|
Item |
Price |
Unit |
Fluctuation |
Date |
|
PSF |
1096.04 |
USD/Ton |
0% |
3/21/2016 |
|
VSF |
2110.15 |
USD/Ton |
0.15% |
3/21/2016 |
|
ASF |
1928.51 |
USD/Ton |
0% |
3/21/2016 |
|
Polyester POY |
1097.59 |
USD/Ton |
-0.70% |
3/21/2016 |
|
Nylon FDY |
2280.20 |
USD/Ton |
0% |
3/21/2016 |
|
40D Spandex |
4560.41 |
USD/Ton |
0% |
3/21/2016 |
|
Nylon DTY |
1185.71 |
USD/Ton |
0% |
3/21/2016 |
|
Viscose Long Filament |
2519.82 |
USD/Ton |
0.31% |
3/21/2016 |
|
Polyester DTY |
5761.57 |
USD/Ton |
0% |
3/21/2016 |
|
Nylon POY |
1290.83 |
USD/Ton |
0% |
3/21/2016 |
|
Acrylic Top 3D |
2094.69 |
USD/Ton |
1.50% |
3/21/2016 |
|
Polyester FDY |
2114.02 |
USD/Ton |
0% |
3/21/2016 |
|
30S Spun Rayon Yarn |
2859.92 |
USD/Ton |
1.65% |
3/21/2016 |
|
32S Polyester Yarn |
1762.33 |
USD/Ton |
0% |
3/21/2016 |
|
45S T/C Yarn |
2473.44 |
USD/Ton |
0% |
3/21/2016 |
|
45S Polyester Yarn |
1870.54 |
USD/Ton |
0% |
3/21/2016 |
|
T/C Yarn 65/35 32S |
2133.34 |
USD/Ton |
0% |
3/21/2016 |
|
40S Rayon Yarn |
2999.05 |
USD/Ton |
1.04% |
3/21/2016 |
|
T/R Yarn 65/35 32S |
2473.44 |
USD/Ton |
0% |
3/21/2016 |
|
10S Denim Fabric |
1.08 |
USD/Meter |
0% |
3/21/2016 |
|
32S Twill Fabric |
0.90 |
USD/Meter |
0% |
3/21/2016 |
|
40S Combed Poplin |
0.98 |
USD/Meter |
0% |
3/21/2016 |
|
30S Rayon Fabric |
0.73 |
USD/Meter |
0% |
3/21/2016 |
|
45S T/C Fabric |
0.74 |
USD/Meter |
0% |
3/21/2016 |
Source: Global Textiles
Note: The above prices are Chinese Price (1 CNY = 0.15459 USD dtd 22/03/2016)
The prices given above are as quoted from Global Textiles.com. SRTEPC is not responsible for the correctness of the same.
Reliance Industries Ltd. (RIL) - one of the largest manufacturer of synthetic fibre in the world has signed a cobranding agreement for polyester sewing thread yarn range manufactured by Coimbatore, based Precot Meridian Ltd. (Precot) - a leading yarn manufacturer and exporter of yarn and thread in India. As per the agreement, Precot will manufacture grey and coloured polyester sewing thread yarns, using Reliance’s Recron SHT, the world’s best quality super high tenacity fibre. This yarn will then be sold, cobranded with Recron SHT. The agreement was signed by Mr. Ashwin Chandran, Managing Director, Precot Meridian Limited at Coimbatore and Mr. Gunjan Sharma, Business Head, Polyester Staple Fibre Business, Reliance Industries Ltd. A memento in recognition of the partnership was also exchanged between the partners. While commenting on the agreement Mr. Ashwin Chandran said “We have been a consumer of Reliance Polyester Fiber for several years and we arevery happy to be a part of this co –branding effort with Reliance Recron SHT PSF” Mr. Gunjan Sharma said “We are pleased to extend our Recron SHT brand to Precot as this will ensure standardized high quality products reaching end customers and will help both companies to strengthen growth Apart from branding of the products, RIL will also provide marketing and branding support to Precot to establish Recron SHT as a leading brand.RIL and Precot will jointly conduct research and development work to further enhance Recron SHT sewing thread’s quality, and will also explore new business opportunities. Reliance will help Precot to reach out to key stakeholders, more importantly spoolers and apparel manufacturers, to create awareness about the benefits of
using the standardised quality products.
