Polyester fiber prices further plummeted in the last seven days in China.

Staple fiber prices continued dropping, with a loss of 400 yuan per metric ton for average 1.4D price (2.8 cents per pound) or 3.13%.

PSF prices have fallen more than 8% in the last four weeks, reflecting the current depression in the textile market in China.

In the meantime, labor costs will continue soaring while the renminbi will further rise against other Asian currencies.

Sales of polyester fibers would currently not cover more than 60% to 70% of current production, forcing sellers to continuously lower their price offers.

Market activity is currently very reduced on China's PSF market, and the level in prices could continue falling in the near term, as a result.

Filament prices are similarly dropping, in line with a weakness in filament weaving activity and larger inventories in the polyester chain.

With their raw material costs plunging, there is no reason why polyester fiber producers would not further cut price offers in the coming weeks.