|
Item |
Price |
Unit |
Fluctuation |
Date |
|
PSF |
1040.65 |
USD/Ton |
-0.14% |
7/31/2016 |
|
VSF |
2371.95 |
USD/Ton |
0.64% |
7/31/2016 |
|
ASF |
1897.56 |
USD/Ton |
0% |
7/31/2016 |
|
Polyester POY |
1071.52 |
USD/Ton |
0.49% |
7/31/2016 |
|
Nylon FDY |
2259.00 |
USD/Ton |
0% |
7/31/2016 |
|
40D Spandex |
4292.10 |
USD/Ton |
0% |
7/31/2016 |
|
Nylon DTY |
5615.87 |
USD/Ton |
0% |
7/31/2016 |
|
Viscose Long Filament |
1317.75 |
USD/Ton |
0.57% |
7/31/2016 |
|
Polyester DTY |
1912.62 |
USD/Ton |
0.79% |
7/31/2016 |
|
Nylon POY |
2070.75 |
USD/Ton |
0% |
7/31/2016 |
|
Acrylic Top 3D |
1197.27 |
USD/Ton |
0% |
7/31/2016 |
|
Polyester FDY |
2462.31 |
USD/Ton |
0% |
7/31/2016 |
|
30S Spun Rayon Yarn |
2876.46 |
USD/Ton |
0% |
7/31/2016 |
|
32S Polyester Yarn |
1807.20 |
USD/Ton |
0% |
7/31/2016 |
|
45S T/C Yarn |
2417.13 |
USD/Ton |
0% |
7/31/2016 |
|
45S Polyester Yarn |
3057.18 |
USD/Ton |
0% |
7/31/2016 |
|
T/C Yarn 65/35 32S |
2364.42 |
USD/Ton |
0% |
7/31/2016 |
|
40S Rayon Yarn |
1957.80 |
USD/Ton |
0% |
7/31/2016 |
|
T/R Yarn 65/35 32S |
2334.30 |
USD/Ton |
0% |
7/31/2016 |
|
10S Denim Fabric |
1.37 |
USD/Meter |
0% |
7/31/2016 |
|
32S Twill Fabric |
0.84 |
USD/Meter |
0.18% |
7/31/2016 |
|
40S Combed Poplin |
1.19 |
USD/Meter |
0.25% |
7/31/2016 |
|
30S Rayon Fabric |
0.69 |
USD/Meter |
0% |
7/31/2016 |
|
45S T/C Fabric |
0.68 |
USD/Meter |
0% |
7/31/2016 |
Source: Global Textiles
Note: The above prices are Chinese Price (1 CNY = 0.15060 USD dtd 31/07/2016)
The prices given above are as quoted from Global Textiles.com. SRTEPC is not responsible for the correctness of the same.
Unable to pass on the price rise of cotton to customers due to lacklustre market, spinning units of the region are shifting to man-made or blended fibres. Shift of spinners from 100 per cent cotton to polyester and viscose is likely to help them restore margins and profit and rule out the option for a production cut. Spinning units have been blending cotton with polyester and viscose after cotton prices rose steeply due to restricted supply and lower output. Spot cotton prices in local market have risen to over Rs 129 per kg from Rs 98 per kg in April, according to local traders. "Units are shifting from cotton to blended fibre because higher cotton prices are eating their margins. Spinners have reduced the percentage of cotton and mixing polyester or viscose to run operations," said Suresh Maheshwari, president of a major textile firm. There are about 40 spinning units in the state and the units with the capacity of 1 lakh spindles requires around 450-500 bales of cotton per day. Cotton production in 2015-16 (crop year October- September) fell to 352 lakh bales (170 kg each) compared to 380 lakh bales in the previous year. "Whenever cotton price increases industries shift to blended cotton which is not only profitable but its demand is also good in the market," said a textile company executive. Viscose Staple fibre (VSF) based apparel exports have grown at a compounded annual growth rate of 27 per cent during financial year 2014 to 2016. Supply of cotton has squeezed in the local markets further pushing the prices while the arrival from the new crop is expected only by October. According to industry players, cotton prices are unlikely to come down before the month of October.
SOURCE: The Times of India
Two textile parks have been approved for Uttarakhand and the state government has to decide where it wants to set them up, Union Minister of State for Textiles, Ajay Tamta, said. In these parks, weavers will be provided hi-tech infrastructure facilities, modern technology, training and raw materials, he said. The minister from Almora constituency said he will especially try to improve the conditions of the weavers living in remote areas of Uttarakhand and in the hilly areas along the Sino-Indian border. He said this will help in reducing migration in the hilly areas in search of jobs and not only the weavers but educated and skilled youth will also get work opportunities.
