|
Item |
Price |
Unit |
Fluctuation |
|
PSF |
1137.60 |
USD/Ton |
-0.43% |
|
VSF |
1869.38 |
USD/Ton |
0.09% |
|
ASF |
2444.70 |
USD/Ton |
0% |
|
Polyester POY |
1173.46 |
USD/Ton |
0% |
|
Nylon FDY |
3047.73 |
USD/Ton |
1.08% |
|
40D Spandex |
6926.65 |
USD/Ton |
0% |
|
Nylon DTY |
1377.18 |
USD/Ton |
0% |
|
Viscose Long Filament |
3292.20 |
USD/Ton |
0% |
|
Polyester DTY |
5756.45 |
USD/Ton |
0.06% |
|
Nylon POY |
1442.37 |
USD/Ton |
0% |
|
Acrylic Top 3D |
2835.85 |
USD/Ton |
1.16% |
|
Polyester FDY |
2591.38 |
USD/Ton |
0% |
|
30S Spun Rayon Yarn |
2575.08 |
USD/Ton |
0% |
|
32S Polyester Yarn |
1857.97 |
USD/Ton |
0% |
|
45S T/C Yarn |
2884.75 |
USD/Ton |
0% |
|
45S Polyester Yarn |
2004.65 |
USD/Ton |
0% |
|
T/C Yarn 65/35 32S |
2477.30 |
USD/Ton |
0% |
|
40S Rayon Yarn |
2705.47 |
USD/Ton |
0% |
|
T/R Yarn 65/35 32S |
2607.68 |
USD/Ton |
0% |
|
10S Denim Fabric |
1.14 |
USD/Meter |
0% |
|
32S Twill Fabric |
1.00 |
USD/Meter |
0% |
|
40S Combed Poplin |
1.35 |
USD/Meter |
0% |
|
30S Rayon Fabric |
0.77 |
USD/Meter |
0% |
|
45S T/C Fabric |
0.79 |
USD/Meter |
0% |
Source: Global Textiles
Note: The above prices are Chinese Price (1 CNY = 0.16298 USD dtd. 30/03/2015)
The prices given above are as quoted from Global Textiles.com. SRTEPC is not responsible for the correctness of the same.
Recently, a delegation from the Indian textile industry met Santosh Kumar Gangwar, minister of state for textiles to apprise him of the current as well as post budget scenario of the textile industry. The delegation was made-up of OP Lohia, CMD of Indo Rama Synthetics, Madhu Sudhan Bhageria, MD of Filatex India Ltd and others honchos from the textile sector. Lohia requested the minister to ensure that the textile industry is kept in the lowest slab in GST, which is expected to be in place by next year, since it is the second largest employment provider in India. The minister was told that while the textile industry was expecting a strong focus from the Government, there was however, no mention of it and nothing was done in the Budget to improve the health of the sector.
According to the delegation, the man-made industry was expecting reduction of excise duty from 12.36 per cent to 6 per cent, but instead it was increased to 12.50 per cent. As per a press release, the allocation of TUFS was also not there as per recommendation given by all textile industry associations including FICCI, CITI, etc. In order to support the ‘Make in India’ program, he emphasised that the need of the hour is to focus on the textile industry to boost its production capabilities. “The man-made fibre segment requires special attention, as major growth in the industry, can come only from MMF,” the minister was told.
Lohia stressed that if we do not focus now, other countries like Vietnam, Bangladesh, Indonesia and Pakistan will grow faster than India in this area. Lohia expressed concern over the reduction in exports of textile goods over the last few months and suggested on export of textile apparel and garments so that the entire value chain benefits. The minister assured the delegation that he would look into all these matters and bring growth in the textile sector, so that it can achieve its desired position both in domestic and export market.
SOURCE: Fibre2fashion
The Foreign Trade Policy (FTP) to be announced on April 1 will focus on boosting exports from employment generating manufacturing sectors, streamlining incentive schemes for services exports, and increasing digitisation for seamless transactions. The FTP is for five years (2015-2020). “Incentive schemes will be streamlined. Instead of a plethora of schemes, the focus will be on incentivising exports of identified products to targeted markets through the market-linked focus product scheme,” a Commerce Ministry official told BusinessLine .
