|
Item |
Price |
Unit |
Fluctuation |
Date |
|
PSF |
1168.85 |
USD/Ton |
0.14% |
2/25/2015 |
|
VSF |
1831.20 |
USD/Ton |
0% |
2/25/2015 |
|
ASF |
2593.38 |
USD/Ton |
0% |
2/25/2015 |
|
Polyester POY |
1197.26 |
USD/Ton |
0% |
2/25/2015 |
|
Nylon FDY |
2954.59 |
USD/Ton |
0% |
2/25/2015 |
|
40D Spandex |
7467.64 |
USD/Ton |
0% |
2/25/2015 |
|
Nylon DTY |
1404.24 |
USD/Ton |
0% |
2/25/2015 |
|
Viscose Long Filament |
3198.10 |
USD/Ton |
0% |
2/25/2015 |
|
Polyester DTY |
5714.37 |
USD/Ton |
0% |
2/25/2015 |
|
Nylon POY |
1452.94 |
USD/Ton |
0% |
2/25/2015 |
|
Acrylic Top 3D |
2678.61 |
USD/Ton |
0% |
2/25/2015 |
|
Polyester FDY |
2743.55 |
USD/Ton |
0% |
2/25/2015 |
|
30S Spun Rayon Yarn |
2532.50 |
USD/Ton |
0% |
2/25/2015 |
|
32S Polyester Yarn |
1858.79 |
USD/Ton |
0% |
2/25/2015 |
|
45S T/C Yarn |
2873.42 |
USD/Ton |
0% |
2/25/2015 |
|
45S Polyester Yarn |
2013.02 |
USD/Ton |
0% |
2/25/2015 |
|
T/C Yarn 65/35 32S |
2483.80 |
USD/Ton |
0% |
2/25/2015 |
|
40S Rayon Yarn |
2694.84 |
USD/Ton |
0% |
2/25/2015 |
|
T/R Yarn 65/35 32S |
2597.44 |
USD/Ton |
0% |
2/25/2015 |
|
10S Denim Fabric |
1.58 |
USD/Meter |
0% |
2/25/2015 |
|
32S Twill Fabric |
0.99 |
USD/Meter |
0% |
2/25/2015 |
|
40S Combed Poplin |
1.35 |
USD/Meter |
0% |
2/25/2015 |
|
30S Rayon Fabric |
0.72 |
USD/Meter |
0% |
2/25/2015 |
|
45S T/C Fabric |
0.79 |
USD/Meter |
0% |
2/25/2015 |
Source: Global Textiles
Note: The above prices are Chinese Price (1 CNY = 0.16234 USD dtd. 25/02/2015)
The prices given above are as quoted from Global Textiles.com. SRTEPC is not responsible for the correctness of the same.
The budget should lower excise duty on man-made fibre (MMF)/filaments from the present 12% to 4% to boost growth. The reduction of excise duty at the primary stage would help across the entire value chain to increase consumption right from the fibre stage to the garment stage thus resulting in more revenues for the government. Similarly, customs duty should be reduced on purified terephthalic acid (PTA) and monoethylene glycol (MEG) to zero percent and increase the customs duty on filaments, polyester staple fibre (PSF) and chips to 10%.
As the manufacturers in certain segments of industry like polyester fibre are unable to utilise the import duty credit against the duty on output, it is therefore requested that similar facility of refund should also be allowed to manufacturers who are unable to utilise the special additional duty (SAD) credit of duty. We suggest that SAD should be 2%. Further to reinforce our demand for parity in duties, we would like to highlight that in our neighbouring countries like China, Pakistan, Indonesia, Thailand and Turkey there is no difference in duties on man-made fibre and cotton fibre. Hence, there is a need for a fibre neutral policy.
It is a request to the government that all above submissions may kindly be considered for their incorporation in the Union Budget 2015-16 so that polyester fibre/filament yarn industry can achieve its full capacity utilisation, tap the vast potential of man-made fibre markets that exist globally, compete with its Asian counterparts in terms of exports, achieve the Vision Target of $ 650 billion by 2024-25 set by the Textile Ministry, add to the country’s GDP and generate more employment for the masses. This will, in turn, be instrumental in healthy socio-economic development of the country and will fortify and fulfil the visionary slogan ‘Make in India’ in the true sense.
