INTERNATIONAL
Textile Raw Material Price 2016-03-14
|
Item |
Price |
Unit |
Fluctuation |
Date |
|
PSF |
1110.35 |
USD/Ton |
0% |
3/14/2016 |
|
VSF |
2098.35 |
USD/Ton |
0.07% |
3/14/2016 |
|
ASF |
1931.88 |
USD/Ton |
0% |
3/14/2016 |
|
Polyester POY |
1114.99 |
USD/Ton |
0% |
3/14/2016 |
|
Nylon FDY |
2268.70 |
USD/Ton |
0.34% |
3/14/2016 |
|
40D Spandex |
4568.37 |
USD/Ton |
0% |
3/14/2016 |
|
Nylon DTY |
2516.48 |
USD/Ton |
0.62% |
3/14/2016 |
|
Viscose Long Filament |
5771.63 |
USD/Ton |
0% |
3/14/2016 |
|
Polyester DTY |
1293.08 |
USD/Ton |
0% |
3/14/2016 |
|
Nylon POY |
2051.90 |
USD/Ton |
0% |
3/14/2016 |
|
Acrylic Top 3D |
2117.71 |
USD/Ton |
0% |
3/14/2016 |
|
Polyester FDY |
1192.42 |
USD/Ton |
0% |
3/14/2016 |
|
30S Spun Rayon Yarn |
2787.48 |
USD/Ton |
0% |
3/14/2016 |
|
32S Polyester Yarn |
1765.40 |
USD/Ton |
0% |
3/14/2016 |
|
45S T/C Yarn |
2477.76 |
USD/Ton |
0% |
3/14/2016 |
|
45S Polyester Yarn |
1873.81 |
USD/Ton |
0.83% |
3/14/2016 |
|
T/C Yarn 65/35 32S |
2137.07 |
USD/Ton |
0% |
3/14/2016 |
|
40S Rayon Yarn |
2942.34 |
USD/Ton |
0% |
3/14/2016 |
|
T/R Yarn 65/35 32S |
2462.27 |
USD/Ton |
0% |
3/14/2016 |
|
10S Denim Fabric |
1.08 |
USD/Meter |
0% |
3/14/2016 |
|
32S Twill Fabric |
0.91 |
USD/Meter |
0% |
3/14/2016 |
|
40S Combed Poplin |
0.98 |
USD/Meter |
0% |
3/14/2016 |
|
30S Rayon Fabric |
0.73 |
USD/Meter |
0% |
3/14/2016 |
|
45S T/C Fabric |
0.74 |
USD/Meter |
0% |
3/14/2016 |
Source: Global Textiles
Note: The above prices are Chinese Price (1 CNY = 0.15486 USD dtd.14/03/2016)
The prices given above are as quoted from Global Textiles.com. SRTEPC is not responsible for the correctness of the same.
IL&FS (Industrial Leasing and Financial Services) plans to launch an e-platform to bring multiple SME s together and link them with financing agencies, financial advisors and technology and marketing consultants. Besides, the platform 'Enterprise Development Services' will also allow the SME s to connect with tax and legal advisors, IL&FS Group said in a circular to Tirupur Exporters' Association (TEA). An SME would be able to access services as per its requirement, pick, choose and pay, it said. The platform would be well equipped to provide up-to-date information and in-depth analysis on policy, market, model project reports, training videos on entrepreneur ship and basic subjects,which would be of interest to existing SME s and aspiring entrepreneur s, TEA General Secretary, B Shanmughasundaram said quoting the circular. IL&FS Cluster Development Initiative Ltd (IL&FS Clusters) is a subsidiary of IL&FS Group and has been established to develop solutions for SME s, through a cluster-based approach. They help SME s as also large industries in setting up cluster-based infrastructure projects like industrial parks and have been working with textile and apparel industry for past 10 years, he said. IL&FS plans to initially launch this portal for textile and apparel sector and wants to discuss with the industry to get proper feedback and inputs before designing and structuring their solution, he said. In this connection a meeting has been organised on March 18, with TEA members for their suggestions and advise, he added.