Source: Tecoya Trend
Readymade garment manufacturers have sought withdrawal of the amendment made in the In a memorandum to Union labour minister Bandaru Dattatreya, the Tirupur Exporters’ Association (TEA), said the introduction of a new para 68 in the amended TUF scheme — on option for withdrawal on cessation of employment — has created some ripples in the market. “We wish to state that Tirupur cluster is providing the employment to over 400,000 people, not only from Tamil Nadu and neighbouring Kerala, but also workers from northern states, particularly from Odisha, Bihar, UP and Nepal,” said A Sakthivel, president, TEA . “We would like to drive home the point that while joining in the company itself, these girls had planned, calculated and were expecting that they would get a lump sum amount, both the employers’ and their contribution, which could be utilised for their marriage expenses/support for construction of houses in their native places/education of their siblings. The notification has shattered all their plans and ambitions,” Sakthivel pointed out. “We also apprehend that the notification will restrict the inflow of workers to Tirupur cluster, as Tirupur garment exporting units are compliances oriented units and affect the future export growth of Tirupur,” Sakthivel emphasised. “We fear that the notification may trigger for exodus of labour and in such scenario, the garment exporting units would not be in a position to immediately fill up the labour shortage gaps, will lead to the chain reaction, ultimately, the exports business will drastically reduce from the present exports level of Rs 23,500 crore and will also in fact, affect the labours who would continue with the exporting units,” he added.
Source: Financial Express
Rating agency ICRA on Monday forecast India’s economy would grow 7.7% in the next financial year, buoyed by a pick-up in consumption following the implementation of the 7th Pay Commission and one-rank-one-pension recommendations as well as a “potential upturn in rural demand presuming a normal monsoon”. Last month, the Economic Survey had predicted real GDP growth for 2016-17 to be in the7-7.75% range. The country’s gross domestic product is expected to grow 7.6% in the current financial year, according to the advance estimate by the central statistics organisation. ICRA said despite the fresh project pipeline appearing robust, the start of work would trail announcements, given moderate capacity utilisation in some sectors.
Source: Financial Express
The rupee depreciated 11 paise to 66.64 against the US currency in early trade today due to higher demand for the dollar from importers amid a lower opening in the domestic equity market. The rupee had closed 3 paise lower at 66.53 against the dollar at the Interbank Foreign Exchange yesterday due to fag-end demand for the American currency. Dealers attributed the rupee’s fall to increased demand for the greenback and the strengthening of dollar overseas. Meanwhile, the benchmark BSE Sensex fell 43.81 points, or 0.17 per cent, to 25,241.56 in early trade.
Source: The Hindu Business Line
With increasing number of people from multiple countries investing in India and vice versa, there is a need to have a system that could track all such financial transactions in a transparent manner. FATCA is a law that is aimed at ensuring that all individuals pay on income generated from their wealth parked overseas. With increasing number of people from multiple countries investing in India and vice versa, there is a need to have a system that could track all such financial transactions in a transparent manner. In order to enable an automatic and seamless exchange of financial data between countries, India has entered into an Inter-Governmental Agreement with the US. As per this agreement, every Indian investor needs to provide an additional KYC and compliance form, apart from the regular KYC information, at the time of operating any financial or investment account. Here is a look what investors need to be aware about FATCA compliance:
What is FATCA compliance?
India has signed an agreement called the Inter-Governmental Agreement (IGA) with the US last year for automated exchange of information between the two countries. This initiative is for improving the International Tax Compliance and implementing the Foreign Account Tax Compliance Act (FATCA). FATCA is a law that is aimed at ensuring that all individuals pay on income generated from their wealth parked overseas. India has also signed a multilateral agreement last year to automatically exchange information based on the Convention on Mutual Administrative Assistance in Tax Matters under the Common Reporting Standard (CRS) or the Standard for Automatic Exchange of Financial Account Information (AEoI). Financial institutions have to provide an additional investor information to the government as per these agreements.
Who needs to fill in FATCA/CRS compliance form
From January 2016 onwards, all Indian investors, including new and existing investors who are planning to make fresh purchases of mutual fund units or other investments like FD, will need to file a supplementary FATCA/CRS self certification form to comply with this additional KYC requirement.