SOURCE: The Money Control
With China’s present share in global export of textiles and apparel estimated to decrease from 40% to 33% by 2025 which is likely to open an opportunity of more than US$ 150 billion for other exporting nations including India to increase its exports. India has mapped strategy to achieve the target of US Dollar 48.5 billion for textile sector in current financial year by announcing the special package of Rs 6,000 crores which will boost the employment generation and export of textile and apparel. The information was given by the Minister of State for Textiles, Ajay Tamta in a written reply to a Rajya Sabha question. According to reports, Indian exporters have been edged out of traditional markets like Europe by exporters from Bangladesh and China. In 2015-16, India exported $36.25 billion worth of textiles and related goods, a 2.4% decline from 2014-15.
SOURCE: Yarns&Fibers
The Central Excise and Customs department has issued fresh circular that the saris, salwar suit and dress materials sold under the brand name and having retail prices above Rs 1,000 will come under the 2% excise duty tax net which is strongly opposed by the Federation of Surat Textile Traders Association (FOSTTA). The FOSTTA office-bearers on Saturday announced the formation of a committee headed by the FOSTTA president, Manoj Agarwal, to garner support from the textile traders and spread awareness on the 2% excise duty on the saris and dress material having retail prices above Rs 1,000. Agarwal said that most of the traders in the markets have been selling their products under the brand name. If the sari and dress material would cost above Rs 1,000, the traders are liable to pay 2% excise duty. This way, the inspector raj will rule in the textile markets. The excise duty should be levied on the saris, dress material when they reach in the retail shops, he added. The FOSTTA has decided to send a memorandum to the Ministry of Finance and the Ministry of Textiles stating that the saris, dress material and other fabrics manufactured in the MMF (man-made fibre) hubs should be kept out of the excise duty net as per chapter 54 of the Excise Duty Act. A meeting of textile traders from all the markets at Ring Road, Sahara Darwaja, Salabatpura etc. have been organized to decide the next course of action against government decision on August 1.
SOURCE: Yarns&Fibers
In a major boost to export oriented units and software exporters, the government has removed warehousing requirement as part of overhaul of the customs framework. "Recognizing the potential role of these units in the Make in India initiative and as a measure of improving the ease of doing business, it has been decided to do away with the need to comply with warehousing provisions by these units," a circular issued by the Central Board of Excise and Customs said on Friday. A warehoused goods register shall not be required to be maintained with effect from 13th August 2016. However, in order to maintain records of receipts, storage, processing and removal of goods, imported by the units, the Board has prescribed that the units shall maintain records of imported goods, in digital form. Supply of the goods from one unit to another shall be based upon the usual commercial documents, such as, invoice & delivery challan instead of a customs bond. These procedures made any intra-unit movement of any good, even a server, cumbersome. This relaxation will cut down on paperwork and unnecessary hassle for exporters.
SOURCE: The Economic Times
With the BJP-led government circulating the draft of changes to the Constitution Amendment Bill on GST to Rajya Sabha members, political parties have started preparations for a final round of negotiations with the Centre. The Centre aims to get the Bill passed this week, but the Opposition says discussions are still not still. “We have taken note of the changes proposed by the Empowered Committee. We do not want to leave out the Congress when working on such a key tax reform. So, constant discussions have been taking place… In fact, discussions at the highest level were also considered. But, now, the mood is that everyone is more or less ready for it,” a senior Cabinet Minister told BusinessLine . A senior BJP member said, “The government is leaving no stone unturned to see the Bill through… Though the Congress is officially maintaining the same posture, it is more or less on board as it would not like to be seen as being the one against reforms.” The Congress, which earlier was seen divided over the Bill, now seems to have softened its stance on one of the key demands — to cap the tax rates in the Constitution Bill. “Now, the Congress is seeking ring-fencing of the tax rate in the subsequent GST law, which could be considered by the government,” an official said. “The government is yet to get back to us. As of now, there’s no change in our position,” reiterated Anand Sharma, Congress Deputy Leader in the Rajya Sabha.