SOURCE: The MoneyControl
The textile industry continues to be the second largest employment generating sector in India and Tirupur in Tamil Nadu has emerged as the leader in creating the maximum number of jobs. The textile industry in India traditionally, after agriculture, is the only industry that has generated huge employment for both skilled and unskilled labor in textiles. It offers direct employment to over 35 million in the country. Quoting Census 2011 data, The Times of India reported that the Tirupur in Tamil Nadu tops the employment table among 506 cities and towns with 44 percent of its population reported as 'main workers'. Tirupur is a major textile and knit wear hub contributing to 90 percent of total cotton knit wear exports from India. The textile industry provides employment to over six lakh people and contributed to exports worth Rs 200 billion (USD 2.9 billion) in 2014-15. Others in the top five include Santipur in West Bengal, Erode and Rajapalyam in Tamil Nadu and Mangalagiri in Andhra Pradesh, all textile manufacturing hubs.
SOURCE: The Zee News
Exports from special economic zones (SEZs) declined 1.89 per cent year-on-year to Rs 3.41 lakh crore in April-December 2015, Parliament was informed. In 2014-15 too, exports from these zones fell 6.13 per cent to Rs 4.63 lakh crore. In order to boost exports from SEZs, the government periodically reviews the policy and operational framework of these zones and takes necessary steps to facilitate speedy and effective implementation of SEZs, Commerce and Industry Minister Nirmala Sitharaman said in a written reply to the Lok Sabha. She also said that during the last three years and current financial year (up to February 2016), the Board of Approval (BoA) has granted more time to as many as 132 developers of SEZs across the country to complete projects. The BoA is an inter-ministerial body headed by the Commerce Secretary, dealing in SEZ-related issues. Time and again, SEZ developers and units have complained that imposition of the minimum alternate tax and the dividend distribution tax has impacted exports from these zones.
Replying to a separate question, the minister said the government has not imported foodgrains (wheat and rice) for the central pool since 2008-09. "At present, there is no proposal to import wheat and rice for the central pool stock," she added. In a separate reply, she added that the government has no proposal to ban the import of wheat. To another query on WTO, the minister said India has been emphasising on a constructive discussion on public stockholding for food security and a special safeguard mechanism at meetings held in Geneva. "In future meetings also, India will continue to pursue these issues in coordination with other developing countries," she said. In a separate reply, she said the government is committed to pressing the issue of public stockholding at WTO in order to take forward the mandate given in the Bali and Nairobi ministerial conferences. "India has sought to implement the decisions on the issue through active and constructive engagement by members," she added.
SOURCE: The Economic Times
Telangana government presented a tax-free budget for 2016-17 on Monday, proposing a total expenditure of Rs 1,30,415.87 crore. The Non-Plan Expenditure is Rs 62,785.14 crore and Plan Expenditure is Rs 67,630.73 crore. "This is unprecedented as the proposed expenditure under Plan is higher than that under Non-Plan. This has been done without compromising on non-plan commitments by a combination of rationalisation of expenditure and resource augmentation," state Finance Minister E Rajender said in his budget speech. With the adoption of 2011-12 as the base year for the estimation of GSDP as was done by the Centre last year, the borrowings under the Fiscal Responsibility and Budget Management (FRBM) legislation are likely to be a little higher in the upcoming fiscal. The budget estimates indicate a revenue surplus of Rs 3,718.37 crore and a fiscal deficit of Rs 23,467.29 crore, which is 3.5 per cent of the estimated GSDP. The higher revenue surplus is entirely on account of the proposed allocation of Rs 25,000 crore to the irrigation sector, which is mostly capital. The state's own revenue receipts are proposed at Rs 72,412.23 crore in 2016-17 as compared with Rs 54,256.71 crore in revised estimates (RE) 2015-16.
