KARACHI, Feb 17: The vice chairman, Aptma, Junaid Nawab has criticized the unprecedented increase in prices of polyester staple fibre, which after cotton is the most important raw material for textile industry.

While accepting the recent increase in spot prices of basic materials viz PTA and MEG, the association finds no justification for an en-block increase of up to 16.70 per cent, which is the highest ever rise in the history of textile industry.

The sudden and enormous increase in the local PSF has been announced after only 14 days (Feb 1) of the last price hike of Rs2 per kg (Rs60 to Rs63 per Kg), Junaid Nawab said.

In a statement issued on Monday, the vice chairman, Aptma said that the textile manufacturers and exporters termed the price increase absolutely unjustified and detrimental to the country’s textile industry and exports.

He said that basic materials i.e. paraxyline PTA and

MEG are normally booked or traded on contract basis whereby the material are procured or covered for one to three quarters.

Therefore, he said, local fibre manufacturers and PTA manufacturer are normally covered for 3 to 9 months and can absorb variation in spot prices.

Due to present international uncertainty (Iraq crisis) and tough competition in the world market, Junaid Nawab said, the local producers are taking undue advantage of the cover and protection allowed to them by the government.