SOURCE: The Business Standard
India could gain significantly from a recent US challenge at the World Trade Organisation (WTO) against China for alleged extension of prohibited export subsidies to a whole range of products such as agriculture items, textiles, leather, medical equipment, speciality chemicals and building materials. New Delhi is planning to seek observer status in the consultations between China and the US, as a favourable outcome for the US could translate into lower competition from Chinese products for Indian manufacturers as well, a Commerce Ministry official told BusinessLine.
“If it is proved by the US that export subsidies are being in the form of disguised sops and incentives, then India, too, will be in a position to impose penal import duties on these products,” the official said. Higher import duties on Chinese products could help India lower imports and narrow the existing trade deficit with its neighbour, which, at $36 billion in 2013-14, was more than a fourth of the country’s total trade deficit. Moreover, if proved guilty, China would also face penal duties on its products in other key markets such as the US and EU, which could make them less competitive than Indian products, the official added.
Export subsidies
All subsidies directly linked to exports are prohibited under WTO rules. Only countries with per capita income below $1,000 are allowed to provide such sops for products where their global share is lower than 3.25 per cent. The US has challenged China’s ‘Demonstration Bases-Common Service Platform’ programme under which the country provides free and discounted services as well as cash grants and other incentives to enterprises that meet export performance criteria and are located in 179 demonstration bases (industrial clusters) throughout the country. Washington has claimed that under the programme, export subsidies are provided to manufacturers and producers across seven economic sectors and dozens of sub-sectors. The seven main sectors are textiles, apparel and footwear, advanced materials and metals (including specialty steel, titanium and aluminium products), light industry, specialty chemicals, medical products, hardware and building materials and agriculture. Being an observer in the proposed consultations between the US and China is important for India because it will not only be privy to all the issues raised by the US and answers given by China, it could also have access to information provided by China on its various subsidy programmes and incentive schemes which is otherwise difficult to get. “If we have enough information, we too could challenge the export subsidies independently at some other time if required,” the official said.
SOURCE: The Hindu Business Line
Dow Water and Process Solutions (DW&PS), market leaders in reverse osmosis (RO), ultra filtration (UF) and ion exchange resins. The company as part of its awareness campaign on water treatment solutions recently reached out to textile units located in the knitwear hub of Tirupur by organising a seminar on ‘Water and Business Quality’.
Around 170 textile dyeing stakeholders are said to have attended the event. DW&PS is ready to collaborate with the textile segment in Tirupur by positioning its Silvadur solution to address waste water treatment. Terming it a successful outreach programme, John Patrin, Global Marketing Manager, DW&PS, and Katariina Majamaa, Global End User Marketing Manager, said that the synergies were further enhanced after the company made a presentation ‘Innovations in Hygiene Fabric’, showcasing solutions of its product Silvadur.
Tirupur units are not alone. Such issues are faced by textile mill owners across geographies, Majamaa said, highlighting some of its innovative technologies, and underscoring the company's objective in helping industries and people get more out of every drop of water. While the seminar focused on textile wastewater solutions, there were discussions on specific technologies including DOW FILMTEC Reverse Osmosis, DOW Ultrafiltration and TEQUATIC PLUS Self-Cleaning Particle Filtration, which, according to company sources, offer best-in-class solutions. Dow's cutting-edge SILVADUR(TM) Antimicrobial advanced mode of action is both chemical and biological. It’s fully compatible with moisture management systems and chemicals and dyeing agents. It can help meet by eliminating odour-causing bacteria from fabric. Dow Microbial Control also engaged the audience in a special segment about the growing consumer demand for apparel and other textiles that stay fresher longer.
SOURCE: Yarns&Fibers
India and Pakistan will come face to face after a long hiatus on March 3, when Foreign Secretary S Jaishankar visits Islamabad. Jaishankar’s visit is part of Prime Minister Narendra Modi’s Saarc (South Asian Association for Regional Cooperation) Yatra initiative, which begins March 1. The foreign secretary will visit Bhutan on March 1 and Bangladesh on March 2, Pakistan and Afghanistan on March 3 and 4, respectively. “The schedule for the other destinations is being worked out through diplomatic channels,” ministry of external affairs spokesperson Syed Akbaruddin said here on Wednesday. The foreign secretary would take up issues discussed during the previous Saarc summit in Kathmandu. This will be the first high-level visit to Pakistan under the new government.
After the party was voted to power, talks between India and Pakistan took off on a positive note. Pakistan Prime Minister Nawaz Sharif had attended Modi’s swearing-in ceremony in May. But India had cancelled foreign secretary-level discussions in August after Pakistan High Commissioner Abdul Basit met Kashmiri separatist leaders on the eve of the talks. Referring to Jaishankar’s visit, a senior official told Business Standard: “We are expecting all issues related to Saarc, as well bilateral issues, to be discussed when both the foreign secretaries meet.” Pakistan officials said Prime Minister Sharif might also extend an invitation to Modi to visit Islamabad.
