Average synthetic fiber prices increased sharply in September. Global synthetic fiber prices increased 17.5 per cent year on year and by 5.8 per cent over the prior month. Contributors to the price increases included constraints on supply, a temporary spike in oil prices and disruption in intermediates product resulting from hurricanes, and continued Chinese crackdown on violations on environmental regulations.
Although oil prices have already settled down from their hurricane-related increases, delays in expansion of resin capacity in the US and Europe have caused concern over polyester supply in both the short and the long term. In Asia, the largest manufacturing region for synthetic fibers, the price increase was felt most intensely. Prices increased in September by 24 per cent year-over-year and 9.4 per cent month-over-month. The biggest increase was in the polyester filament area. Nylon textile filament costs were similarly affected, though not as dramatically. Spandex, viscose and acrylic staple prices remained relatively stable. Asian synthetic fiber prices remain more than 20 per cent below the global average.
In the US, prices rose by 6.9 per cent compared to September last year and three per cent from August. In Europe, prices rose by 18.2 per cent year-over-year and two per cent from last month.