Shaleen Toshniwal, Chairman – MATEXIL
Mumbai (Maharashtra) [India], April 06: Expressing deep concern over the escalating geopolitical tensions in West Asia, Shri Shaleen Toshniwal, Chairman, MATEXIL (Manmade and Technical Textiles Export Promotion Council), stated that the ongoing conflict involving the US, Israel, and Iran is severely impacting India's manmade fibre (MMF) and technical textiles exports.
“The continuing conflict in West Asia is a matter of serious concern for exporters. The sharp rise in crude oil prices is directly impacting the cost of key raw materials such as manmade fibres, thereby putting immense pressure on the entire value chain,” said Shri Toshniwal.
As of late March 2026, the polyester chain – from the upstream to the downstream industry – is experiencing a severe price escalation, primarily driven by a massive spike in global crude oil prices following the escalation of conflicts in the Middle East (specifically involving strikes in Iran and the closure of the Strait of Hormuz) , pointed out Shri Toshniwal.
“While the prices of raw materials have gone up sharply, customers are not in a position to absorb the full increase in costs. As a result, we are witnessing a ‘wait and watch' approach, with many spinners and weavers holding on to inventories,” pointed out Shri Toshniwal .
Additionally, the steep increase in freight costs including War Risk Surcharge charged by the Shipping Companies, increase in insurance premiums and subdued demand in major markets due to inflationary pressures created by rising oil prices and cautious consumer spending have aggravated the problems faced by the exporters , according to the Chairman , MATEXIL.
According to Shri Toshniwal “even if the situation improves in the new future , it will take considerable time for the prices of manmade fibre raw-materials to stabilize and come back to the pre- February 28 level”.
While acknowledging that external factors are beyond control, Shri Toshniwal urged industry stakeholders to respond with maturity and cooperation to deal with this difficult situation and to avoid opportunistic pricing .
Shri Shaleen Toshniwal thanked the Government for announcing various relief measures under the EPM ( Export Promotion Mission ).
He also expressed his confidence that trade agreements signed by India with 38 countries will lead to greater market access and increase in exports in the days to come .
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