Akbaruddin said: “We stand ready to talk with Pakistan in accordance with the Simla Agreement on all issues including Jammu & Kashmir.” Jaishankar’s visit will also be the first high-level visit by India to Afghanistan after the new government in Kabul, under President Ashraf Ghani came to power. Afghanistan has been urging India to take its military alliance to the next level as the Nato troops had withdrawn from there in December last year.
“India is a dear friend of Afghanistan,” Afghan Ambassador Shaida Mohammad Abdali has told Press Trust of India. “We have paid a heavy price to make sure that Afghanistan is not a home to terrorists and anti-India elements…. No anti-India activity will again come back to our country. Afghanistan will not revert to it. It is a new Afghanistan.” These remarks by the Afghan ambassador comes in the wake of home minister Rajnath Singh's comments that the departure of NATO forces from Afghanistan will once again give rise to terrorism in the subcontinent, US and other countries.
Jaishankar is undertaking the 'SAARC Yatra' from March 1 when he will travel to Bhutan followed by Bangladesh in March 2, Pakistan and Afghanistan in March 3 and 4 respectively. "The schedule for the other (SAARC) destinations is being worked out through diplomatic channels," he said here today. Under the 'SAARC Yatra' initiative the foreign secretary is learnt to be taking up issues that were discussed during the last SAARC Summit in Kathmandu, Nepal, which includes SAARC business cards, SAARC satellites and a common power grid.
SOURCE: The Business Standard
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$ 56.71 per barrel (bbl) on 25.02.2015. This was lower than the price of US$ 56.76 per bbl on previous publishing day of 24.02.2015.
In rupee terms, the price of Indian Basket decreased to Rs 3518.86 per bbl on 25.02.2015 as compared to Rs 3535.01 per bbl on 24.02.2015. Rupee closed stronger at Rs 62.05 per US$ on 25.02.2015 as against Rs 62.28 per US$ on 24.02.2015.
The table below gives details in this regard:
|
Particulars |
Unit |
Price (Previous trading day i.e.24.02.2015) on Feb 25, 2015 |
Pricing Fortnight for16.02.2015 Jan 29 to Feb 11, 2015) |
|
Crude Oil (Indian Basket) |
($/bbl) |
56.71 (56.76) |
52.70 |
|
(Rs/bbl |
3518.86 (3535.01) |
3258.97 |
|
|
Exchange Rate |
(Rs/$) |
62.05 (62.28) |
61.84 |
MJPS/Rk/Daily Crude oil price- 26.02.2015
SOURCE: PIB
Polyester feedstock – ethylene and paraxylene and intermediates – purified terephthalic acid and mono ethylene glycol, prices are moving up now. In the week ending 20 February, although the major producer and consumer China was on a long Lunar New Year holiday prices strengthened during the week. It all began with crude oil prices recording three consecutive weeks of gains, both US futures and European Brent. Since end of January, oil prices have gained 13 per cent on news of falling rig counts in US. This led to support to downstream derivative naphtha markets. Naphtha was dearer by 22 per cent during the same period.
During the week, although the number of US rigs drilling oil fell far lesser than expected heating oil demand rose after severe winter cold crimped output at three refineries and prices jumped 6 per cent. Until two weeks ago, March WTI had the highest ever open interest for a front-month. Brent held steady despite data from oil services firm Baker Hughes showing the oil rig count down by just 37, the smallest weekly decline this year. The rigs total itself was at the lowest in more than three years.
Asian ethylene markets were steady as public holidays in China and South Korea limited trading activity while prices were assessed up. Demand for ethylene picked up in Europe in expectation of bullish contract price. Similarly, paraxylene prices rose in Asia although the markets were slow and activities almost negligible. US paraxylene tracked gains in Asia. European paraxylene and orthoxylene prices remain flat as Asian markets were on holidays. Meanwhile, firmer crude and gasoline supported European mixed xylene prices to firm up. Asian ethylene prices were up 7.4 per cent since end-January while paraxylene prices spurted 17.6 per cent.
