Trade sources have revealed that the prices of PTA and MELT in the Chinese market saw a steep rise, which is why Reliance Industries Limited increased their prices.
Reliance Industries Limited has increased prices of purified terephthalic acid (PTA) and MELT for the current week, while reducing rates of MEG.
The rise in prices of PTA and MELT in the Chinese market is said to be the reason for this increase.
The company has also raised the price of polyester staple fibre (PSF) by ₹2 to ₹108 per kg for the next fortnight.
According to market sources, RIL fixed prices as PTA at ₹87.20 per kg (increase of ₹2.30), MEG at ₹53.20 per kg (decrease of ₹3.30) and MELT at ₹93.08 per kg (increase of ₹0.86). The pricing of polyester raw materials will come into effect from next Saturday.
The company has increased the price of polyester staple fibre (PSF) by ₹2 to ₹108 per kg for the next fortnight. It has maintained the PSF prices for this week. Trade sources said that PTA producing plants went into repair and maintenance which led to low supply. Last Friday, RIL had increased the prices of PTA and MELT, but MEG was kept unchanged.
The company reviews price trends in China and fluctuations in crude oil to fix prices of polyester raw materials. Indian market follows the price trends of Reliance as it is the dominating player in the country.
Fibre2Fashion News Desk (KUL)