How to file FATCA/CRS details
FATCA/CRS details can be filed using a self certification form that is available with the mutual fund company’s website, as well as at all service centers/Asset Management Companies (AMCs). You can use either offline or online mode to submit your FATCA form details. For physical submission, you need to duly sign the FATCA/CRS form along with copies of necessary and relevant documents and submit the same in your nearest AMC branch. Alternatively, you can approach your Registrar and Transfer Agent (R&T) for online submission, where your PAN card is used to generate a one-time password sent on your registered mobile or email.
What you need to fill in the form
The form calls for details like your tax residency status in India, and documents supporting it, such as documents stating your place of birth, occupation, income details, your overall net worth, and tax identification number (for investors from other countries). Therefore, in addition to your PAN card, documents like passport, election ID card, Aadhaar card, or any other government issued ID card is required separately to be filed for this. If the tax-payer identification document is not available, an explanation of the same needs to be enclosed.
FATCA/CRS compliance form submission
FATCA/CRS is not limited to Indian residents and you need to file information under the FATCA/CRS guidelines even if you are a NRI investor. All joint investment account holders, including any power of attorney holders and guardians of minors also need to attach their FATCA/CRS certifications. All disclosures that you make in the FATCA and CRS certificates should be made in Indian currency only. FATCA guidelines have been in place since September 30, 2015 and are a step towards making the exchange of information and taxation easy for all. Soon, properties held by NRIs in India will also come under FATCA.
Source: Financial Express
Fresh trouble is in store for India at the World Trade Organisation (WTO), with the EU, Canada, Australia and Thailand questioning Prime Minister Narendra Modi’s crop insurance scheme for farmers. The countries have sought details from India at the multi-lateral trade forum to examine if it should be classified as a trade-distorting amber-box subsidy subject to a cap. India is already fighting to get food procurement subsidies recognised as non-trade distorting subsidy. New Delhi can notify the scheme as a permissible and un-capped subsidy (green box) at the WTO only if it establishes that the insurance amount is payable after at least 30 per cent crop is destroyed and a natural calamity has been declared –– conditions that may not be easy to meet. “At a recent meeting of the committee on agriculture at the WTO, Canada and the EU asked India about the crop insurance scheme and noted that it would bring down the rate of premium paid by farmers to 2 per cent. The countries want to find out if they can stop India from declaring the subsidy for crop insurance as a green-box subsidy,” a Commerce Ministry official told BusinessLine.
Threat of a 10% cap
If India wants to give unlimited amounts of crop insurance subsidy, it has to comply with the green-box criteria, pointed out Abhjit Das from the Centre for WTO Studies. “If not, the subsidies will be classified as amber box and clubbed with all other product-specific support, including the minimum support price programme (MSP) and subject to a cap of 10 per cent of farm production,” he said. Overshooting the 10 per cent cap may, in turn, lead to challenges and penalties. Under the PM’s Fasal Bima Yojana (PMFBY), three levels of indemnity –– 90 per cent, 80 per cent and 60 per cent –– corresponding to low-risk, medium-risk and high-risk areas will be available for all crops based on production in the past ten years. This means farmers will have to bear the loss of the first 10 per cent, 20 per cent or 40 per cent for the different categories. “However, there is no clause in the scheme mentioning the minimum crop loss that would make a farmer eligible for insurance pay-outs. It would depend on the assessment done by the insurance companies,” the official said. Therefore, green-box eligibility based on a minimum 30 per cent loss of income or production could be difficult to meet for the government.
Political decisions
The requirement for declaration of a ‘natural disaster’ in order to meet the eligibility criteria of green-box subsidy is also tricky; such declarations are usually political decisions and the government may not always want to come up with such an announcement. The PMFBY, which will be operational from April 1, seeks to provide insurance coverage and financial support to farmers in the event of natural calamities, pests and diseases and stabilise income in distress years.