Labour-intensive sectors, such as textiles and leather, will be in focus as it would promote exports as well as generate employment, which is a primary goal of the Centre, the official added. The ‘Served from India’ scheme for services exporters is likely to see changes. “The import duty exemption scrips (valued at 10 per cent of foreign exchange earned) could be made tradeable as several sectors that do not import can’t use them,” said Ajay Sahai, Director-General of Federation of Indian Export Organisations.
Incentive rates may be increased for sectors such as education, health and tourism, while foreign services companies in India may be denied the benefit, the official said. The FTP, expected since last August, is being announced when exports are under pressure due to a contraction in global demand. The target of $320 billion for the fiscal seems beyond reach as exports in the first 11 months, at $284 billion, are just 0.88 per cent higher than the previous year. A plan will also be laid out for increased digitisation and paperless transactions. “We want to move to a system where no documents would be required to be submitted physically,” the official added.
May cut export obligation
In line with the concept of ‘Make in India’, the Commerce Ministry may reduce export obligation for procurement of domestic capital goods under the Export Promotion Capital Goods scheme, the official added. The EPCG scheme waives duty on imported capital goods and excise on domestically procured goods against an export obligation on the purchaser. The Centre may also restrict import of used capital goods.
SOURCE: The Hindu Business line
Harsimrat Kaur Badal, Union food processing industries minister and Lok Sabha MP from Bathin during her visit to Mann - the village adopted by her under Saansad Adarsh Gram Yojana on Saturday announced that Centre has sanctioned Rs200 crore textile park for Punjab which will be constructed in Bathinda, cotton hub of the state.
The park would have automatic modern machines wherein finest cotton thread and cloth would be manufactured. The waste cotton plant, dyeing plant and readymade garments units would also be set up in it. Besides this different kinds of weaving, cloth, ring spun such as carded thread, combed thread, lycra, ring spun yarn of polyester cotton mix and knitted fabric plant would also be set up in textile park.
Without giving names of private players who could be invited to set shops in the park, Harsimrat said that the foundation stone of the textile park would be laid in the next couple of months. She said that work on textile park would be completed one-and-a-half year. With the commission of the textile park, the cotton producers would get better returns for their crops as well as would generate better employment opportunities for hundreds of people. She further added that private players running the park would be asked to provide employment opportunities to more women and a hostel would be constructed in its premises for them. The park would prove to be of immense use to the women especially.
Bathinda parliamentary constituency was the epicenter of cotton belt and in this scenario the textile park would be a boon for the people here. The Food Processing Minister said the farmers would be able to sell cotton at better prices in plant, the cloth from this plant will also find market in country and abroad, bringing in economic betterment for people of Malwa.
SOURCE: Yarns&Fibers
Textile firm Arvind Ltd on Monday said it has amicably settled a dispute between its subsidiary Arvind Lifestyle Brands Ltd (ALBL) and Ralph Lauren Corp. of the US by paying $3.2 million. In October 2013, Ralph Lauren had filed a case in a US district court against Arvind and US Polo Association (USPA) alleging breach of agreement. In its filing to BSE on Monday, Arvind said that its subsidiary Arvind Lifestyle Brands and USPA “thereafter got into good faith discussions and agreed to enter into an amicable settlement without admission of liability of any party.” “Under the terms of the settlement, ALBL and USPA have agreed to pay jointly settlement amount to Ralph Lauren. As per the settlement agreement, ALBL shall pay $3.2 million in full settlement and satisfaction of the dispute between the parties,” Arvind said. In 2013, Ralph Lauren had instituted the suit against USPA and Arvind alleging breach of agreement on account of non-compliance in respect of disclaimers to be printed on USPA products sold in India. Arvind Lifestyle has the license to manufacture and market US Polo branded products in India.
SOURCE: The Live Mint
National Small Industries Corporation (NSIC) has signed a Memorandum of Understanding (MoU) with Ministry of Micro, Small and Medium Enterprises (MSMEs) to promote innovation and skill development of MSMEs. The MoU for the year 2015-16 was signed by Ravindra Nath, CMD, NSIC with Madhav Lal, Secretary, MSME in the national capital on Monday. The said MoU envisages provision of enhanced services by NSIC under its Financial, Marketing, Technology Services and other support services schemes for MSMEs in the country.
