Textile Raw Material Price 2015-06-09
|
Item |
Price |
Unit |
Fluctuation |
|
PSF |
1259.33 |
USD/Ton |
-0.96% |
|
VSF |
2031.23 |
USD/Ton |
0% |
|
ASF |
2490.13 |
USD/Ton |
0% |
|
Polyester POY |
1214.50 |
USD/Ton |
-0.47% |
|
Nylon FDY |
3097.38 |
USD/Ton |
0% |
|
40D Spandex |
6390.38 |
USD/Ton |
0% |
|
Nylon DTY |
2684.94 |
USD/Ton |
0% |
|
Viscose Long Filament |
1442.73 |
USD/Ton |
0% |
|
Polyester DTY |
3358.21 |
USD/Ton |
-0.48% |
|
Nylon POY |
5958.38 |
USD/Ton |
0% |
|
Acrylic Top 3D |
1491.63 |
USD/Ton |
-0.22% |
|
Polyester FDY |
2918.06 |
USD/Ton |
-0.56% |
|
30S Spun Rayon Yarn |
2722.43 |
USD/Ton |
0% |
|
32S Polyester Yarn |
1988.84 |
USD/Ton |
0% |
|
45S T/C Yarn |
2983.27 |
USD/Ton |
0% |
|
45S Polyester Yarn |
2184.47 |
USD/Ton |
0% |
|
T/C Yarn 65/35 32S |
2510.51 |
USD/Ton |
0% |
|
40S Rayon Yarn |
2885.45 |
USD/Ton |
0% |
|
T/R Yarn 65/35 32S |
2738.74 |
USD/Ton |
0% |
|
10S Denim Fabric |
1.14 |
USD/Meter |
0% |
|
32S Twill Fabric |
0.96 |
USD/Meter |
0% |
|
40S Combed Poplin |
1.35 |
USD/Meter |
0% |
|
30S Rayon Fabric |
0.77 |
USD/Meter |
0% |
|
45S T/C Fabric |
0.78 |
USD/Meter |
0% |
Source: Global Textiles
Note: The above prices are Chinese Price (1 CNY = 0.16302 USD dtd. 09/06/2015)
The prices given above are as quoted from Global Textiles.com. SRTEPC is not responsible for the correctness of the same.
Pitching for a better ranking on ease of doing business for India, government officials today apprised the World Bank about various reform measures taken in the past one year including relaxation in company laws. A two member mission of the World Bank Group is on a two day-visit to India to collect data and information for Doing Business Report, 2016. The members are Nadine Abi-Chakra and Baria Nabil Daye. India ranked 142 among 189 nations in World Bank’s Ease of Doing Business 2015 report. A kick start meeting on this issue was held yesterday in Department of Economic Affairs (DEA) under the chairmanship of Additional Secretary Ajay Tyagi. As per a statement issued by the Commerce Ministry, Tyagi impressed upon the importance given by the government to improve regulatory environment across India. “The Mission appreciated the efforts made by the government and promised to take note of initiatives taken by Government of India and State Government,” the statement said. The visiting delegation was informed about the various reforms undertaken by the government. These reforms include, single step incorporation of companies through INC-29 Form, loans or guarantee to fully owned subsidiary company facilitated and process to approve related party transaction made simpler. Steps have been also taken to ease movement of export and import goods through Customs. The government is keen to improve ease of doing business in the country to attract foreign funds as well as spur domestic investments. The Department of Industrial Policy and Promotion has started the process to rank states in terms of ease of doing business, a move aimed at triggering competition among states to attract investment.
SOURCE: The Financial Express
India will be the 'country of honour' at China's annual five-day South Asia Expo to be held this week in Kunming city, capital of southwest Yunnan Province, officials said. The opening ceremony of the South Asia Expo to be held from June 12 will be attended by Chinese Vice President Li Yuanchao, according to the Foreign Ministry here. This is the third consecutive year that the South Asia Expo is being held by China to expand its trade and business footprints in South Asia where it is looking to firm up influence with huge investments in different countries. Each year, one South Asian country is made the 'country of honour' to highlight the business potential.