In the last seven days, quick developments have happened to see the Bill through. Backed with endorsement from the Empowered Group of State Finance Ministers on the Bill with minor tweaks, the Centre got the Cabinet nod on the same, without wasting any time. The key changes include scrapping of the 1 per cent tax on inter-State supply of goods and a guarantee to the States that any revenue loss arising from the implementation of GST would be compensated for five years. Political commentators said the government seeking Cabinet nod without wasting any time was a smart move, as it left the Opposition with few options. The BJP is working out various permutations and combinations to manage the Rajya Sabha to ensure the Bill sails through. Helming the action is Finance Minister Arun Jaitley, as the key negotiator. The BJP, which requires the support of 154 of the 245 Elders to get the Bill passed, has 54 members, and the NDA coalition (which it leads) has 72. The Congress, the single-largest party in the Rajya Sabha, has 60 members. If the BJP can garner the support of regional parties, including the AIADMK, the DMK, the SP, the BSP, the RJD, the CPI (M) and the Biju Janata Dal as well as at least five Independent and five nominated members, it may have enough votes to get the Bill through the Rajya Sabha. The other Opposition parties are also yet to take a final view on the Bill. “We had given some suggestions to the select committee. A final view will be taken by our leader M Karunanidhi,” said DMK’s Tiruchi Siva. Discussions with the AIADMK, which had raised some key issues on the Bill, are going on, a government official said.
SOURCE: The Hindu Business Line
Pitching for early introduction of goods and services tax (GST), Finance Minister Arun Jaitley on Saturday said the idea of ‘one-nation-one-tax’ was extremely important for India as it would not only reduce the level of taxes but also eliminate corruption. It would also improve ‘ease of doing business’, he added. “You cannot have an indirect tax regime, where you are taxed at every point and then at the next point, there is tax on the tax already paid,” Jaitley said delivering the first APJ Abdul Kalam memorial lecture in the Capital. This tax-on-tax situation is commonly referred as ‘cascading’ in tax parlance. Jaitley’s push for GST is significant as it comes at a time when the Rajya Sabha is expected to take up the Constitutional Amendment Bill, which would pave the way for GST introduction, passage and consideration this week. A Constitutional amendment is a must for GST introduction as the Centre does not currently have a right to tax at the retail stage. Jaitley also underscored the need to have credible and stable taxation system. “Our direct taxes have to be comparable to the best elsewhere in the world....If you are a high taxing society, people will go where you have to pay less taxes,” he said.
Credible politics
Jaitley said India needed “credible politics” that will enable it to have “credible policies”. The Finance Minister emphasised that India cannot afford the kind of spectrum or coal mines controversies of the past. He noted that Kalam’s vision of becoming a developed country by 2020 doesn’t seem possible now. However, one could look to achieve it by 2030 if the country focuses on education and develops scientific temperament. “We cannot afford to have Bengaluru and Gurgaon, the IT hubs that are representatives of India globally, in the condition they have been over the past few hours,” he said, referring to waterlogging following heavy rains.
Kalam's humility
Recounting the great qualities of late President APJ Abdul Kalam, Jaitley said that this ‘people's president’ was man of great humility. “In an environment of cynicism, he was one man who represented positivism,” Jaitley said.
SOURCE: The Hindu Business Line
Diplomats of seven African countries, Mali, Tanzania, Ethiopia, Uganda, Zambia, Botswana and Mauritius speaking at a meeting organized by the Confederation of Industry in Coimbatore on Thursday on Africa Seminar Series – the Land of Unexplored Potential, invited the trade and industry in Coimbatore region to invest in their countries, especially in sectors such as agriculture, textiles, energy, and education. Coimbatore leads in sectors such as textiles, foundries, and pumpsets and has over 25,000 micro, small and medium-scale enterprises, said S. Narayanan, vice-chairman of CII, Coimbatore Zone. According to Niankoro Yeah Samake, Ambassador of Mali, Coimbatore is of special interest to Mali because cotton is a major export product for the country and Coimbatore is a hub for textile industry. In February 2017, a trade mission from India will visit Mali to explore opportunities in agriculture business, cotton, mining, healthcare and telecommunications. Mohammed Hija, acting High Commissioner of Tanzania, said that entrepreneurs can look at tourism, agriculture, manufacturing, education, and information and communication technology to invest in Tanzania. At present, they have opened up to investments in solar energy. Molalign Asfaw, Minister Counsellor and Charge d’ Affairs, Embassy of Ethiopia, pointed out that Ethiopia has registered double digit growth for more than a decade and over 600 Indian companies have registered in Ethiopia. Of these, 250 have started operations. The country has 12 industrial parks and offers several tax incentives to investors. There are opportunities in agro processing, textiles and apparel industries. According to Kedisi N. Margaret, Minister Counsellor – Uganda High Commission, location and availability of natural resources are advantages for Uganda. Companies will have 100 percent ownership of their investments. She urged the participants to visit Uganda as a tourist.