The MoU projects growth of 15-20 percent in the operational performance of the Corporation during the year 2015-16. The key elements of the MOU for 2015-16 inter-alia include Raw Material Distribution to the tune of Rs. 21000 crore in 2015-16 as against Rs. 18000 crore in the year 2014-15. Preparing MSEs to avail enhanced benefits under 'Public Procurement' through consortia formation, conducting vendor development program and providing tender information to facilitate in tender participation.
Adoption of 10 clusters to extend benefits of NSIC's Schemes to the MSMEs operating from such clusters. Facilitate MSMEs in their marketing efforts through mobilising greater membership under e-marketing portal-www.msmeshopping.com.Further, Ravindra Nath, CMD, NSIC informed that special focus will also be given by NSIC to enhance the entrepreneurship and skill development activities through setting up livelihood incubation centres under the Scheme for "Promotion of Innovation, Entrepreneurship and Agro- Industry" of Ministry of MSME.
SOURCE: The SME Times
The rupee ended lower by 26 paise at 62.68 against the dollar due to renewed month-end demand from importers for the US currency. Fresh capital outflows and dollar gains in foreign markets also weighed on the rupee, while a strong rebound in local equities restricted its fall, a dealer said. At the interbank foreign exchange market, the domestic currency resumed weak at 62.55 a dollar, against the previous close of 62.42, and moved in a range of 62.69 and 62.52 before concluding at 62.68, a fall of 26 paise or 0.42 per cent.
Dollar buying by importers, mainly oil refiners, to meet their month-end requirements affected the rupee’s value. The dollar index, a gauge of six major global rivals, was up by 0.46 per cent in the late Asian trade today. The dollar was slightly better against the yen and euro in Asian trade today, with many market participants avoiding strong positions ahead of key data including the US labour data slated for later this week
The BSE Sensex ended higher by 517 points after eight days of sluggish trend on the back of firm Asian cues. FPIs sold shares worth Rs 320.52 crore last Friday, as per provisional data.
SOURCE: The Business Standard
The Reserve Bank of India on Monday relaxed provisioning rules against bad loans by allowing banks to set aside up to 50 per cent of floating provisions, up from 33 per cent earlier. Countercyclical provisioning buffers and floating provisions broadly refer to the specific amount that banks need to set aside in good times above the mandatory provisioning requirement as prescribed by RBI; these are used only in contingencies or extraordinary times of economic or system-wide downturns. Banks have started building such reserves since 2010.
The new relaxation will be applicable for floating provisions held by them as of the end of December 2014. “It has now been decided, as a counter cyclical measure, to allow banks to utilise up to 50 per cent of countercyclical provisioning buffer/floating provisions held by them as at the end of December 31, 2014, for making specific provisions for non-performing assets, as per the policy approved by their Board of Directors,” RBI said in a statement.
In February 2014, RBI had allowed to utilise up to 33 per cent of countercyclical provisioning buffer/floating provisions held by them as on March 31, 2013. Mounting bad loans have been a concern for the RBI and this relaxation may help banks provide for such loans thereby reducing the hit banks may face on their profitability due to the bad loans. “The utilisation of countercyclical provisioning buffer/floating provisions under this measure would be over and above the utilisation of countercyclical provisioning buffer/floating provisions as permitted,” the statement by RBI added.
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$ 53.81 per barrel (bbl) on 30.03.2015. This was lower than the price of US$ 55.60 per bbl on previous publishing day of 27.03.2015.
In rupee terms, the price of Indian Basket decreased to Rs 3370.12 per bbl on 30.03.2015 as compared to Rs 3481.12 per bbl on 27.03.2015. Rupee closed weaker at Rs 62.63 per US$ on 30.03.2015 as against Rs 62.61 per US$ on 27.03.2015.
