High oil prices have the potential to have an impact on the textile and textile products sector. Secretary General of the Indonesian Filament Yarn and Fiber Association (APSyFI) Redma Gita Wirawasta revealed that the increase in oil prices affected the price of textile raw materials, namely Purified Terephthalic Acid (PTA). This is because the raw materials come from paraxylene to naphtha. So far, he noted that he has seen an upward trend in raw material prices in line with high oil prices. "As for the PTA price increase as of this week, it has started to increase by 4% from last week, there has been an upward trend. There has not been a significant increase in the selling price of fiber and filaments," he said, Tuesday (8/2).
Currently, the price of crude oil is quite high, even reaching US$ 90 per ton. On Tuesday (8/2), the price of West Texas Intermediate (WTI) oil on the New York Mercantile Exchange experienced a slight decline, but was still above the level of US$ 80 per barrel, to be exact at US$ 89.59 per barrel.
With this increase, Redma estimates that textile prices in the upstream sector have the potential to increase in the future. "If you look at the trend in oil prices, there is the potential for an upstream price increase of around 2%," said Redma.
In the midst of high crude oil prices, the issuer in the garment business, PT Trisula International Tbk (TRIS) is still reviewing the development of crude oil prices.
"We are still monitoring developments first because the current conditions are changing a lot," said TRIS President Director, Santoso Widjojo
Furthermore, Santoso explained, on the garment side, the raw materials for TRIS garment products use oil derivatives, namely materials in the form of Polyester and Polyester mixed with Wool or Viscose.
"The increase in oil prices has an impact on the price of our garment products, but we can minimize it together with raw material suppliers and customers so that all parties can accept it well," said Santoso.
On three terms with TRIS, PT Trisula Textile Industries Tbk (BELL) is also still reviewing the development of existing crude oil prices.
"Regarding the increase, we are still monitoring developments first because the current conditions are changing a lot," said BELL Corporate Secretary, Nurwulan Kusumawati.
