Low-melting PSF prices rose and declined first in 2025, and then kept range-bound. Prices were pegged at 7,630yuan/mt in early 2025, at 7,775yuan/mt in end December, up by 145yuan/mt. The highest was 7,900yuan/mt in February-March and the lowest in late April at 7,150yuan/mt with the change of 750yuan/mt, smaller than the same period of 2024.

In January 2025, low-melting PSF followed the cost to fluctuate upward first and kept in consolidation in February. In March-April, polyester costs stepped lower with sharp fall of crude oil prices and U.S. tariffs, and low-melting PSF prices followed to fluctuate down, hitting the yearly low of 7,150yuan/mt. Later till June, the U.S. tariff-related developments gradually trended positive. Meanwhile, under the influence of factors such as the Israel-Iran conflict, prices rebounded and rose to 7,575yuan/mt by end June. In July-September, the prices moved downward following the lower feedstock market, but the price decline was limited as plants supported the processing spread. After October, demand improved and plants continued to support the processing spread, so the prices rebounded moderately. In mid-to-late December, prices climbed up further driven by the large rise of feedstock prices, and stood at 7,775yuan/mt by end December. The yearly price rise was 145yuan/mt.

Operating rate of low-melting PSF averaged at 70.5% in 2025, 0.2% points higher from 70.3% in 2024.

From January to February, affected by the Spring Festival holiday, the operating rate of low-melting PSF plummeted to around 20%, which was significantly lower than the same period last year. It remained at a low operating rate of roughly 60% from March to April. After May, some plants raised their operating rates, pushing the overall operating rate up to about 80%. Following inventory destocking and improved cash flow after October, the operating rate rose again to around 86%.

For 2026, no new capacity is planned for low-melting PSF. Although no new capacity is added, excess capacity from earlier periods has not been fully digested. With the further improvement in demand, the operating rate may climb up in 2026 and production is expected to increase. Therefore, overall market supply and demand pressure will increase compared with 2025.