India's RIL increases polyester staple fibre price by ₹5/kg

10 Jun '22

2 min read

Pic: 123rf.com

Reliance Industries Limited (RIL), the Indian multinational conglomerate with interests in diverse businesses including energy, petrochemicals, natural gas, retail, telecommunications, mass media, and textiles, has increased the price of polyester staple fibre (PSF) by ₹5 to ₹131 per kg with effect from June 9, 2022, as per information provided by traders.

RIL is the largest supplier of PSF in the Indian market. Normally, RIL revises PSF price after a fortnight. It had increased the price of PSF by ₹1 to ₹126 per kg with effect from June 1, 2022. Therefore, the next price revision was due on June 16. So, it is unusual for RIL to have increased price before a fortnight, market sources said.

The hike in PSF price is due to consistent rise in upstream products like purified terephthalic acid (PTA) and monoethylene glycol (MEG).

“PTA and MEG prices have witnessed consecutive increase in last couple of months in India and international market, which led to further rise in PSF prices. Crude oil, the source material of the product, had seen steep rise after the Russian invasion of Ukraine,” Ashok Singhal, a trader from Ludhiana, told Fibre2Fashion.

The latest increase in PSF price will push up prices of polyester and polyester-cotton yarn and other downstream products.

Fibre2Fashion News Desk (KUL)

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