Acrylic yarn gains in Indian markets as crude oil price rises

The prices of crude oil based PSF remained stable despite increase in its raw material price. It is because the downstream industry is adopting a very cautious approach for fresh buying as the future demand picture is still unclear.

According to market sources, Russia-Ukraine war caused for steep price rise of crude oil price due to supply worries. Brent crude futures gained $5.30 or 5 per cent and increased to $110.23 a barrel, a level last seen in July 2014. Meanwhile, the US West Texas Intermediate (WTI) crude futures went up by $5.02 or 4.8 percent to $108.41 after earlier hitting the highest since September 2013.

According to the traders, demand from downstream industry was not encouraging. PC yarn did not see any major price rise. PSF prices remained unchanged in the last couple of days. Bearish cotton prices and weaker demand from downstream industry did not support polyester-cotton yarn too. But cotton prices remained firm today in domestic and global markets.

In Ludhiana, India’s most prominent man-made yarn market, 30 count PC combed yarn (48/52) was sold flat at ₹290-300 per kg, 30 count PC carded yarn (65/35) was priced at ₹240-250 per kg, and 20 count PC (recycled) yarn O/E (40/60) was traded at ₹223-225 per kg, according to Fibre2Fashion’s market insight tool TexPro.

Acrylic NM (2/48) was priced at ₹350-355 per kg, while and Acrylic NM (2/32) at ₹290-295 per kg.

Meanwhile, Reliance Industries Ltd (RIL) has increased prices of PTA and MELT, but decreased price of MEG. All the three are raw materials for PSF whose price remained stable at ₹120 per kg, as per TexPro.

Fibre2Fashion News Desk (KUL)