The table below gives details in this regard:
|
Particulars |
Unit |
Price on March 30, 2015 (Previous trading day i.e. 27.03.2015) |
Pricing Fortnight for 16.03.2015 (Feb 26 to Mar 11, 2015) |
|
Crude Oil (Indian Basket) |
($/bbl) |
53.81 (55.60) |
58.21 |
|
(Rs/bbl |
3370.12 (3481.12) |
3618.92 |
|
|
Exchange Rate |
(Rs/$) |
62.63 (62.61) |
62.17 |
RC/Rk/Daily Crude oil price- 31.03.2015
SOURCE: PIB
Close to full fleet capacity utilisation, amid declining bunker fuel rates, is still not allowing domestic shipping companies to make a profit. The reason is significantly lower freight rates. “Freight rates in the bulk segment are so low that despite deploying nearly 95 per cent of the bulk fleet and bunker prices falling, we have no margins in this segment and are absolutely in a hand-to-mouth situation,” a senior official from the bulk division of Shipping Corporation of India (SCI) told Business Standard. The government-owned company has a well-diversified fleet of 69 vessels, including 17 bulk carriers.
Mercator, another leading company, whose stand-alone business is largely pure shipping, has also missed the bus, for a different reason. “With us, the issue is that Mercator is already into a two-year contract for tankers, and the rate locked in is marginally lower than the prevailing market rate, so we are missing out on the opportunity. Our contracts will come for renewal only in October; so, we will have to wait,” a senior official said.
The company has seven tankers, one VLCC (very large crude carrier) and 13 bulk vessels. Mercator’s bulk business is handled by its Singapore subsidiary, Mercator Lines (Singapore). “When we moved into long-term contracts for tankers, the market was very volatile and to protect our margin, we moved into two-year contracts,” explained the Mercator official. SCI, Mercator and Essar Shipping are close to 100 per cent fleet utilisation, despite a slowing economic situation in China, which has impacted the global trade, apart from oversupply of vessels. In the past seven months, the Baltic Dry Index — a measure of change in the transport cost of raw materials such as metals, grains and fertilisers by sea — has halved. It touched a record low of 509 in February before it recouped somewhat; it is now at about 590. The index does not currently include any India trade route, unlike earlier when the country was the world’s third largest iron ore exporter.
In line with the price of crude oil, the rates of bunker oil have almost halved in recent months. “The price has tumbled nearly 50 per cent to about $300 a tonne, which could lower input costs of shipping companies, lending some support to their operating profits,” shipping agent Rajesh Kumar Shahi of Glory Ship Management said. Bunker oil, mainly used to fuel ships, accounts for 40 per cent of the total cost of shipping companies. “The extent of fall in freight rates is much higher than in bunker (fuel) prices,” said a senior official with Essar Shipping. The company has hedged itself on bunker prices and is insulated from fluctuations in fuel prices.
Given the grim earnings situation, the tanker segment seems to be of some saving grace. This is evident from the movement of both, the Baltic Dirty Tanker and Clean Tanker indices, which have risen in the past seven months. The crash in crude oil prices has been supporting the shipping sector, as oil purchases have become more attractive, triggering stockpiling and a rise in demand for tanker vessels.
The Baltic Dirty Tanker is used to access the crude oil shipping segment and the Baltic Clean Tanker Index indicates the freight rates of vessels carrying petroleum products. Since September, the former rose 38 per cent until December, before settling to 770 in March. Baltic Clean Tanker rose by almost the same percentage and is currently at 681. “Tanker freights have moved up to about Rs 40,000 a day from Rs 19,000-20,000 in September. With lower bunker fuel prices and higher freights for tankers, margins are improving for this segment,” said the Mercator official.
SOURCE: The Business Standard
Pakistan on Monday said India should continue to focus on achieving higher growth rates as it had direct correlation with the success of the South Asian region. “We in South Asia do believe that India does have wherewithal and resolve to step to the plate and ensure that it achieves its economic goals, because if India rises we are confident the entire region will rise with India,” Pakistan High Commissioner Abdul Basit said here at an Assocham (Associated Chambers of Commerce and Industry of India) meeting.
He said it was important to create a level playing field within the eight-member South Asian Association for Regional Cooperation (SAARC) and stressed that economic development should not get subdued in political noise. “This is especially true in the context of our region, where politics often drums economics... In my view, these two constitute the warp and woof of modern economic diplomacy,” he added. He stressed in the coming months, SAARC will achieve all its targets. He emphasised all these in the context of the next SAARC Summit to be held in Islamabad.
“We are looking forward to work together to lift our people from the morass of poverty, illiteracy and disease because these are common challenges and common objectives. So, we are looking forward to work hand in hand with other SAARC member countries to achieve our shared objectives,” he added.