Source: The Hindu Business Line
Oil prices dipped slightly in Asia today but stayed above $41 a barrel as OPEC raised the hopes of a moderate rebound from a meeting of key producers in Qatar in April.At around 0400 GMT, US benchmark West Texas Intermediate (WTI) crude for delivery in May, a new contract, was five cents down at $41.47. Brent for May delivery dropped seven cents to $41.47.The Organization of the Petroleum Exporting Countries secretary-general Abdalla El-Badri had said in Vienna on Monday that about 15 or 16 nations will attend the discussions on output caps in Doha on April 17, but didn’t know whether Iran will join, Bloomberg News reported.El-Badri also said he hopes that prices have “bottomed”, adding that he expects crude to enjoy a moderate bounce rather than reach high levels, Bloomberg reported. The meeting will follow last month’s talks between Qatar, Russia, Saudi Arabia and Venezuela when they proposed an accord to freeze oil output at January levels. But Sydney-based CMC Markets analyst Michael McCarthy said traders do not expect much from the Qatar meeting. “I would be surprised if many people in the oil market are holding out much hope for this meeting,” he told AFP. “The levels of trust required to get so many different nations and companies to curtail their production, I don’t think is there. While it may add to the firm tone of the market, I don’t think it is a key driver.” Iran has said it would not join the effort until its own crude production reached the pre-sanctions levels of 4.0 million barrels per day, about double its current output. McCarthy added that Monday’s dip could also be due to “holiday shortening” ahead of the long Easter weekend. “The hectic start we’ve had to the year has left people reaching for the first opportunity to take a bit of a breather,” he said. This follows a buoyant week which lifted WTI above $40 for the first time since December, boosted by a sharp drop in the dollar, which generally makes crude less expensive, and revived optimism that producers would strike a deal to freeze output.
Source: The Hindu Business Line
The international crude oil price of Indian Basket as computed/published today by Petroleum Planning and Analysis Cell (PPAC) under the Ministry of Petroleum and Natural Gas was US$ 38.57 per barrel (bbl) on 18.03.2016. This was higher than the price of US$ 38.05 per bbl on previous publishing day of 17.03.2016. In rupee terms, the price of Indian Basket increased to Rs 2568.88 per bbl on 18.03.2016 as compared to Rs 2544.87 per bbl on 17.03.2016. Rupee closed stronger at Rs 66.61 per US$ on 18.03.2016 as against Rs 66.88 per US$ on 17.03.2016. The table below gives details in this regard:
|
Particulars |
Unit |
Price on March 18, 2016 (Previous trading day i.e. 17.03.2016) |
Pricing Fortnight for 16.03.2016 (26 Feb to 11 Mar, 2016) |
|
Crude Oil (Indian Basket) |
($/bbl) |
38.57 (38.05) |
34.82 |
|
(Rs/bbl |
2568.88 (2544.87) |
2356.62 |
|
|
Exchange Rate |
(Rs/$) |
66.61 (66.88) |
67.68 |
Source: Ministry of Textiles
China and Nigeria share similarities in huge human and material resources, this is one of the reasons for Chinese Government to express interest in partnering with the Kwara State Government to develop a textile industrial park in the state. This was made known at the weekend by the Chinese Ambassador to Nigeria, Gu XiaoJie, when the Kwara State Governor, Dr. Abdulfatah Ahmed, led a state delegation and a Chinese Company, Ming Bo Jin Sheng Star Company Limited, to the Ambassador in Abuja. Ahmed had earlier told the Ambassador that the current economic climate in the country has made it imperative for states to think outside the box if they must deliver on their electoral promises. The governor argued that apart from the fact that Kwara State is a gateway to the North and the South, the state is not new in midwifing realistic Public Private Partnership as exemplified by the Shonga farms initiative, a new hotbed of Commercial Agriculture in Nigeria. The governor, who had led a similar delegation to the Minister of Industry, Trade and Investment, Dr. Okechukwu Enyinna Enelamah, said that the park when established is expected to accommodate more than 40 textile industries with the state providing necessary enabling environment to jump start the park. According to Ambassador, textile is a traditional industry to China and Chinese textile products compete favourably with those of Germany and Italy. Their companies are also conscious of cooperate social responsibility in African countries. China will treat the springing relationship in the textile industry with Kwara State as a priority.
