India’s synthetic yarn manufacturers – especially polyester and viscose – have increased prices by as much as Rs 6-12 a kg over the last fortnight. The market may sustain these prices for a short period as fabric weavers are inundated with orders from apparel exporters. The COVID-19 has curbed fabric exports from China, which means that Indian apparel exporters and manufacturers will have to shop locally for their requirements. Orders for Indian fabric are pouring in from Bangladesh, Vietnam and other apparel exporting countries too.
Moreover, Chinese imports of PTA and MEG, the building blocks for polyester are impacted, with the result that texturisers have to depend on the domestic supplies mainly. With demand for face masks and other protective gear skyrocketing across the globe, demand for polyester has increased exponentially. Markets are active and bustling after a long period of lull.