The global synthetic fiber price index fell 5% in November compared to a year ago, capping a year of monthly declines. However, it was the smallest drop in 11 months. The measure, which tracks the weighted basket of prices for acrylic, nylon, polyester and polypropylene filament yarns and staple fiber, indicates that although synthetic fiber prices have plunged from their stratospheric levels in early 2011, they have bottomed out and begun to stabilize.
Price reductions in Western Europe and Asia continue to have the greatest impact on the overall index. The biggest decline was in Asia, where prices fell by an average of almost 7% compared to the same month last year. Asian prices were 19% below the world average in September.
The European index fell by almost 5%, much less than October’s 9% drop, and only the second time in eight months that the drop was in single, rather than double digits. European synthetic prices are about 20% above the world average.
The US index fell by almost 3.6%, half the decline that occurred in October, but the eighth consecutive monthly drop. US fiber prices remain well above their global counterparts, approximately 44% higher than the world average.