Reliance Industries Limited (RIL), the largest contributor to India’s polyester value chain, has altered its pricing strategy, hiking the prices of purified terephthalic acid (PTA) and MELT for the upcoming week. In contrast, the price of monoethylene glycol (MEG) remained unaltered. This shift is notable as RIL had been cutting the prices of polyester raw materials until last week when it lowered the cost of PTA and MELT while keeping the price of MEG steady.
RIL had also reduced the price of polyester staple fibre (PSF) from Rs. 6 to Rs. 104 per kg in the current fortnight. This decision to reduce the prices of PTA, MELT, and PSF was in line with the prevailing global trends.
According to the market sources, RIL has set the price of PTA at Rs. 82.00 per kg, reflecting an increase of Rs. 0.70. Meanwhile, MEG remains unchanged at Rs. 52.00 per kg, and MELT has seen a surge of Rs. 0.60, putting its new price at Rs. 88.20 per kg. These revised rates for polyester raw materials will be implemented starting from the upcoming week.
Despite the recent increase, RIL is known for regularly reducing the prices of PTA and MELT to maintain alignment with international trends. Just a fortnight ago, the company dropped the price of PSF to Rs. 104 per kg, marking its second price cut in the last week.
The firm continually monitors price fluctuations in the Chinese market and crude oil sector to determine the pricing of its polyester raw materials. Given RIL’s influential market presence in India, the country’s market typically mirrors its price trends.