SOURCE: The Business Standard
Within a day after Sri Lanka and the European Union (EU) held discussions in Colombo to reinstate the sought after GSP Plus trade concession to boost Sri Lanka's apparel exports, another coveted technical breakthrough has been extended to Sri Lanka through a surging EU economy, Ministry of Industry and Commerce said in a statement. This support stream connects not only to Lanka's finished apparels but even its manufacturing core itself-opening along with it a new market destination even beyond EU- called as the next economic supermodel of the world, according to the statement.
During a meeting with the Minister of Industry and Commerce Rishad Bathiudeen on March 25 at the EDB in Colombo, Ms. Nesli Almufti, the Stockholm based Trade Policy Advisor of Swedish Government's National Board of Trade-Open Trade Gate has informed the Minister of the opportunity. "Sweden is highly innovative in textile and fashion designs and we are also among the top apparel industry technical research and development leaders. We are focusing on extending sector-based support to Lanka products. Boras Textile Fashion Centre a starting point for Sri Lanka and we can link you to Boras so that the process could start" said Ms. Almufti. Joining Advisor Almufti was Stockholm based Helena Hafgren (Swedish Apparel and Fashion Expert Consultant to National Board of Trade-Open Trade Gate). "We have a high standing in fashion design and more importantly, we are ranked at top in apparel research and development," she said.
According to Ms. Almufti, Swedish Government's National Board of Trade-Open Trade Gate, work with more than 100 Donor Approved List countries of OECD to encourage their exports into Sweden. The Swedish team is in Sri Lanka since they were called for support by the Sri Lankan Embassy in Stockholm. "Sweden is also the gateway to what is called as the next economic supermodel in the world -it's the four country premium "Nordic market" of which Norway is not part of but could be accessed through Sweden-also to Iceland. Sweden as well as Nordic region continues with its strong growth despite recent EU downturn. This Nordic market is not worried about costs of your products. Nordic market with Sweden is highly developed and there's growing demand for niche products from abroad in them-the more expensive and up market variety. One reason we are encouraging imports from countries such as Sri Lanka is that one third of our exports consist of high quality imports coming to Sweden. Today's value and supply chains are no more centered in one country to one country. Among our global brands are Skype, H&M and Ikea."
"We believe that Boras Textile Fashion Centre area and its University close to Sweden's second largest city Gothenburg are famous for apparel R&D including smart textiles, high tech textiles, apparel technical incubators, Museum of Textile History, and the Nordic Textile Library and that's a starting point for Sri Lanka and we can link you to Boras so that the process could start." GDP per capita in Nordic region is higher than Eurozone and lately Nordic GDP has also been growing faster than the Eurozone's. Sweden, with its $500+ Bn of GDP, is the seventh largest economy in EU. According to the European Commission, Swedish GDP will be "the fastest growing in 2015 at 3.3% within 'Nordic region' (European Commission also has the GSP Plus decision making authority on Sri Lanka). Sri Lanka and EU commenced work on the recovery of the GSP Plus from EU on 24 March in Colombo with the arrival of a high level GSP Taskforce directly from Brussels.
"I am so pleased of technical support from a highly developed economy to our apparels which is also timely since our prospects to recover GSP Plus and boost apparel exports are brighter after we started work with visiting EU GSP Taskforce yesterday 24 March" said the Minister Bathiudeen, responding to Trade Policy Advisor Almufti, and added: "Apparels are Sri Lanka's topmost merchandise exports earner and we are almost ready to achieve the US$ 5 billion export milestone in it. Our apparel exports in 2014 were at US$ 4.9 billion increasing by 9.2% from 2013. We believe GSP Plus door may open for us. Sri Lankan apparel sector's manufacturing now at G4 levels with even the large global fashion brand portfolio owners such as PVH Corporation directly partnering with us on their speed orders." "Our Industry Completing Cycle is a short 4-5 days up-to shipping, and we can readily supply premium apparels to Sweden and Nordic region as a result. Close to one third of our exports to Sweden are apparels," the Minister added. According to the Department of Commerce of Sri Lanka, in 2014, Sri Lanka's total trade with Sweden stood at US$ 125 million, of which US$ 71.05 million were exports-of which 31% were apparels. Sri Lanka's biggest imports from Sweden were cellular and wireless products in 2014.