Transfers from the Centre proposed in the Budget Estimates (BE) 2016-17 are Rs 28,512.52 crores as compared to Rs 25,223 crores in 2015-16 BE. The budget proposed an amount of Rs 4,675 crore under a 'Special Development Fund' to meet contingencies that arise during the year "which cannot be anticipated in advance and which need to be immediately addressed to". Noting that nearly 40 per cent of the population in the state is urban and that it is projected to grow further, the budget proposed Rs 4,815 crore for 2016-17. The total provision proposed for Panchayat Raj and Rural Development is Rs 10,731 crore, including the provision for MGNREGS. According to the budget, important new buildings, including new Secretariat complex, new building for the Legislative Assembly, a new international convention centre, offices for MLAs, CM's camp office, residential buildings for officers, additonal buildings at Raj Bhavan and Telangana Kalabharati (a venue for cultural events) are proposed to be taken up during 2016-17. The provision proposed for roads and bridges is Rs 3,333 crore and that for building is Rs 457 crore. The budget proposed Rs 25,000 crore for irrigation projects and Mission Kakatiya (revival of water bodies). An amount of Rs 6,759 crore has been set aside for Agriculture and Cooperation and Marketing departments. As per the budget, farm loan waiver amounting to Rs 17,000 crore is being implemented. Out of the four instalments, two instalments of waiver amount have been deposited in the bank accounts of farmers. The third instalment will be released in 2016-17 and 100 per cent loan waiver will be achieved by 2017-18. The budget has proposed Rs 5,967 crore for health sector and Rs 7,122 crore for scheduled castes' welfare. It has earmarked Rs 4,693 crore for Aasara (social security) pensions, Rs 1,553 crore for women and child welfare, Rs 1,204 crore for welfare of minorities, Rs 738 crore for Kalyan Lakshmi (scheme that provides financial help to poor at the time of marriage), Rs 2,538 crore for welfare of backward classes and Rs 3,752 crore for tribal welfare. A total of Rs 100 crore was allocated for a fund to be set up for welfare of Brahmins. The government would work out the modalities for Brahmins' welfare shortly. The budget proposed to fund the TRS government's flagship programmes of 'Mission Bhagiratha' (to provide tapped drinking water to every household) and double bedroom houses for poor entirely from extra-budgetary resources.
SOURCE: The Deccan Chronicle
Losing its three-day gaining momentum, the rupee on Monday dropped six paise to end at 67.11 per dollar on fag-end demand for the American currency from banks and importers on the back of a higher greenback in the overseas market. However, persistent foreign capital inflows amidst firm domestic equity restricted the rupee's fall, a forex dealer said. The rupee resumed higher at Rs 66.99 against Friday's closing level of 67.05 at the interbank foreign exchange (forex) market and firmed up further to a high of 66.8750 on initial selling of dollars by banks and exporters. However, it dropped afterwards to 67.15 before ending at 67.11 due to fag-end dollar demand from banks and importers on the back of higher greenback in the overseas market, showing a loss of 6 paise or 0.09 per cent. The rupee had gained by 30 paise or 0.45 per cent in previous three trading days. The domestic currency hovered in a range of 66.87 and 67.15 per dollar during the day. The dollar index was up 0.32 per cent against a basket of six currencies in the late afternoon trade.
Overseas, the US dollar steadied against its major rivals in late Asian trade following last week's large swings, as the market braced for Japanese and US central bank policy meetings that could provide investors with fresh incentive. "The rupee opened on a stronger note compared to the US dollar taking cues from domestic equity market. The rupee opened above 67 mark but as expected 66.80/dollar acted as a strong resistance and we saw some short of weakness in the rupee thus by strengthening dollar. We witnessed minor profit-booking in domestic equity market at higher levels and thus Nifty closed with a gain of 29 points," Pramit Brahmbhatt of Veracity Financial Services said. Meanwhile, the Sensex ended higher by 86.29 points or 0.35 per cent on Monday. In forward market, premium for dollar eased due to mild receivings from exporters. The benchmark six-month premium for August eased to 225-227 paise from the last weekend's level of 226.5-228.5 paise and far forward February 2017 contract also moved down to 432-434 paise from 434.5-436.5 paise.
The Reserve Bank of India fixed the reference rate for the dollar at 67.0230 and euro at 74.8044. In cross-currency trades, the rupee declined further against the pound sterling to finish at 96.34 from the last weekend's level of 95.83 and also moved down against the euro to close at 74.61 from 74.32. The domestic unit fell against the yen to settle at 59.03 per 100 yen from 58.91.
