China sought to clear out inventories by offering discounts and promotions. Leading manufacturers, including Xin Feng Ming, TongKun, and Hengyi, reduced PFY prices by Yuan 200-350/MT, corroborating the downward trend in the market. However, supplies of polyester yarn were curtailed as operating rates at polyester plants continued to decline due to sluggish profit margins. When comparing prices to the same quarter last year, there was a substantial decrease of 22%. The quarter-on-quarter change for 2024 also recorded a 3% decline, while the price comparison between the first and second halves of the quarter indicated a significant drop of 9%. By the end of the quarter, the price of Polyester Filament Yarn 150D/48F FOB Shanghai in China settled at USD 935/MT, highlighting the prevailing negative pricing environment in the APAC region.
For the Quarter Ending June 2024
North America
In the second quarter of 2024, Polyester Filament Yarn (PFY) prices in North America surged significantly due to a combination of critical factors. Supply chain disruptions, soaring freight charges, and reduced production capacity during maintenance shutdowns all contributed to creating a bullish market environment. Several PFY units operated at lower capacities to optimize profitability during the off-season, compounded by maintenance activities at PTA plants, limiting supply further. Elevated spot ocean freight rates exacerbated transportation costs, thereby increasing CFR prices for PFY.
The USA witnessed the most notable price fluctuations, influenced by constrained imports from Asia and heightened manufacturing activities in May, signalling recovery from a dip in April. These price movements coincided with the Federal Reserve's decision to maintain interest rates, indirectly impacting consumer spending in the textile sector. Despite traditionally moderate demand for PFY during this period, the market faced challenges from high freight costs and a tight supply chain, which stabilized prices despite subdued downstream demand.
Compared to the same quarter last year, PFY prices in Q2 2024 increased by 7%, yet they registered a 4% decrease from the previous quarter. Within the quarter, there was a slight 1% price increase from the first to the second half. Closing the quarter, PFY 150D/48F CFR Texas in the USA ended at USD 1475 per metric ton, reflecting a stable but upward trend. Overall, the pricing landscape for PFY in Q2 2024 remained positive, buoyed by supply constraints and rising transportation costs, amidst conditions of moderate demand.
APAC
In the second quarter of 2024, Polyester Filament Yarn (PFY) prices in the APAC region experienced a significant and sustained decline, influenced by a complex interplay of factors. Chief among these was an oversupply situation aggravated by sluggish demand from downstream sectors in the textile industry. Compounding this issue were disruptions in key feedstock facilities producing PTA and MEG, which failed to stabilize prices as expected. Moreover, global port congestion and logistical bottlenecks added to the challenges by delaying the distribution of PFY, thereby exacerbating an already existing surplus of inventory and dampening procurement activities. Seasonal patterns, typical for this quarter, further intensified the market's vulnerability, as demand traditionally slows down during this period. China, being central to these market dynamics, witnessed pronounced fluctuations with a clear downward trajectory. Compared to the same quarter the previous year, PFY prices dropped by 8%, reflecting a sustained bearish trend. Quarter-on-quarter, prices decreased by 5%, indicating ongoing softness in the market. Seasonal factors played a crucial role, contributing to reduced transaction volumes and increased price pressures, with a 2% decline observed between the first and second halves of the quarter. By the end of Q2 2024, the price of Polyester Filament Yarn 150D/48F FOB-Shanghai stood at USD 1040 per metric ton. The pricing environment throughout the quarter remained predominantly negative, characterized by surplus supply amidst subdued demand and persistent disruptions in the supply chain. Industry stakeholders navigated cautiously amid constrained economic activity and uncertainties, striving to manage inventory levels amidst the continual price declines typical of this seasonal slowdown.
Europe
In the second quarter of 2024, the Europe's Polyester Filament Yarn (PFY) market witnessed a significant surge in prices driven by several critical factors. Global port congestion and heightened freight charges were pivotal in pushing PFY prices upward. Moreover, operational disruptions and maintenance shutdowns at key precursor plants exacerbated supply chain constraints, leading to higher production costs for PFY. Despite these challenges, the market showed resilience, buoyed by steady demand from downstream textile sectors, which helped mitigate more severe supply shortages. Germany, at the forefront of price adjustments, experienced a notably bullish trend. Seasonal variations in demand, coupled with restricted supplies from major exporters, propelled prices higher. Spring restocking efforts in the textile industry further intensified the imbalance between supply and demand, adding to upward price pressures. Compared to the same period last year, prices surged by a substantial 13%, indicating a robust upward trajectory. However, quarter-on-quarter changes remained steady at 0%, suggesting stabilization after the initial price surge. Across the first and second halves of the quarter, prices increased by 3%, underscoring sustained upward momentum. The quarter concluded with PFY 150D/48F CFR Hamburg priced at USD 1425 per metric ton, highlighting a positive pricing environment driven by supply constraints and consistent demand. This trend signifies a continued bullish sentiment in the PFY market in Germany, underpinned by ongoing supply challenges and robust demand dynamics.