Asian MEG markets remained flat amid Lunar New Year lull and prices were assessed unchanged on the week. But since January-end Asian MEG prices jumped 9.3 per cent until the week under review. In Europe, MEG prices climbed on constrained supply by lack of imports as markets strengthened and producers swung to EO derivatives. In US, MEG markets saw fundamentals push March contract nominations higher, but spot pricing remained firm. MEGlobal raised its North American MEG benchmark. PTA prices were relatively slow to rise during the past few weeks and they rolled over in the week of 20 February as activities were limited by holidays in China, South Korea and public holidays in Singapore for the Lunar New Year. In Europe, PTA prices found support from rising downstream PET prices and on firm indications from Asia.
SOURCE: Yarns&Fibers
Bangladesh and Paschimbanga are the gateway to South Asia. There are enormous economic potential in areas that remains unexplored as yet. With a view to tapping such potential, the existing infrastructure and road connectivity should be improved. Paschimbanga Chief Minister Mamata Bannerjee observed this, during her recent visit to Dhaka. She said "we can work together" to make the two sides' business destinations for others. There are many potential areas including tourism, garment, textile, handloom, boutique and entertainment where both can work together.
Mamata Bannerjee had rightly pointed out that there should be an immediate nurturing of the ties between the two sides in order to move forward. A joint business council, she noted, is needed to remove the obstacles faced by the businessmen. There should be a screening committee to identify the problems facing businesses on both sides, she added. Now what are the problems? As of now, exports to India did not rise up to the expected level due to para-tariff and non-tariff barriers. In fact, the trade imbalance with India is growing because of some bottlenecks.
There is an acute lack of infrastructural facilities along the bordering areas in the Indian state of Paschimbangla. Besides, India is not accepting BSTI (Bangladesh Standards and Testing Institution) certification. This is one of the major barriers to exports from Bangladesh. However, there is a proposal from the Indian side about removing the barriers to trade with the joint efforts by the members of the business communities of both the countries and the governments.
Among the unresolved issues, there still exist two major disputes between the two countries -- land boundary agreement and the Teesta water sharing. For Bangladesh, these are very contentious issues which matter most to its teeming millions. The land boundary agreement, according to reports, is at its final stage. It is awaiting ratification by Indian parliament. Mamata was very much optimistic, saying land boundary dispute will be resolved shortly. But the Teesta deal with Bangladesh will take a little more time as both the countries need to resolve some domestic issues before signing anything.
During the Chief Minister's visit, a memorandum of understanding was signed between the India-Bangladesh Chamber of Commerce and Industry (IBCCI) and the Indian Chamber of Commerce (ICC) to identify the genuine problems facing the businesspeople. There was also an agreement about launching one more border market soon, in addition to the three already in operation to develop bilateral trade through the formal channel. Generally, India exports goods worth more than $5.0 billion a year to Bangladesh through formal channels, and it is believed products worth another $5.0 billion enter Bangladesh through informal channels.
Two reasons --, non- and para-tariff barriers and the Lilliput issue -- have narrowed the scope for Bangladesh's exports to India. Some garment exporters of Bangladesh have otherwise been facing uncertainty for years in receiving payments worth $5.0 million from Lilliput, a leading kids wear brand in India. Besides the countervailing duty at 12.5 per cent, there are some non- and para-tariff barriers for exporting garment items to India. On the whole, exports to India declined 19 per cent year-on-year basis in fiscal 2013-14 mainly due to a slowdown in shipment of garment items that do otherwise enjoy duty-free benefit in the neighbouring market.
Bangladesh's exports were expected to increase on account of this benefit that was given to it, following former Indian Prime Minister Manmohan Singh's visit to this country earlier. But due to the countervailing duty, Bangladeshi exporters lost competitiveness to the Indian garment manufacturers. Some Indian industrial conglomerates had already invested in Bangladesh while many others were otherwise waiting in the wings. Recently, to mention, the Indian Hero Motor invested in a joint venture plant involving Tk 430 million (43 crore) in Bangladesh. The Bangladeshi businessmen have also shown their interest in setting up hotels and other industries in the neighbouring country.
The Chief Minister of the Indian state of Paschimbanga did rightly suggest to form a business channel between Bangladesh and her Indian state via Kolkata and Siliguri points as the latter locations are considered the gateway to business with Nepal, Bhutan and the 'seven sisters' of North-Eastern India. There is, as market analysts say, also a large market worth $20 billion for Bangladeshi products in the north-eastern Indian states alone.
Furthermore, there is a long-pending visa problem with India. The Bangladeshi businessmen need multiple-entry visas to take advantage of the market opportunities in India. The neighbouring state of India can become the second biggest apparel market for Bangladesh after the European Union (EU) as the demand for Bangladesh's apparel items among the growing middle class there is high. All said and done, expectations run high over freer trade relations which are certainly mutually advantageous. Both the countries need to work together for further expansion of bilateral trade and commerce between them. The present level of connectivity has to be speedily expanded to benefit both the countries in a win-win situation.