SOURCE: The NDTV profit
Kenya's Rift Valley Textile (Rivatex) East African Limited has received a Sh3 billion ($0.296 bn) loan from the Indian government through the Exim Bank to buy new machinery for the factory. After visiting the Rivatex factory in Eldoret, Indian High Commissioner to Kenya Suchitra Durai said India would continue supporting various fields at the factory adding that they will offer technological transfer in some areas to the Rivatex factory, local media reported. Durai noted that Kenya and India enjoy excellent relations ovr a long period of time. "The good relations and partnerships between the two nations has transformed into trade reaching $4.3 billion annually," she noted. Deputy Governor Daniel Chemno on his part said the support from India will see the factory increase its production and compete with other textile companies globally. "Once Rivatex gets the new machines, it will be able to not exploit the market due to its efficiency but will also create job opportunities to over 3,000 residents," Chemno said. Rivatex currently employs about 600 people. The machines at the factory were acquired more than 40 years ago and have been experiencing frequent breakdowns.
SORCE: Fibre2fashion
The Commerce Ministry is analysing the threat that the US-led Trans-Pacific Partnership (TPP) pact may pose to India’s exports once it gets implemented – especially in key sectors such as textiles, agriculture and engineering goods. “Commerce Minister Nirmala Sitharaman recently held a meeting with officials from her department and industry representatives from the textile and leather and footwear sectors. The idea was to assess how these sectors may get hit when competing countries such as Vietnam get preferential access into the markets of the US and other TPP countries,” a government official told BusinessLine . Similar meetings would also be held for sectors such as agriculture and engineering products in the coming weeks, the official added.
The TPP is an ambitious free trade pact between the Pacific Rim countries which includes the US, Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam. The agreement not only calls for tariff elimination in most industrial and agricultural goods sectors but sets very high standards in areas such as labour and environment and tight rules for intellectual property. “Although the pact has not been ratified yet, the Indian industry needs to have an idea of what it would be up against if it does get implemented. The idea behind the exercise of joint deliberation between the industry and the government is to understand the challenges that lay ahead and see what could be done to cope with it,” the official added. The TPP is expected to make around 11,000 tariff lines duty free for its members, which may result in loss of competitiveness of Indian exports in these markets. “This will lower India’s export share to the US and the EU, shifting it to the TPP developing countries instead. Some of the export sectors such as textiles and clothing industry are likely to face stiff competition from Vietnam, and it may lead to trade diversion,” the Economic Survey for 2016 pointed out.
Higher costs
But on the brighter side, the high labour, environment and other standards to be adopted by TPP members may make production in these countries less cost competitive and give Indian exporters an edge. “There were reasons why India decided against joining the TPP. The stringent non-tariff measures that TPP countries would compulsorily have to embrace was something that India did not want to agree to. It is these unnecessarily stiff standards that could lead to an increase in cost of production in TPP countries,” the official said. India’s exports to TPP countries were estimated around $78 billion in 2014, about one-fourth of its total exports of around $300 billion, while imports from the countries were at $74 billion.
SOURCE: The Hindu Business Line
India's trade deficit with China increased to $51.86 billion in 2015, Parliament was informed. "Increasing trade deficit with China can primarily be attributed to the fact that Chinese exports to India rely strongly on manufactured items meeting the demand of fast-expanding sectors like telecom and power while India's exports to China are characterised by primary products, raw material and intermediate products," Commerce and Industry Minister Nirmala Sitharaman said in a written reply to the Lok Sabha. She said India's trade deficit with China stood at $51.86 billion, with a bilateral trade of $71.22 billion in 2015.
During this period, India's exports to China came in at $9.68 billion while imports were $61.54 billion. In a separate reply, she said Indian MSMEs are facing significant competition from Chinese imports. "In respect of 12 major product groups largely manufactured by MSMEs, imports from China grew at a higher rate than respective imports from all other countries combined during 2011-2 to 2014-15," she said. So far, there have been 322 anti-dumping cases, of which 177 cases involve China. "In order to boost exports and maintain balance of trade with China, India has impressed upon China to recognise the need for reduction in trade imbalance for a long term, sustainable and harmonious development of economic cooperation between the two countries," Sitharaman added.