The South Asia Expo will be part of the the 23rd Kunming Import and Export Fair which will be held simultaneously, Foreign Ministry spokesperson Hong Lei told a media briefing here. Aiming to boost cooperation between China and South Asian countries and drive development, the expo will draw foreign leaders including Maldives President Abdulla Yameen, Laos Prime Minister Thongsing Thammavong and Vietnam Deputy Prime Minister Hoang Trung Hai, Hong said. India is the 'country of honour' at this year's expo, and Thailand is the guest of honour of the Import and Export Fair, he said.
SOURCE: The Economic Times
The rupee, which has already breached the 64-mark this month, may weaken further a month down the line, as experts believe the Federal Open Market Committee (FOMC) at its two-day meeting later this month may give a hawkish guidance even if they do not begin with the rate hike cycle. The rupee might trade at 64.50 in a month, according to a Business Standard poll of 12 currency experts. “The way forward is negative with flows in dollar demand-driven mode from importer’s fear, exporter’s greed against limited support from foreign investor’s supply,” said J Moses Harding, group CEO, liability and treasury management, Srei Infrastructure Finance. On Tuesday, the rupee ended stronger against the dollar due to dollar sale by banks and exporters. The rupee ended at 63.93, against the previous close of 64.09 a dollar. The rupee had opened at 63.98 and during intra-day trades, it touched a high of 63.86 and a low of 64.01. On Monday, the rupee had closed at a near one-month low after data showed that US employers added 280,000 jobs in May, the most in five months raising concerns of a rate hike sooner than expected. “The rupee has been under some pressure, as foreign institutional investors (FIIs) have been pressing sales in the bond and equity markets both in May and in June so far. Falling Indian interest rates and other emerging market equity markets looking attractive have contributed to this,” said Harihar Krishnamoorthy, treasurer at FirstRand Bank.
The US Fed will meet for a two-day meeting on June 16-17. If the guidance is hawkish then it may trigger further FII outflows from emerging markets and India may not be an exception. So far this month, FIIs have been net sellers worth Rs 5,438 crore. “Gradually, the Reserve Bank of India (RBI) will allow rupee to depreciate further. All this will be primarily for boosting exports and to take care of the competitive devaluation that is happening in China,” said Suresh Nair, director, Admisi Forex India. RBI has been building foreign exchange reserves as a step towards preparing to face the US Fed’s rate hike actions. Data released on Friday showed the country’s foreign exchange reserves rose $917.5 million in the week ending May 29 to $352.47 billion. RBI is expected to keep intervening in the foreign exchange market to arrest volatility.
SOURCE: The Business Standard
The international crude oil price of Indian Basket as computed/published today by Petroleum Planning and Analysis Cell (PPAC) under the Ministry of Petroleum and Natural Gas was US$ 61.66 per barrel (bbl) on 09.06.2015. This was higher than the price of US$ 60.90 per bbl on previous publishing day of 08.06.2015.
