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Reliance Industries Limited (RIL), the key supplier of raw materials like purified terephthalic acid (PTA), monoethylene glycol (MEG) and MELT to the Indian market, has reduced prices by more than 10 per cent due to cheaper crude oil. These materials are used for making polyester spun fibre (PSF), the price of which is now also expected to decline.
According to the market sources, PTA price reduced by ₹9.40 to ₹85.30 per kg. MEG came down by ₹1.70 to ₹55.10 per kg, while MELT is priced at ₹92.09 per kg after a cut of ₹8.66 per kg. RIL is the largest manufacturer of the materials in the country, so the market follows its prices. RIL has not changed the price of PSF, but market sources expect a drop of ₹5 per kg. Currently, PSF is priced at ₹127 per kg.
Reliance Industries Limited (RIL), the key supplier of raw materials like purified terephthalic acid (PTA), monoethylene glycol (MEG) and MELT to the Indian market, has reduced prices by more than 10 per cent due to cheaper crude oil. These materials are used for making polyester spun fibre (PSF), the price of which is now also expected to decline.
WTI crude oil decreased to $97 per barrel in international market. The price has decreased by over five per cent in the last one week. WTI crude oil was traded at $103 per barrel one week ago. Currently, Brent crude is being traded at $101.30 per barrel. The prices of PSF raw materials are falling as crude oil is under pressure. The price trend of raw material in China also influences Indian prices due to dominance in the global market.
Fibre2Fashion News Desk (KUL)
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