SOURCE: The Economic Times
Ahead of Uruguayan President Tabare Vazquez’s visit in the second quarter, India will be soon undertaking negotiations to discuss the possibility of expanding an agreement on tariffs with South American bloc Mercosur countries to boost trade and services. The expansion of the agreement will be of strategic importance to boost trade relations between the two countries and the trade volume target set at $30 billion in 2030. “Uruguay offers competitive incentives to foreign investors to set up assembly units for exports to other South American countries. There is renewed global interest in India and its economy. Expansion of the PTA between India and Mercosur grouping will be topping the agenda of talks when senior officials from the external affairs ministry and the department of commerce meet officials of Uruguay for the joint commission meeting in Montevideo. The dates are in the process of being worked out,” Carlos E Orlando Bonet, ambassador of Uruguay to India, told FE.
SOURCE: The Financial Express
The Reserve Bank of India may have room to ease monetary policy following the government’s decision to stick to the fiscal consolidation path, says Kalpana Kochhar, a deputy director in the Asia and Pacific Department of the IMF. In an interview to Prasanta Sahu, she says that despite the global economy facing many challenges such as volatile markets and capital flows, India continues to be a stable place withstanding the shocks. Excerpts:
Has the Budget created space for RBI to ease monetary policy?
Everything else being constant, certainly it gives the RBI room (to ease the policy), because it reduced pressure on demand and therefore on inflation. The RBI decision would reflect what it thinks would be the impact of the Budget’s fiscal consolidation on prices.
How will the current global economic environment impact India?
There is a lot of turbulence in the global financial markets, including in China. But a positive shock, especially, for India is the low oil prices. Currently, our forecast is that oil prices will remain low for the next two years and this is a huge windfall for India. As you know, even last year it supported demand in India as well as the improvement in the external and fiscal situation. It helped the strong GDP outcome also. So, we think growth in India will continue to be underpinned by strong domestic demand, befitting from low oil prices. We are also seeing some pick up in private investment albiet slow, broadening and underpinning the recovery. So, India is actually in a very good situation to withstand the shocks.
Will the European Central Bank’s monetary policy stance hurt India?
The Bank of Japan and the ECB are the two large central banks that are in the easing mode. There are quite a lot of questions about emerging markets. Brazil and Russia are doing very poorly. There are questions about China too. India seems to be generally a stable spot. What the country has to be vigilant about is the potential volatility in capital flows. For that, India having a flexibly managed exchange rate in the first instance, is probably, the best policy response. Also important is to have a credible and stable macro economic policy. With the introduction of inflation targeting, India has moved to a very credible and transparent monetary policy framework. The fiscal consolidation path outlined in the new Budget is very welcome too.
Do you think there was laxity in governance of PSU banks in India?
It is very difficult to say how much of the previous problems (NPAs) were caused by (issues of) governance, because there were a lot domestic and external shocks. External factors include the global over-capacity in some sectors which are no doubt impacting India. Secondly, there are some domestic sectors, mainly in the power sector and infrastructure more generally. The government came up with the Indradhanush programme to tackle governance issues. With this and truly independent managing directors and CEOs, loan decisions will improve.
Will sharp fall in oil prices hurt remittances from Gulf countries?
To the extent there is a prolonged weakness in the gulf economy, remittances to India could be affected. But, overall, given the significant windfall from lower oil prices on the current account, we think the impact of slower remittance growth if it were to materialise, will be manageable. Also, keep in mind that, FDI flows have been very strong into India. Remittances have traditionally been a very stable source of capital flows to India even in turbulent times.
