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    Why are the prices of textile raw materials in the world rising?

    Crude oil prices are consistently rising and textile raw material prices are rising to meet rising consumer demand. Crude oil prices are rising due to increased oil inventories, widespread floods, and power outages from heavy rains in Texas and Louisiana, according to reports from the American Petroleum Institute (API) and the Energy Information Agency (EIA).

    Hurricane Nicholas, which struck the Gulf of Mexico in mid-September, also caused heavy rains, strong winds, and floods on the Texas coast and northern Gulf, disrupting the crude oil supply chain and affecting US energy production. ..

    In addition, some members of the Organization of Petroleum Exporting Countries (OPEC), such as Kazakhstan, Nigeria and Angola, have faced maintenance issues when extracting crude oil due to a pandemic that tightened crude oil supplies around the world and helped raise prices. Facing

    Crude oil prices are consistently rising and textile raw material prices are rising to meet rising consumer demand. According to API and EIA reports, oil prices are rising due to increased oil inventories, widespread floods, and power outages due to heavy rains in Hurricane Nicholas, Texas and Louisiana.

    Prices continued to rise as the bullish US stock market and OPEC, and their allies, expected a steady pace of increased oil supply.

    The weekly average of Brent crude was $ 73.98 per barrel in July 2021 and fell to $ 70.36 per barrel in August 2021, down 4.90%. It recovered in September 2021 and reached $ 75.78 a barrel, 7.71 percent above the weekly average of August 2021. Fiber2Fashion market analysis tool TexPro..

    Weekly average prices for Nymex Crude Oil and WT Pushing fell 6.64% from $ 72.20 per barrel in July 2021 to $ 67.41 per barrel in August 2021. In September 2021, it rose again by 7.26% to reach $ 72.31 per barrel.

    As crude oil prices soar, prices of fiber raw materials such as polyester staple fibers, nylon chips, and acrylonitrile are also rising.

    texpro new oct 6 20211018T185417

    Prices for polyester staple fiber FOB Northeast Asia have fluctuated since July 2021. In the first week of July 2021, it was $ 1,011 per metric ton. Then, in the last week of July, it rose to $ 1,035 per metric ton. In 2021, the last week of August 2021 fell again to $ 975 per metric ton. However, in the last week of September 2021, it rose 4.11 percent again to $ 1,015 per metric ton.

    The price of nylon chips in the Chinese market rose from $ 16,320 per metric ton in the first week of July 2021 to $ 16,400 per metric ton in the last week of August 2021. According to TexPro, last week in September 2021.

    For acrylonitrile, its FOB US Gulf price was $ 2,020 per metric ton in the first week of July 2021, but slowly rose to $ 2,122 per metric ton in the last week of August 2021. .. The last week of September 2021.

    Fiber2Fashion News Desk (KD)

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    Why are the prices of textile raw materials in the world rising?

    Source link Why are the prices of textile raw materials in the world rising?

    The post Why are the prices of textile raw materials in the world rising? appeared first on Eminetra.

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