Manmade textile industry on a cusp of turnaround with a revival in demand

Stabilising crude oil prices help companies fix their product prices for long term contracts

Manmade textile industry is on the cusp of turnaround with a revival in its demand in the last few weeks following producers’ ability to fix prices of their products in the wake of stabilizing crude oil prices.

Trading at $85.10 a barrel in the world market, crude oil price gradually slipped to the level of $49.79 a barrel towards the end of December and gradually picked up again to trade currently at $65.05 a barrel. Most importantly, crude oil price is holding above $60 a barrel since February 1 which allowed synthetic yarn, fabric and textile manufacturers to fix their