According to market sources, downstream industries like fabric and garment manufacturers were cautious for fresh buying. There are multiple factors for current sluggish trend. Mostly industrial units are going easy because of the Holi festival as workers take long leave to visit their native places. The closing of annual financial year was also deterring buyers as they are focusing on recovery of payments and reconciliation of books. Traders expect that the market will remain silent till the end of current month.

Traders said that spinning mills were trying to raise PC yarn prices as they wanted to pass on the hike of production cost on account of costlier cotton. But they could not succeed as demand was very weak. However, spinning mills can expect some relief as raw material of PSF may see decline trend due to price fall in crude oil. Global oil benchmark Brent crude futures has registered steep fall after beginning of multi rounds talks between Russia and Ukraine. After staying above $100 per barrel for two weeks, international oil prices fell to $99.84 on Tuesday. Brent crude oil prices had touched a 14-year high of $139 per barrel on March 7. Crude oil rose 0.87 per cent to $100.78 per barrel today morning.

RK Vij, Advisor (Polyester business) of Indorama Synthetics (India) Limited, told Fibre2Fashion that price of PSF will come down because of cheaper crude oil. The raw material had recorded price rise, when crude oil price rose due to Russia-Ukraine conflict. However, the prices of PSF and other raw material remained steady in last couple of days despite steep fall in crude oil. It is considered that raw material takes some time to account for the fluctuation of crude oil.

PSF price at Reliance Industries Limited stood at previous level of ₹123 per kg.

In Ludhiana, India’s most prominent man-made yarn market, prices remained at previous levels. 30 count PC combed yarn (48/52) was sold at ₹270-280 per kg (GST extra). 30 count PC carded yarn (65/35) was priced at ₹235-240 per kg, and 20 count PC (Recycled-O/E) PSF yarn (40/60) was traded at ₹170-180 per kg, according to Fibre2Fashion's market insight tool TexPro. Acrylic NM (2/48) was priced at ₹315-320 per kg, while acrylic NM (2/32) was at ₹265-270 per kg. PSF was noted at ₹123 per kg. Prices of PSF’s raw materials were: PTA ₹93 per kg, MEG ₹65 per kg and MELT ₹103 per kg.

Fibre2Fashion News Desk (KUL)