Fiber prices are bottoming out in China with spun yarn prices further falling, as spinners are taking account of the previous decline of cotton and polyester prices. In Pakistan, the sharp fall of the rupee is protecting spinners from any decline of their prices, in local currency terms.
Spun yarn prices have continued falling in the last seven days in China, India, and Pakistan, as spinners were taking into account the decline of their material costs.
In India, PSF prices have dropped more than 11% in June, in rupee terms, triggering a sharp decrease of 100% PSF yarns which have lost 5 rupees per kilo (-3.7%) in a single week and 11 rupees in four weeks (-7.8%).
In China, spun polyester prices have continued to drop, losing 600 yuan per metric ton or 4.8% in the last seven days although PSF prices have begun bottoming out.
In Pakistan, 100% polyester prices are staying firm in rupee terms, in line with the current stability of PSF prices on the domestic market.
In dollar terms, however, spun polyester prices have fallen 4.1% over a new decline of the local currency.
On the cotton market, yarn prices have also continued sliding although cotton fiber prices were bottoming out in China and staying very firm in India.