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Synthetic fiber prices down 21.7 per cent

Global synthetic fiber prices fell by 21.7 per cent in September, their steepest monthly decline in more than six years. Declining oil prices, currency devaluations in key textile production regions and slowing global demand due to curtailed economic growth in demand are all contributing to the decline.

After rising abruptly in late August, crude oil fell slowly and steadily throughout September, finishing the month at around two per cent down for the month. In Asia, the world’s largest fiber-producing region, synthetic fiber prices fell by 25 per cent year-over-year, the biggest year-over-year drop since early 2009.

Low capacity utilisation rates, hovering around 76 per cent, small orders due to expected price volatility and tightening liquidity have resulted in a slowdown in Chinese demand rather than the pick-up usually seen at this time of the year. Chinese demand for staple has been slightly better than for filament and is expected to get a boost from seasonal demand for fiberfill in outer wear for local consumption and exports.

The European synthetic fiber price index fell by almost 22 per cent compared to September 2014. The US index fell by almost 16 per cent in September, the least of any major world region, but its biggest monthly drop since August 2009.