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Indo Rama Synthetics shuts plant due to high input costs
12
Aug '08
Indo Rama Synthetics India Ltd has informed that due to high input cost of Petrochemical based Raw materials viz, PTA & MEG and the Company's inability to cut product prices, the Company has decided to take shutdown of its Polyester Plant till third week of August, 2008.

Crude prices have softened by almost 20% after touching the peak of around USD 147 per barrel leading to a sharp correction in raw material prices resulting into the customers expecting lower prices whereas the raw material prices remain firm in domestic market as they trail by a month.

In order to avoid inventory losses by using high priced raw materials, the management has decided to take shutdown of its polyester plant till third week of August 2008.

The production loss due to temporary shutdown is not going to affect the sales as Company is carrying the finished goods stock of around 30,000 Mts.

Indo Rama Synthetics India Ltd

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