SOURCE: The Financial Express
India's annual rate of inflation, based on monthly wholesale price index (WPI), stood at minus 0.91 per cent for February 2016 (over February 2015), according to the provisional data released by the Office of the Economic Adviser, Ministry of Commerce and Industry. In comparison, annual rate of inflation was minus 0.90 per cent for January 2016 and minus 2.17 per cent during February 2015. Build up inflation rate in the financial year 2015-16 so far was minus 1.19 per cent compared to a build up rate of minus 2.61 per cent in the corresponding period of the previous year. Meanwhile, the official WPI for all commodities (Base: 2004-05 = 100) for the month of February, 2016 declined by 1.0 per cent to 174.0 from 175.7 for the previous month. The index for manufactured products (weight 64.97 per cent) for February, 2016 rose by 0.3 per cent to 153.1 from 152.7 for the previous month. The index for textiles sub-group, rose by 0.1 per cent to 139.6 from 139.4 for the previous month due to higher price of jute yarn (4 per cent), jute sacking cloth (2 per cent) and jute sacking bag, gunny and hessian cloth and cotton yarn (1 per cent each). However, the price of tyre cord fabric declined by 1 per cent. The index for primary articles (weight 20.12 per cent) declined by 3.4 per cent to 244.7 from 253.3 for the previous month. On the other hand, the index for fuel and power (weight 14.91 per cent) declined by 1.2 per cent to 169.6 from 171.6 for the previous month due to lower prices of aviation turbine fuel, bitumen, furnace oil, LPG, petrol and high speed diesel.
Reacting to WPI for February 2016, The Associated Chambers of Commerce and Industry of India (ASSOCHAM) president Sunil Kanoria said, “While the inflation is within the target level of Government and RBI, the focus of the policy makers should now shift to revive GDP and industrial growth, especially the poor performance of manufacturing sector, consumer non durable goods and capital goods as seen in the recent IIP numbers needs to be looked into immediately.” The chamber further said that since the Government of India have shown its commitment to stick to fiscal consolidation path, therefore, it gives the room to RBI to ease liquidity and reduce interest rates to dispense with deficient demand in the economy.
SOURCE: Fibre2fashion
Partnership agreements in the sector of textile will be signed by June between national public and private operators, announced Minister of Industry and Mining Abdessalam Bouchouareb, while underlining the need for foreign partners. "We are preparing three to five public-private partnership agreements on projects in textile industry. The participation of foreign partners is necessary to win back the domestic market, which has become very demanding," said Bouchouareb on the sidelines of the Algerian Textile Forum, held Monday in Algiers. "This situation can no longer continue: the public sector in one side and the private sector in the other. They should join forces with foreign partners so that the textile industry regains its position in the domestic market," he stressed. The complementarity between the public and private sectors with the foreign expertise will help achieve this objective, he added.
In his address at the Forum, the minister said that the Government's industrial development strategy aims at boosting the sector of textile and leather, which represents a market of US$4 billion in Algeria, but very "poorly exploited," he added. This situation resulted in the deterioration of the sector over the past thirty years, he explained. For his part, the Secretary General of the General Union of Algerian Workers (UGTA), Abdelmadjid Sidi Said underlined the importance of the sector of textile in the creation jobs and economic growth. He also called for the holding of similar forums for other industrial fields, like food processing and electrical goods. The head of the Algerian Business Managers (FCE), Ali Haddad, expressed the commitment of the FCE members to support the Government's strategy to boost the field.
SOURCE: The All Africa
The United States through USAID's Business Growth Initiative has been working with Kyrgyz apparel manufacturers since 2014 to optimize production and marketing in order to tap into multi-billion dollar export markets by targeting major retail chains and branded stores in Europe and CIS, the US embassy in the Kyrgyz Republic said in a press release. The exercise got a boost in February 2015 when USAID hosted a business-to-business presentation of the production capabilities of the Kyrgyz apparel industry for foreign retailers. The retail buyers were highly impressed by the magnitude of apparel manufacturing in the Kyrgyz Republic, and by the advantages in flexible product development, lower logistics costs, and dramatically shorter lead times that Kyrgyz manufacturers have compared to many international competitors.
