Poor demand causes PC yarn prices to remain stable in north India

Meanwhile, Reliance Industries Limited (RIL) has decreased the prices of purified terephthalic acid (PTA) but it increased the prices of monoethylene glycol (MEG). However, polyester staple fibre (PSF) and another raw material MELT were rolled over by RIL.

PC yarn market has remained unmoved for over one week and the prices were quoted at previous levels.

Sanjay Garg, president of North India Textile Mills Association (NITMA) and executive director of Punjab based Longowalia Yarns Limited, told Fibre2Fashion that PSF prices are likely to come down, so yarn prices were not supported. PC yarn prices remained steady due to poor demand.

Crude oil, which is a source material of PSF, has seen a downward trend in the last couple of days, but increased slightly on Friday in the global market. Brent crude futures, the global oil benchmark, rose by 2.19 per cent to $102.78 per barrel. Earlier, it had dropped below $100 per barrel. PSF and intermediary products are likely to remain under pressure and cotton prices remained bearish, or range bound.

Trade sources said that downstream industry’s demand is not picking up because of lukewarm response from end users. Additionally, the weaving sector has sufficient stock of raw material to run their units at partial capacity.

Ludhiana, the country's most prominent manmade yarn market, noted steady trend in PC and acrylic yarn. 30 Count PC Combed Yarn (48/52) was sold at ₹295-310 per kg (GST extra). 30 Count PC Carded yarn (65/35) was priced at ₹260-275 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 and Acrylic NM (2/32) at ₹280-290 per kg. PSF also remained unmoved at ₹123 per kg.

RIL kept prices of MELT unchanged at ₹99.52 per kg. But it changed the prices of PTA to ₹90.80 per kg (-0.30) and MEG to ₹63.80 per kg (+1.50).

ALCHEMPro News Desk (KUL)