In rupee terms, the price of Indian Basket increased to Rs 3942.54 per bbl on 09.06.2015 as compared to Rs 3904.30 per bbl on 08.06.2015. Rupee closed stronger at Rs 63.94 per US$ on 09.06.2015 as against Rs 64.11 per US$ on 08.06.2015. The table below gives details in this regard:
|
Particulars |
Unit |
Price on June 09, 2015 (Previous trading day i.e. 08.06.2015) |
Pricing Fortnight for 01.06.2015 (May 14 to May 27, 2015) |
|
Crude Oil (Indian Basket) |
($/bbl) |
61.66 (60.90) |
63.49 |
|
(Rs/bbl |
3942.54 (3904.30) |
4045.58 |
|
|
Exchange Rate |
(Rs/$) |
63.94 (64.11) |
63.72 |
SOURCE: PIB
India, Japan and Australia held their first ever high-level trilateral dialogue in New Delhi. The talks were attended by Indian foreign secretary S Jaishankar, Japanese vice foreign minister Akitaka Saiki and Australian secretary of the Department of Foreign Affairs and Trade Peter Varghese. The trio reportedly discussed a range of issues at the dialogue. Maritime security was on the agenda, including freedom of navigation in the South China Sea and trilateral maritime cooperation in the Indian Ocean and the Pacific Ocean. The countries also discussed the prospects for greater economic cooperation. Indian naval sources also said that a joint exercise between the three nations is a possibility further down the line and that preliminary talks have already taken place. Indian naval officials are currently in Perth for separate talks on their first ever bilateral maritime exercises with Australia scheduled for September off the east coast of India. Separately, New Delhi is also considering including Japan for this year’s iteration of the Malabar Exercises in October, which has usually been an U.S.-India bilateral engagement. This is in addition to the Japan India Maritime Exercise (JIMEX) held annually between the two countries. Tokyo participated in the Malabar exercises last year as well. The three countries also agreed to hold their next round of talks in Tokyo. One of the concerns surrounding the trilateral dialogue was the reaction from China. In 2007, India’s involvement in the informal ‘quadrilateral security dialogue’ with Japan, Australia and the United States – with all four participating in that year’s iteration of the Malabar exercises – provoked a strong backlash from Beijing due to fears of encirclement. But Varghese, the Australian representative at the dialogue, told The Hindu that the trilateral meeting should not be considered an ‘anti-China front.’ “This is not a meeting directed at anyone. We are three countries with a lot to do bilaterally, and we see benefit in cooperation,” Varghese said.
Varghese reportedly had several other meetings scheduled following the dialogue, including one with National Security Adviser Ajit Doval and others with the Commerce Ministry and the Department of Industrial Policy and Promotion. India and Australia had previously committed to strengthening their bilateral economic relationship, including concluding a free trade agreement by the end of 2016. Yet Varghese told The Hindu that in spite of some changes in the business environment and the willingness of the Modi government to move on reforms, major obstacles remained to investment including various regulatory hurdles, clearances and delays. Separately, some have questioned whether Australia’s attempt to conclude an FTA with India by the end of next year might be too ambitious.
SOURCE: The Diplomat
The French textile machinery has been a partner of the Russian textile industry for many years. After several seminars already held in Russia, UCMTF the French association of textile machinery manufacturers, organized in October 2014, a technological forum in Moscow with the support of the Russian textile association, SOYUZLEGPROM. The leaders of the two organizations — Serguei RASBRODIN, president, SOYUZLEGPROM; and Christian Guinet, vice president International and Evelyne Cholet, secretary general, UCMTF — have been thinking for a while that a new form of institutionalized cooperation should be open. The discussions have led to the signature of a Memorandum of Understanding (MoU) with the objectives:
The signature took place on April 21, 2015 during LEGPROMFORUM 2015 in Moscow. LEGPROMFORUM is a major event grouping representatives of the Government, Heads of Regions and public sector organizations, the scientific community and the Russian textile companies, with the objective to deliberate on the strategy for the development of the Russian light industry, more particularly textiles, for the next decade. The signature is particularly important as Russia has decided to modernize its textile industry and to produce more of its needs for its national market and import less of these consumer goods and as France is the 6th exporter of textile machinery in the world with state- of- the- art specialized machinery for both traditional and technical textiles.
SOURCE: The Textile World
The country's investment climate has witnessed significant improvements following three challenging years of macroeconomic instability, according to Minister of Planning and Investment (MPI) Bui Quang Vinh. In his opening remarks at the mid-term Viet Nam Business Forum 2015 held yesterday in Ha Noi, the minister said the forum would help boost the international integration of Viet Nam, especially at the time of signing and participation in new free trade agreements (FTA). With the theme "Enhancing Enterprise Competitiveness for Global Integration," the forum focused on the solutions and measures to develop the private economic sector and make it more competitive for global supply chain. The minister forecast an annual growth of 6.2 per cent for 2015, adding that local business difficulties were easing.