Source: Yarn and fibre
Shima Seiki, originally known for glove-making machinery, took a technological leap in the 1990s in an effort to revive the flagging fortunes of Japanese apparel manufacturers. Japan’s apparel industry is turning to state-of-the-art technology in a bold bid to cut labour costs and secure its future. At manufacturing giant Shima Seiki’s factory in western Japan, garments materialize in minutes, thanks to digitally-programmed automated machines that can turn out a sample seam-free pullover in half an hour with a push of a button. The WholeGarment system patented by the Japanese manufacturer and sold to knitwear companies like Italian luxury brand Max Mara includes a digital design system that allows users to choose patterns, colours and cuts. Kenji Iwamoto of Shima Seiki said that everyone was going overseas to cheaper destinations for manufacturing and they wanted to stop that from happening. The WholeGarment system allows one worker to operate 10 machines — thereby lowering labour costs — and uses limited raw material to create seam-free garments that generate no waste, since they require no cutting or sewing. After a slow start that saw around a dozen brands from Japan and Italy sign up the first year, today some 800 companies — nearly half of them Japanese — have jumped on board, contributing to Shima Seiki’s 60 percent share of the global market for knitting machines. The initiative is part of a push by Japan’s knitwear industry to capitalize on its technical know-how to create garments that cannot be replicated elsewhere at a lower cost. For young knitwear designers like Motohiro Tanji and Ken Oe, manufacturing outside of Japan isn’t an option. Tanji after his show at Tokyo Fashion Week said that it’s easier for designers to work with Japanese manufacturers. Tanji further added that his designs are complicated and demand a high level of technical skill and he can relie on Japanese factories to produce his sculptural, sophisticated knits. Designer Oe’s label Coohem emerged out of a push to save his grandfather’s textile company, Yonetomi, which had been in the throes of a decline since the 1990s recession. Oe joined the company six years ago and introduced an emphasis on using digital tools to create intricate high-fashion tweed suits that are now stocked at leading stores, including New York-based Jeffrey and Harvey Nichols in Hong Kong. They use about five yarns at a time to design original textiles… (which) other brands cannot copy. The focus on technique and technology has already paid off, with Japan’s knitwear sector registering a 40 percent increase in exports over a 10-year period beginning in 2006, a rare bright spot in an otherwise dismal picture for textile and apparel exports from the country. Recognizing the need for reinvention in the apparel sector, Japanese textile company Seiren, known more for manufacturing curtains and car interiors, is now fusing fashion and digital know-how to launch a customised clothing line for the masses. The Viscotecs brand, available to customers at Tokyo’s Takashimaya department stores since September, invites customers to try on a sample outfit in a dressing room specially fitted with a camera that downloads their image onto a hand-held device. They can then choose from a dizzying array of options — including patterns, fabrics, colours and lengths — displayed on the tablet to create a one-of-a-kind dress. The design data is digitally transmitted to Seiren’s factory in central Japan where the garment is brought to life via pattern-cutting machines and inkjet printers before being delivered to the store in three weeks. The process has the potential to transform the fashion industry by cutting down on unsold inventory, which either ends up in the bargain bin or as landfill. In addition, the use of inkjet printers slashes the amount of water and energy utilised in conventional dyeing methods by at least 80 percent, Nami Yoshida, a spokeswoman for Seiren, said. However, buying into the brand comes at a cost, with dresses priced between 65,000 to 80,000 yen ($600 to $700). Mayumi Yamakawa, a spokeswoman for Takashimaya said that it may take time but they are confident that once customers know the brand, sales will follow. For Oe, whose label derives its name from a Japanese word, “kouhen”, a reference to knitting specialists, the revival of his industry is inseparable from an investment in technique and technology alike.
Source: Yarn and fibre
Belarusian knitwear sector plan to increase sales and expand export geography making use of large scale modernization, new collection and innovative tailoring technique.A new approach in marketing and creating brand stores can increase sales volumes in the domestic market. Soligorsk can rightly be called the center of light industry. In recent years, the company has passed large-scale modernization. The change took place in several stages. Recently it changed the marketing strategy of enterprises of light industry in order to increase sales and expand the network of brand shops and sections. The natural fabrics are liked by consumers from Central Asia, Middle East and Western Europe. Now manufacturers of textiles and knitwear are actively preparing for the summer season.
Source: Yarn and fibre
Since the collapse of the Kisumu cotton mills (KICOMI), the textile industry went down with cotton farmers lacking a market for their crops. Now with the official opening of garment industry in Kisumu to boost its textile industry. The occasion was graced by Kisumu Governor Jack Ranguma. The launch now means an opportunity for many fashion designers to make garments and sell them to the market. This will deal a blow to the many second hand clothes traders who import their products from various countries abroad. The sector has also employed millions of youth and women who sell them on open air markets and established shops. Ranguma said that the initiative is set to benefit students from Kisumu National Polytechnic, designers as well as create employment for many youth who will benefit from the value chain. Plans to revive cotton growing in Kisumu to support the project is underway, with residents set to benefit from subsidized hybrid cotton seeds alongside other incentives to kick-start the process.
Source: Yarn and fibre
