As crude oil prices continue to rise, the cost of Man-Made Fibres (MMF) is also on the ascent. MMF refers to synthetic fibres—such as polyester—which are derived from crude oil; consequently, whenever oil prices rise, the cost of these fibres automatically increases as well. Due to this situation, many textile mills have now begun shifting their focus toward natural fibres, specifically cotton. Demand for cotton had already been on the rise due to the ongoing conflict in the West Asian region.
Experts now predict that, with the current surge in MMF prices, the demand for cotton will intensify even further. As a result, cotton prices could potentially rise by approximately 10% to 25% over the coming months. Furthermore, factors such as the value of the U.S. dollar, import costs, and India’s domestic cotton production are also playing a significant role in driving this price increase.