Chairman of the Vietnam Chamber of Commerce and Industry (VCCI) Vu Tien Loc said the local business community had recognised the Government's efforts to provide a better regulatory environment. However, the VCCI chairman pointed out the lack of transparency in access to regulatory documents of Government agencies, unpredictable changes in rulings by regulatory agencies, and law enforcement not conducive to business still troubling local enterprises and firms. Meanwhile, Sherry Boger, Chairperson of the American Chamber of Commerce (Amcham) emphasised that Viet Nam had been extremely successful with international economic integration in general and with the US in particular. She remarked that last year, the total trade between the two countries reached US$36.3 billion, up by 20 per cent. She added that it could reach nearly $72 billion by 2020 if the present trends continue, and even more with TransPacific Partnership (TPP).
The Amcham chairperson added that in 2014, Viet Nam became the leading supplier to the US among ASEAN countries, ahead of Malaysia and Thailand. Viet Nam's share of total US imports from ASEAN was 22 per cent and could exceed 30 per cent by 2020. Addressing the forum, Prime Minister Nguyen Tan Dung said more work needed to be done determinedly to secure the rapid and sustainable socio-economic development of Viet Nam. He added that the Government would do more to stabilise macroeconomic elements by controlling exchange rates, inflation, budget overspending, and trade deficit. He told the forum that the Vietnamese Government would commit to improve the business and investment climate, as well as raise entrepreneurs' competitiveness. "Aiming to sign 14 FTAs in the coming time, Viet Nam will establish trade relations with 55 partner countries, including 15 member countries from G-20. That will be the fundamental foundation for Viet Nam to integrate with the world," said Dung.
Nguyen Thi Hong, Deputy Governor of the State Bank of Viet Nam, said the SBV had used its monetary policy tools in restructuring local financial institutions and enhancing monetary and banking regulations. As a result, it would improve investors' confidence in Viet Nam. Hong noted that the SBV would reduce the bad debt rate to 3 per cent by the end of 2015. Country Director of the World Bank Victoria Kwakwa said Viet Nam had made significant progress in a number of areas and important legislations, adding that the WB would see how the country continues to move in the right direction and towards a more private sector-driven economy. She said key FTAs would allow Viet Nam to transform itself and move towards a modern industrialised economy. Highlighting that significant progress had been made in important issues for the businesses community, the co-chairman of Vietnam Business Forum Consortium, Virginia B Foote, said since the last forum, new laws on investment, enterprise, and land had been passed, while some amendments to the Tax Law were made to attract investment, support industries, and develop the local economy. Sigmund Stromme, Chairman of the Nordic Chamber of Commerce, said international companies were still experiencing great problems due to increased transport and logistics cost caused by congestion in ports and the limited handling capacity of major Vietnamese ports. He suggested that for Viet Nam to remain competitive compared with its neighbouring countries, it was important to improve cargo handling capacity and costs. Meanwhile, Japanese and Korean representatives mentioned issues including visa exemption, one-time licensing, and their labour and human resources facing troubles in Viet Nam. The one-day forum was co-organised by the MPI, International Finance Corporation, and the World Bank in Ha Noi.
SOURCE: The Vietnam News
Vietnam’s geographical location in Asia, with good access to India, China and South East Asia, leaves it well-placed to trade with fast-growing neighbors, according to a forecast by UK-based bank HSBC. Vietnam’s fastest-growing export destinations in the decade to 2030 will be China, India and Malaysia, HSBC said in its Global Connections report, which was released this week. It expected Vietnam's exports to all these markets to grow by at least 14 percent per year. HSBC's forecasts echoed the recent Doing Business report by the World Bank, which ranks Vietnam 75th out of 189 economies on the ease of trading across borders, well ahead of both China and India. The ranking reflecting Vietnam's role as a regional trading hub and its efforts to dismantle barriers to free trade. Although the US was still Vietnam’s largest export market in 2013, the HSBC report forecast that China will overtake it to become Vietnam’s largest export destination by 2030. Vietnam’s location and strong foothold in both clothing and telecoms means it is well-placed to access this buoyant consumer market.
