According to market sources, RIL has decreased PTA price by ₹2.90 to ₹85.20 per kg. MEG was priced at ₹53.670 per kg with cut of ₹2.30 per kg, while MELT was priced at ₹91.53 per kg with decline of ₹3.28 per kg. The company has revised prices with effective from August 6, 2022. RIL will revise price of Polyester Spun Fibre (PSF) in mid- August. It had earlier fixed prices of PSF at ₹120 per kg. The company revises PSF prices fortnightly.
MEG prices turned to bearish in China since the beginning of this month. According to Fibre2Fashion’s market insight tool TexPro, the prices of MEG came down to $4138 per ton in Chinese domestic market from a high of $4393 per ton on July 29, 2022. PTA came down to $6045 per ton from $6075 per ton noted on August 3. The decline in prices of raw materials of polyester is also attributed to weaker crude oil.
Fibre2Fashion News Desk (KUL)