Lubinda Namunda Mwitumwa, Counsellor – Zambia High Commission, said the country is looking for partnerships for investment in solar energy. It is a “land-linked” country and there is huge potential for companies in road development. Agro processing, mining, and value addition to gems are some of the areas with scope for investment. Meipelo Mogotsi, First Secretary – Economic, Botswana High Commission, said that they are looking for Foreign Direct Investment and believe India has expertise and simple technologies. Botswana exports 70 percent of the diamonds mined there to India. Indian industries can look at investment in agriculture, manufacturing, education and healthcare, apart from diamond cutting and polishing and value addition to leather. Seewraj Nundlall, Counsellor (Trade and Investment), Mauritius High Commission, said that some of the emerging areas that Mauritius was focusing on were ocean economy, financial sector and small and medium-scale enterprises.
SOURCE: Yarns&Fibers
The Indian economy is expected to grow 7.5 per cent this financial year, a tad lower than the median estimate of 7.6 per cent as the economic fundamentals of the country continue to lag, says a Deutsche Bank report. According to the global financial services major, growth indicators such as PMI, industrial production, non-oil-non-gold imports, have either remained flat or recorded a sequential slowdown in April-June compared to the January-March levels, while inflation pressure has increased considerably in the second quarter of this year. As per the latest results of the survey of professional forecasters released by the Reserve Bank, the median expectation for growth (gross value added in real terms) is 7.6 per cent and 7.8 per cent for this fiscal and 2017-18 respectively. Since the survey was conducted in May this year, the forecasts do not incorporate the likely downward revisions to growth post Brexit. Deutsche Bank’s growth forecast for this fiscal is 7.5 per cent, which is a tad lower than the median estimate of 7.6 per cent. For 2017-18, the report said “we have reduced our growth forecast post Brexit from 7.8 per cent to 7.6 per cent, factoring in increased uncertainty and weaker global growth in the medium term.” The direct impact from Brexit is unlikely to be material for India. But if it leads to prolonged uncertainty and lower global growth, as is expected, then India’s growth should also get affected on the margin, it said. The IMF, which released its latest World Economic Outlook forecasts post Brexit has indeed revised down India’s growth projection to 7.4 per cent for this and next fiscal, factoring in the likely impact of Brexit and a sluggish investment recovery. Indian economy grew 7.9 per cent in March quarter and recorded a five-year high growth rate of 7.6 per cent for the 2015-16 fiscal on robust manufacturing growth.
SOURCE: The Financial Express
India today raised with Japan various issues, including greater market access for its goods and services like marine products and pharma in that market, to boost trade between the two countries. These were discussed during the third meeting of the Joint Committee at the secretary level under the India-Japan CEPA (Comprehensive Economic Partnership Agreement) here. The Commerce and Industry Ministry also said that though there has been an increase in work visas issued by Japan after the co-operation agreement, the market share of Indian IT companies in Japan is considered below potential. Both sides also tried to figure out how to improve this, the ministry said in a statement. "The Indian side highlighted various issues which need to be addressed by the Japanese side for providing greater market access to Indian products in Japan, especially items with a high potential like sesame seeds, marine products and pharmaceuticals," it said. India also sought recognition of the Indian organic standards by Japan. The decision of Japan to reduce its increasing healthcare costs on account of its ageing population and switch over to a higher share of generic medicines was seen as a potential opportunity for the Indian pharma industry, which is strong in generics. Further, Japan raised several issues relating to taxation and investment in India. Both the sides agreed on the need for higher cooperation in providing market access to Indian products in Japan and facilitating Japanese investments in India, the ministry added. The Indian side was led by Commerce Secretary Rita Teaotia and the Japanese delegation by Deputy Minister for Foreign Affairs Keiichi Katakami. The bilateral trade between the countries stood at USD 14.51 billion in 2015-16. India received USD 20.96 billion FDI from Japan during April 2000 and March 2016.
SOURCE: The Economic Times
The Indian industry is expected to see growth by December in terms of sales and profitability even though fresh investments from the private sector continue to suffer due to under-utilisation of capacities, stated a survey conducted by Assocham. The Assocham Bizcon survey, which covered 65.5 per cent of the companies under its June series, said that the macroeconomic parameters are expected to look up by December on account of a robust monsoon.
Demand to rise
“Due to good monsoon, the consumer demand is likely to amplify which can result in moderate interest rates considering the crude oil prices that continue to remain muted,” Assocham Secretary-General DS Rawat said. The survey further revealed that there will not be any changes in the firm investment plans and in the international investment plans as 37.9 per cent of respondents believe that domestic investment may increase or else will face no change in the shorter horizon. According to the current round survey, the majority of the industry (55.2 per cent) feels that the present economic situation is better and in the coming six months there seems to be growing optimism in terms of the economic performance.