SOURCE: The Colombo Page
The 14th Textile Asia Exhibition which began in Karachi, Pakistan at the Expo Centre, where former adviser to prime minister on Textile Industry Dr Mirza Ikhtiar Baig was the chief guest said that the country is expecting business deals worth $700 million. Textile Asia expo have organized businessmen to businessmen (B to B) meetings among the local traders and foreign delegates at this mega event.
The purpose of organizing the exhibition was to further upgrade and equip the local textile sector with latest technology being used internationally. Some 386 business delegates from 39 countries are visiting the exhibition where around 515 international and 35 local companies are showcasing their brands. The machinery and equipments which are on display at the exhibition were producing value added products for increasing volume of exports, he said and hoped that local businessmen would benefit from this technology by adding value to their products.
In fact, despite all odds and challenges they are working on war-footing basis to attract the foreign investment in Pakistan. Today they have succeeded in bringing the international business community here and the foreigners are quite satisfied with the city's environment for doing business and they are motivated to invest in the port city. This increasing level of trust among the foreigners is a good omen for future. The local traders are taking keen interest in technology and machineries being showcased by international exhibitors here. Of the total 415 exhibitors in this show, China's participation is almost 50 percent.
SOURCE: Yarns&Fibers
Textile exporters have termed the over valuation of the rupee, high utility costs, Rs 70 billion working capital withheld by the government due to delayed refunds, as well as growing fear of a recession in the European Union (EU) as primary factors for decline in exports. Chairman Pakistan Apparel Exporter Javed Balwani said that Karachi, which contributes 50 per cent to total exports, is facing a law and order situation. In addition loadshedding has been relatively higher compared to the previous year and so was shortage of water in the city. There was no respite for industrial sector in terms of rising electricity and water costs as well as that of other inputs.
As a result, the country's exporters have been unable to compete with other regional exporters. He further stated that all issues have been taken up with Finance Minister Ishaq Dar and the State Bank of Pakistan (SBP) but to no avail. Former Chairman All Pakistan Textile Mills Association (APTMA) Gohar Ejaz confirmed that exporters' issues have been conveyed to the government through advertisements. Ejaz stated that Rs 70 billion working capital of the textile sector is struck in government departments.
He said that the 10 per cent over valued currency as well as high input cost renders the country's exports expensive in the international market, including as compared to Bangladesh. We have been unable to compete with Bangladeshi goods in the EU markets, he added. Official of Commerce Minister has presented valid reasons for decline of over 15 per cent in exports during the first eight months of the current fiscal year but the report was turned down by the Minister for Commerce Khurram Dastigar, he added.
There is unlikely to be an improvement in exports in the near future because all the policies ranging from exchange rate to input cost as well as economic situation in EU countries has not been supportive to growth. The government has to understand the problems of exporters and needs to take concrete steps if it wants to increase the country's exports to strengthen the country's balance of payment position (BoP), exporters added.
SOURCE: The Business Recorder
Egypt is interested in joining the Beijing-backed Asian Infrastructure Investment Bank, the foreign ministry spokesman said on Monday. Australia, Britain, France, Germany, Italy and Russia have all said they intend to join the bank, despite scepticism about the AIIB in Washington and Tokyo. China and 20 other countries signed a memorandum of understanding last October to establish the Beijing-headquartered $50 billion (S$68.8 billion) AIIB. "Egypt has applied to join the Asian Infrastructure Investment Bank," foreign ministry spokesman Badr Abdel Atti told AFP.
The new multinational lender is seen as a threat to the World Bank and the Asian Development Bank, two institutions under strong US influence. The United States has voiced concern about whether it would meet international governance, environmental and social standards, with President Barack Obama's administration waging an intense but low-profile lobbying campaign against it. China is expected to foot the bulk of the initial money needed to get the AIIB started, with donations from other members set to increase the size of the overall fund to more than $100 billion.
SOURCE: Asia One
Confidence in the euro zone's economy rose for a fourth straight month in March to its highest since July 2011, a European Commission survey showed on Monday, suggesting the weak euro and lower oil prices are spurring the recovery. The European Commission's economic sentiment indicator rose by 1.6 points to 103.9, better than the 103.1 economists had forecast in a Reuters poll and building on a recovery that began in December. Business morale improved by 0.14 points to 0.23. "The recovery is not only gaining momentum but broadening," said Frederik Ducrozet, senior euro zone economist at Credit Agricole. "The ECB's helping with the euro, you have oil stabilising and there is no major deflation threat."