Trans-Pacific Partnership
Yet the US and Vietnam will still enjoy historically strong commercial linkages, and by 2030 the US will still account for 15 percent of Vietnam’s exports, according to HSBC. Vietnam and the United States are two of the 12 countries currently negotiating the Trans-Pacific Partnership (TPP). When the agreement is finalized, Vietnam’s exports will become even more competitive in the US, probably boosting trade between the two countries, the report said. Trade deals with ASEAN, the United States and Europe in the next few years will secure market access for the new range of higher-value exports and help to keep import costs down. “Against this background, we are projecting robust growth in real GDP of more than 5 percent per annum to be sustained in the decade to 2030,” said the report. However, the country's economic outlook is also facing risks posed by the "ruling party resistance to structural reforms, setbacks to infrastructure investment, possible delays to the new trade pacts, as well as slower Chinese growth.
Top exports
Clothing and apparel are expected to remain the country’s top export for the foreseeable future, contributing almost 20 percent of the projected growth in total merchandise exports in the decade to 2030. Behind clothing and apparel, electronics will make the second largest contribution to Vietnam’s export growth from 2015 to 2030, it said. Regarding import, HSBC said it expected industrial machinery to continue to be Vietnam’s largest import sector out to 2030, contributing around a quarter of Vietnam’s import growth over the forecast period.” The next two most important import sectors will be textiles and wood manufactures, and information and communication technology equipment, supporting Vietnam’s export base in these sectors. China and South Korea, emerging Asia’s two leading export nations over the last decade, will continue to be Vietnam’s largest import partners out to 2030.
SOURCE: The Global Textiles
Canada’s Prime Minister Stephen Harper used the G7 summit in Germany to push European leaders for a speedy ratification of the Comprehensive Canada-EU free trade agreement known as CEFTA. According to the PM’s office, Mr Harper “talked up” the trade pact at the G7 working session on June 7. “Prime Minister Harper encouraged European members of the G7 to swiftly implement the job-creating Canada-EU trade agreement," the office said. In this regard, important meetings were held by Mr Harper in Germany with European Council President Donald Tusk and European Commission President Jean-Claude Juncker. The PM urged them for an early conclusion of the deal. Both Canada and EU had arrived at an in-principle trade agreement in goods and services. But the legal text has been a bone of contention between the two, and needs fine tuning before being ratified by Canada and the EU's 28-member countries.
CETA Ratification
For Mr Haper, clinching the CETA would be a major political gain as he is going to face a federal election in October. Even before the summit, the PMO had said, the prime minister would be using all his meetings with European leaders to push for CETA. Among other important meetings held by Mr Harper, the one with British Prime Minister David Cameron was significant. They discussed the measures needed to grow the fragile global economy and also touched upon the security scenario with respect to Ukraine crisis and Russia, and also the threat from Islamic militants like ISIS in Iraq and Syria.
Stopover in Ukraine
Before arriving in Germany’s scenic Bavaria for the G7 meet, Mr Harper had a stopover at Kiev and assured Ukrainian leaders that he would push for an early solution to their conflict with Russia. In Bavaria, the leaders of Germany, Britain, Canada, France, Italy, Japan and the U.S., along with European officials, got down to work at the Schloss Elmau hotel. Germany hosted the summit with hopes to secure commitments from G7 guests to tackle global warming and overcome resistance from Japan and Canada on the matter of ceasing fossil fuels.
Fossil Free Era
Meanwhile, the important outcome for Canada in G7 became its decision to go along with other Group leaders in pledging to stop fossil fuels by the end of the century. However, some Canadian officials played down the promise as an “aspirational” target and PM Harper said it will be reached through advances in technology. The final communiqué of G7 leaders made a call to end fossil-fuels by the global economy and induce maximum cuts to greenhouse-gas emissions by 2050. However, analysts say that the final G7 statement represented a watered-down version of what Ms Angela Merkel had envisaged, which was to be a strong commitment to usher in a low-carbon economy and curb the use of fossil fuels by 2050.
SOURCE: The IB Times