Lack of investment
But investments continue to pose a challenge due to a lack of appetite within the private sector to put in money in fresh projects. However, the survey did indicate a pick-up in job creation in the short-term due to improvement in the business atmosphere.
SOURCE: The Hindu Business Line
Chinese textile firms showing keen interest to establish joint ventures with Pakistani companies, as China’s labour intensive industries were becoming uncompetitive due to high production cost, which is why they were shifting manufacturing to other locations and focusing on research, according Ahsan Iqbal, federal minister for planning, development and reform. The minister at a meeting with the members of the textile value-added sector, said that if they are able to have joint ventures with them, it will benefit the businessmen of both the countries. However, the Pakistan Hosiery Manufacturers Association (PHMA) statement issued Friday quoted the federal minister, that they have no information of China’s import patterns and ways to increase their exports to China. The minister said that exports were the major source of foreign exchange earnings in the fast developing countries. He stressed the need to cross $150 billion by 2025; otherwise the country had no future. The minister lamented the various deficiencies in adopting the export-led growth approach. He informed the representatives that a textile group was sponsoring a digital mapping project of cotton plant in India. They are working to grow cotton under controlled environment while they have done nothing on research and development. Iqbal said that the Prime Minister of Pakistan would hold a meeting with the business community once in a quarter to discuss matters relevant to industrial growth and exports.
Pakistan Apparel Forum Chairman Jawed Bilwani urged the minister to end the monopoly in power distribution, as one company had been allowed to operate in each city. Bilwani also urged the minister that export oriented sectors should be given priority in supply of power and gas. He further suggested that in order to overcome electricity shortfall, industries generating electricity from own resources should be allowed to distribute electricity to their neighbouring industries.
SOURCE: Yarns&Fibers
Vu Duc Giang, chairman of the Vietnam Textile and Apparel Association (VITAS), told a press conference in Hanoi last week that the sector posted export revenue of only US$12.76 billion in the first six months, growing 4.72% year-on-year but representing just 41% of the full-year target. Again, the growth was mainly driven by foreign direct investment (FDI) firms while domestic peers struggled to find new orders in the period. VITAS forecast finding new orders would continue to be tough and that some small and medium enterprises could be forced out of business. If the situation does not improve, the industry would find it hard to obtain outbound sales of US$29 billion this year. Giang said Vietnamese enterprises are not as competitive as exporters from other parts of Asia.
Cambodia and Bangladesh enjoy tariff incentives offered by the U.S and Europe while wages in Myanmar, Bangladesh, and Sri Lanka are lower than in Vietnam. Recently, China has also lowered social insurance premiums from 20% to 18% in the context that many of its textile and garment companies have been shuttered. There are signs of buyers shifting their orders from Vietnam to other countries to benefit from lower costs, Giang said. Global economic woes are presenting an extra headwind to the industry. Particularly, many UK textile and garment enterprises operating in Vietnam have plans to shut down following the Brexit vote to leave the European Union last month.
Speaking at the press conference, VITAS vice chairman Nguyen Xuan Duong pointed out three main negative factors for the local textile and garment industry. First, Vietnam’s foreign exchange policy has kept the Vietnamese dong currency stable compared with the U.S. dollar while the currencies of major markets such as the EU, Japan and China have fallen by 8-18% against the greenback. At the same time, ASEAN countries, India, and Bangladesh have seen their currencies down by 10-20%. The annual region-based minimum wage raise has also sent production costs of local textile and garment firms up and undermined the competitiveness of Vietnamese garments. Besides, lending rates of 8-10%, two to three times higher than in other countries that are Vietnam’s apparel export rivals, have placed another financial burden on local companies. As a result, prices of Vietnamese textiles and garments are 20-30% higher than in other countries.
SOURCE: The Vietnam Net
China's Ministry of Commerce (MOC) has urged the European Union (EU) to terminate an old practice in anti-dumping investigations of Chinese products by the end of this year. The "surrogate system" adopted by the EU is set to expire in December, according to a protocol of the World Trade Organization (WTO) on China's accession 15 years ago, an MOC statement said on Thursday. All WTO members should abide by the protocol, regardless of their domestic standards or any other issues, including industrial overcapacity, said the statement. Under the current anti-dumping probe method, the EU uses costs of production in a third country to calculate the value of products from countries on its "non-market economy" list, which includes China. The practice allows the EU to easily levy high tariffs. The statement came after the European Commission held a second orientation debate on the treatment of China in anti-dumping investigations, considering the option to abolish the list and set up a new "country-neutral" method. China will closely watch the progress and assess the results, the statement said.
Source: China Daily.
