Meanwhile, prices of polyester staple fibre (PSF) remained stable, but Reliance Industries Limited (RIL) has slashed prices of purified terephthalic acid (PTA) and MELT because of sharp decline in crude oil.
Ashok Singhal, a trader from Ludhiana, told Fibre2Fashion that there was a psychological pressure on the market. Current levels of prices are more vulnerable in PC market. The prices were steady, but buyers were least interested in new deals.
Though cotton prices have registered downfall in global and local market in the last few days, spinning mills did not decrease yarn prices as they were trying to protect their margins in the volatile market.
ICE cotton futures edged lower on Friday. Cotton prices softened by ₹300-400 per candy of 356 kg in north India on last Friday amid sluggish demand from mills. PC yarn’s another major component, PSF remained stable, but it’s raw material PTA and MELT eased down by ₹1-1.5 per kg.
The basic raw material of polyester, crude oil has seen sharp decline in prices. Brent crude futures, the global oil benchmark, fell by 5.59 per cent to $107.11 per barrel. Crude oil prices tank in global market due to recent announcement by the US President Joe Biden to release one million barrels daily for next six months from its strategic reserves.
Ludhiana, India’s most prominent man-made yarn market, noted steady trend in PC and acrylic yarn. 30 count PC combed yarn (48/52) was sold higher at ₹275-300 per kg (GST extra). 30 count PC carded yarn (65/35) was priced at ₹265-275 per kg, according to Fibre2Fashion’s market insight tool TexPro. 20 count PC (Recycled-O/E) PSF yarn (40/60) was traded at ₹190-195 per kg. Acrylic NM (2/48) was priced at ₹315-320 per kg, while acrylic NM (2/32) at ₹280-290 per kg.
The market leader Reliance Industries Limited (RIL) did not alter PSF prices, which remained at ₹123 per kg. But PSF’s raw materials eased down. RIL decreased prices of PTA and MELT by around ₹1-1.5 per kg. The prices of raw materials were noted as: PTA ₹91.10 per kg, MEG ₹62.30 per kg and MELT ₹99.52 per kg.
Fibre2Fashion News Desk (KUL)
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