The slide in man-made fiber prices might soon come to an end. Global synthetic fiber prices fell by 12.3 per cent in May compared to the same month last year.

Firmer crude oil prices have helped to offset the downward pressure inflicted by cost-conscious apparel makers. After rising 30 per cent between mid-March and early May, oil prices have been moving within a very narrow band and remaining 30 per cent lower than a year ago.

In Asia, the world’s largest fiber-producing region, synthetic fiber prices fell by only 6.6 per cent, a much smaller decline than April’s almost 12 per cent drop. In China, staple prices have firmed, while those of polyester have declined due to a recent drop in intermediates prices and sluggish demand for the fiber due to seasonality. However, polyester is beginning to replace cotton in many fabrications due to its lower cost, so demand for the synthetic fiber is getting stronger.

Asian synthetic fiber prices are more than 17 per cent below the world average. The European synthetic fiber price index fell by 24 per cent compared to May 2014. European synthetic prices ended the month at more than 10 per cent above the world average.