Italy showed the biggest jump in morale, increasing 2.4 points, followed by Germany, Spain and the Netherlands. Overall, euro zone households appeared much more optimistic. Still, the euro zone's recovery is fragile and its economies are diverging. Economic morale in France, the euro zone's second-largest economy, rose just 0.4 points in March. Despite the uncertainty surrounding Greece, the euro zone's economy finally looks to be leaving behind its crisis after two recessions since 2008, while the European Central Bank's money-printing programme is increasing optimism.
The European Commission expects the euro zone's economy to grow 1.3 percent this year and 1.9 percent in 2016. That would lag the recovery in Britain and the United States but would offer a welcome sign that the bloc can avoid the economic stagnation and deflation many feared just a few months ago. To combat low inflation, the European Central Bank has begun printing money to buy euro zone government bonds, a policy known as quantitative easing that will see it pump 60 billion euros ($65 billion) a month into the euro zone's economy. That is weakening the euro against the dollar, helping euro zone exporters. A global oil glut is also making energy cheap.
In another sign that ECB policy is having a positive effect, the European Commission said in its survey that consumers' inflation expectations rose for a second straight month in March, and retailers and manufacturers again increased their forecasts for rising prices and demand. Overall, the Commission noted "the marked improvement in industry confidence" as well as in services, retail trade and consumer confidence, which all pointed to an improvement in companies' plans to hire more staff. "The improvement in euro area sentiment was fuelled by brightening confidence among consumers, but confidence also improved among managers in retail trade, services, construction and, particularly, industry," the survey said.
SOURCE: The Economic Times
Vietnam is South Korea's ninth-largest trading partner, with $21.09 billion worth of products shipped to the Southeast Asian country in 2013. The two countries, South Korea and Vietnam have initialed free trade agreement with the aim to boost bilateral trade by removing tariffs and other barriers. Following Saturday's initialing in Seoul, South Korea will seek to formally sign the deal within the first half of this year and obtain parliamentary approval as soon as possible before implementing it by year-end, the Ministry of Trade, Industry and Energy said.
In December, South Korean President Park Geun-hye and Vietnamese Prime Minister Nguyen Tan Dung announced the effective conclusion of bilateral FTA negotiations. The ministry said that the latest FTA will likely help small and medium enterprises to ship more textiles, auto parts, cosmetics and electronics goods to the Vietnamese market. The deal would allow South Korean firms to compete better with their Japanese competitors in the Vietnamese market.
SOURCE: Yarns&Fibers
In the Chinese domestic market, prices of Cotton Linter were spotted at RMB 2415/ton in the last week ending March 27, which were down compared to the previous week ending March 20, 2015. In the last updates from market, offer prices were in the range of RMB 2515/ton to RMB 2715/ton. Trading prices were at RMB 2415/ton.
Prices of Dissolving Pulp were witnessed at RMB 6000/ton in the last week, which were steady as compared to the previous week. Prices of imported Dissolving Wood Pulp were quoted in the range of US$ 795/ton to US$ 800/ton. Prices of Pulp imported from the US and Europe were in the range of US$ 830/ton to US$ 840/ton and US$ 810/ton to US$ 815/ton respectively, while those from Canada were in the range of US$ 750/ton to US$ 780/ton. Prices of Pulp imported from Sweden were between US$ 795/ton and US$ 800/ton.
VSF prices were assessed at RMB 11390/ton in the last week, which were up compared to the previous week. During the week, VSF market opened at RMB 11350/ton and closed at RMB 11450/ton level. In the Chinese market, offers for imported VSF hovered in the range of US$ 1.54/kg to US$ 1.56/kg. Market analysts expect VSF prices to remain stable in the ongoing week.
In the last week, VFY prices went up and were offered at RMB 35400/ton. VFY market sentiments were favourable during that period. Producers kept offers in the range of RMB 35350/ton to RMB 35400/ton. In the Chinese market, offers for imported VFY went up and were in the range of US$ 5600/ton to US$ 5650/ton.
SOURCE: Fibre2fashion