SOURCE: The Financial Express Bangladesh
China's manufacturing activity edged up to a four-month high in February although export orders decreased for the first time in nearly a year, in the latest sign of uncertainty for the world's No. 2 economy, according to a private survey Wednesday. HSBC's preliminary purchasing managers' index released Wednesday rose to 50.1 this month from 49.7 in January. The reading comes in barely above the 50-point level that indicates no change on the 100-point scale.
The bank's chief China economist, Qu Hongbin, said the reading showed there was a "marginal improvement" in China's outsize manufacturing sector heading into the Lunar New Year period. The holiday tends to distort China's economic data at the beginning of the year, with factories stocking up on raw materials and rushing to complete orders before shutting down for an extended break that begins at different times in January or February. "However, domestic economic activity is likely to remain sluggish and external demand looks uncertain," Qu said. "We believe more policy easing is still warranted at this stage to support growth."
The report said that new export orders contracted for the first time since April, a sign of waning demand as the global economy struggles to recover. China's economy grew 7.4 percent last year, its slowest pace in nearly a quarter-century, and economists forecast growth to slow further in the coming years. Earlier this month, policymakers acted to counter the deepening economic slowdown by cutting the minimum level of reserves banks are required to hold. The People's Bank of China said the reduction will free up more money for lending and will support small and rural enterprises, construction projects and other activity. The HSBC survey, compiled with Markit, is based on 85-90 percent of responses from more than 420 purchasing managers. The final report is due March 2.
SOURCE: The Kentucky
Negotiators from several Asia-Pacific countries are set to meet in Hawaii next month to continue discussions on a trade agreement spanning 12 countries. The Hill reports that the U.S. will host chief negotiators meeting in Hawaii from March 9-15 to discuss the Trans-Pacific Partnership (TPP). The negotiators last met in New York January. The meeting could serve as the backdrop for a significant step in the process of negotiations spanning the region. "If a breakthrough in the negotiations occurs during the meeting in Honolulu, the city would be cited every time mentions of the successful agreement are discussed," said John Holman, director, Pacific of the U.S. Commercial Service/U.S. Department of Commerce.
Case in point: the outline of the trade agreement was discussed and announced in Honolulu on Nov. 12 during the Asia-Pacific Economic Cooperation conference. The outline, which appears on the Office of the U.S. Trade Representative's website, says it was agreed upon in Honolulu. Nations participating in the TPP include Australia, Brunei Darussalam, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam. Other nations may sign on after an agreement has been reached. After the TPP is negotiated between participating nations, it will go back to each country's legislative body for approval.
If the TPP is approved, "It presents a huge opportunity for Hawaii businesses, particularly with Japan," Holman said. The agreement would expedite the export process and most products would see tariffs and taxes near zero. In addition, it also would open large markets like Vietnam and Malaysia to Hawaii companies, Holman said. TPP does have its critics. One sticking point is the document's secrecy, which have only been made public via WikiLeaks. According to the Office of the United States Trade Representative's website, the TPP would benefit from Hawaii's good exports, which $598 million to 2013.
SOURCE: The Pacific Business News
Pakistan and Nepal need to focus on the promotion of bilateral business relations ensuring continued partnership for progress. The Ambassador of Nepal Bharat Raj Paudyal addressing the members of Pakistan Textile Exporters Association (PTEA) said that economic ties between the two countries can be enhanced to the best possibility. Improved regional trade will trigger pace of development in the whole SAARC region. Nepal greatly valued its relations with Pakistan that were based on mutual respect, trust and shared perceptions on regional and international issues.
Sheikh Ilyas Mahmood, Chairman PTEA welcoming Nepal ambassador said that current quantum of trade between Nepal and Pakistan is less than a quarter of the potential. Due to trading restrictions and tariff measures, most of the indirect and unaccounted for trade is routed through the Gulf countries. Formal arrangements of greater direct trade will prove to be useful as it would result in lesser freight and shorter lead time.
He further suggested that frequent exchange of trade delegations, establishment of display centres in both countries would help to further strengthen the trade ties. With GSP Status granted to Pakistan by European Union, there might be increased trade for semi-finished products to have required value addition in Pakistan. A large number of textile exporters were present at the occasion.
SOURCE: Yarns&Fibers