Following this meeting, Kyrgyz producers immediately signed and fulfilled contracts to export more than $1 million in clothing, primarily men's suits. Now that this USAID project demonstrated how competitive Kyrgyz clothing manufacturers are against major garment-producing countries, even more Kyrgyz companies are taking advantage of this opportunity. With USAID support, 22 leading manufacturers that employ over 1,700 workers joined the initiative to share best practices and improve their operations and marketing efforts. After expanding sales to current markets, the project will focus on exports to the European Union and potentially the US, the release said. (SH)
SOURCE: Fibre2fashion
Texhong Textile Group a Hongkong based company and one of the world’s largest core spun yarn suppliers, as part of its expansion plan to develop a textile industrial chain platform in Vietnam. The company has also entered into an agreement with Wah Fung Group, under which the company will invest in the latter. Besides, the two companies will also jointly develop a knitting and dyeing business in Vietnam — a crucial step for Texhong on its path to build a textile industry chain platform. Besides, it has also acquired part of a jeans wear manufacturing group’s workforce as well equipment in China and Cambodia. This too will help the company in the form of invaluable experience for setting up the jeans wear business in Vietnam.
During Review Year, ie year ended December 31, 2015, Texhong Textiles total sales volume increased by approximately 10.5 per cent to 477,000 tonnes, reaching a record high as compared with the same period last year, and revenue amounted to RMB10.57 billion. Texhong Textile has acquired the yarn spinning business, along with all of its yarn spinning-related technologies and patents of Central Textiles (Hong Kong) Group, a decision that hurtled the company’s business even further.
Continuing on its expansion strategy, Texhong Textile is set to increase its production capacity through self-development, and mergers and acquisitions. As per company records, it had a total of approximately 2.20 million spindles and 572 looms at the end of its review period. But with its two yarn projects in Vietnam Galaxy and China Xinjiang expected to begin in the second and third quarters of this year respectively, its spindle capacity will further increase by approximately 28 per cent to 2.81 million spindles — 1.57 million spindles in China and 1.24 million spindles in Vietnam. The company is expected to begin its second phase of construction of a grey fabric factory, a dyeing factory and a garment factory of the Vietnam Galaxy project in 2016.Riding on the recently signed Trans Pacific Partnership (TPP) agreement, of which Vietnam is a member country, Texhong is determined to make the most of it.
SOURCE: Yarns&Fibers
Swiss SANITIZED AG , a antimicrobial technology specialist and a leading worldwide producer of the antimicrobial hygiene function and material protection for textiles and polymers has opened a new technical textiles research, development and testing centre, with the company highlighting odour management in textiles a key priority for the facility. The ‘TecCenter‘ from Sanitized has been opened at the company’s head office in Burgdorf, Switzerland, and is looking to support customers with product development and optimisation which are “tailored to each individual production process.” The centre features testing facilities for textile coatings, polymers, and functional textile finishings apart from focusing on mould formation, odour development, material deterioration, and bacteria growth in textiles. Urs Stalder, CEO of Sanitized said that the equipment in their new TecCenter, allows them to conduct application tests at laboratory level to advance product developments and optimization which, so far, had to be carried out in customers’ manufacturing processes at great expense in terms of machinery, time and energy. The TecCenter will conduct tests to find new technical application areas for Sanitized current antimicrobial products. In close cooperation with their customers, they can now effectively advance their R&D projects. Sanitized is a brand name and, at the same time, a seal of confidence, with which textile and polymer end products are labeled.
SOURCE: Yarns&Fibers
The Spring Edition of Intertextile Shanghai Home Textiles returns after a two-year absence from March 16–18, 2016 with 182 exhibitors, who will present their latest selections of bedding and toweling. According to Messe Frankfurt, the organiser, being held in the major sourcing period for finished products, the fair attracts the biggest brands in the bedding sector. These include, Hunan Mendale, Ningbo Beyond, Shanghai Luolai, Shanghai Shuixing and Shenzhen Fuanna, all of whom are ranked in the top five for home textile product sales on Tmall.com, a B2C website. Also featuring are Bejirog, Esteem, Jiangsu Menglan, Jiangsu Tevel, Jiangsu Yueda, Jiangyin Hongliu, Shenzhen H&T, Southbedding Sci-Tech and Yuyue. Towelling is another focus of the Spring Edition, which draws well-known towelling suppliers to take part, such as Cottonfield, Loftex, Nantong Dadong, Sunvim, Zhejiang Grace and more. Zhu Renjin, marketing director of Nantong Dadong said, “Our exhibition theme this edition is 'Quality Life', and we will feature a series of towels made from new materials from our 'New Home' collection.” “We are using 'A+ Life' as the theme to demonstrate how the latest trends apply to our products,” a spokesperson from Sunvim also said, while introducing the company's exhibiting theme.
