Polyester fibre prices have witnessed a sharp decline since last two weeks. The weakness in crude oil prices lead to reduction in PTA and MEG prices which are the raw material for polyester polymer. In last one month PTA prices have come down by nearly $34 per metric ton while MEG has lost about $58 per metric tonne in the international market. On the other hand, the downstream yarn market activities remained slack which has created room for negotiations and fiber suppliers were compelled to cut prices. China and India – two largest producers of Polyester Staple Fiber (PSF) have witnessed significant reduction in price across the product line in respective markets.