Renowned household and home accessory retail department store Hola Home Furnishings is displaying a wide range of its products in a real-home setting. In addition, a wide spectrum of products will be seen in 10 regional pavilions, including Binzhou, Gaoyang, Haimen, Huzhou, Pengzhou, Pujiang, Shaoxing, Tongzhou Zhenze and Zhouquan. A brand new Duvet Zone is housing suppliers of duvet products, such as Canyuan, Donglong, Mansinuo, Moncanol, Qianhuang, Tiannuo, Wellmei, XiLian and more. In a change from the past, the Spring Edition is now held alongside four other leading textile events totalling 12 halls. “Together, a powerful synergy effect is created to give fair participants unrivalled opportunities to strengthen their business prospects by meeting potential buyers from different industry sectors,” Messe Frankfurt added. These fairs include; Intertextile Shanghai Apparel Fabrics – Spring Edition 2016, Yarn Expo Spring 2016 CHIC and PH Value. Intertextile Shanghai Home Textiles – Spring Edition is organised by Messe Frankfurt (HK) Ltd; the Sub-Council of Textile Industry, CCPIT; and the China Home Textile Association (CHTA).
SOURCE: Fibre2fashion
Global oil prices fell as much as four per cent on Monday on concerns a six-week market recovery has gone beyond fundamentals, as US crude oil stockpiles continue to mount and Iran maintains little interest in a global production freeze. Market intelligence firm Genscape reported an inventory build of 585,854 barrels in Cushing, Oklahoma, taking the delivery hub for US crude futures closer to capacity, traders who saw the data said. The Organization of the Petroleum Exporting Countries (Opec) said global demand for crude from its members, including Saudi Arabia, Iraq and Iran, will be less than previously thought in 2016 due to competing non-Opec supply. Opec supply will likely exceed demand by about 760,000 barrels per day (bpd), up from 720,000 bpd implied earlier, it said. Russia said Opec's meeting on a production freeze with other key oil producers like itself will probably be held in Doha in next month. It said Iran supports the plan, although Tehran was keen to restore its crude exports first to pre-sanction levels.
Investment bank Morgan Stanley predicted a $25-$45 trading range for US crude in an oversupplied but volatile market, concurring with several analysts' views. "We feel that the bulk of this stronger than expected 5-6 week price advance has been seen and that prices will be shifting into a near term consolidation phase," said Jim Ritterbusch of Chicago energy consultancy Ritterbusch & Associates. US crude was down $1.65, or 4.3 per cent, at $36.85 a barrel by 12:18 pm EDT (1618 GMT). It hit a three-month high of $39.02 on Friday, surging from a 12-year low of $26.05 a month earlier. Brent was down $1.20, or 2.9 per cent, at $39.19 barrel. The global crude benchmark fell to a 2003 low of $27.10 in late January. Monday's price tumble came after last week's rally of 7 per cent in US crude, which was up for a fourth straight week. Brent gained four per cent last week, up for a third week in a row. Some analysts expect a more bearish supply-demand picture when the US government issues weekly oil data on Wednesday. Last week's report showed a crude build of nearly four million barrels to above 521 million barrels, the fourth straight week of growing to record highs. "I think as we approach $40 for WTI and Brent, the market will not like a net build of more than 2 million barrels this week," said Scott Shelton, energy broker at ICAP in Durham, North Carolina. Money managers, including hedge funds, raised their bullish bets on U.S. crude for a third week in a row to November highs but cut net long positions in Brent.
SOURCE: The Business Standard
