Textile Raw Material Price 2015-06-30
|
Item |
Price |
Unit |
Fluctuation |
Date |
|
PSF |
1215.54 |
RMB/Ton |
-0.33% |
6/30/2015 |
|
VSF |
2046.03 |
RMB/Ton |
0.16% |
6/30/2015 |
|
ASF |
2480.03 |
RMB/Ton |
0% |
6/30/2015 |
|
Polyester POY |
1179.65 |
RMB/Ton |
-0.28% |
6/30/2015 |
|
Nylon FDY |
3075.57 |
RMB/Ton |
0% |
6/30/2015 |
|
40D Spandex |
6281.66 |
RMB/Ton |
0% |
6/30/2015 |
|
Nylon DTY |
3295.83 |
RMB/Ton |
0% |
6/30/2015 |
|
Viscose Long Filament |
5987.97 |
RMB/Ton |
0% |
6/30/2015 |
|
Polyester DTY |
1460.28 |
RMB/Ton |
-1.10% |
6/30/2015 |
|
Nylon POY |
2855.30 |
RMB/Ton |
-0.57% |
6/30/2015 |
|
Acrylic Top 3D |
2626.88 |
RMB/Ton |
0% |
6/30/2015 |
|
Polyester FDY |
1386.86 |
RMB/Ton |
-1.73% |
6/30/2015 |
|
30S Spun Rayon Yarn |
2724.77 |
RMB/Ton |
0% |
6/30/2015 |
|
32S Polyester Yarn |
1941.60 |
RMB/Ton |
-0.83% |
6/30/2015 |
|
45S T/C Yarn |
2969.51 |
RMB/Ton |
0% |
6/30/2015 |
|
45S Polyester Yarn |
2153.71 |
RMB/Ton |
0% |
6/30/2015 |
|
T/C Yarn 65/35 32S |
2496.35 |
RMB/Ton |
0% |
6/30/2015 |
|
40S Rayon Yarn |
2887.93 |
RMB/Ton |
0% |
6/30/2015 |
|
T/R Yarn 65/35 32S |
2708.46 |
RMB/Ton |
0% |
6/30/2015 |
|
10S Denim Fabric |
1.14 |
RMB/Meter |
0% |
6/30/2015 |
|
32S Twill Fabric |
0.96 |
RMB/Meter |
0% |
6/30/2015 |
|
40S Combed Poplin |
1.35 |
RMB/Meter |
0% |
6/30/2015 |
|
30S Rayon Fabric |
0.77 |
RMB/Meter |
-0.42% |
6/30/2015 |
|
45S T/C Fabric |
0.78 |
RMB/Meter |
0% |
6/30/2015 |
Source: Global Textiles
Note: The above prices are Chinese Price (1 CNY = 0.16316 USD dtd. 30/06/2015)
The prices given above are as quoted from Global Textiles.com. SRTEPC is not responsible for the correctness of the same.
Chambal Fertilisers and Chemicals has entered into an agreement to sell its textile business to Sutlej Textiles and Industries for Rs 232.63 crore. The unit Birla Textile Mills (BTM) located at Baddi in Himachal Pradesh, will be sold on a 'slump sale' basis subject to requisite approvals, the company said in a BSE filing. "The company has executed Business Purchase Agreement on June 30, 2015 for sale of BTM to Sutlej as a going concern on slump sale basis," the filing said. The sale transaction, which has already been approved by the Competition Commission of India (CCI), would be subject to requisite approvals and fulfillment of various other conditions as mentioned in the agreement, it said. In March, Chambal Fertilisers had said that the textile unit would be sold for Rs 232.63 crore (including net current assets). The Kolkata-based Chambal Fertilisers, predominantly a producer of farm inputs, also has shipping division. It has other business interests through its subsidiary in the software sector.
SOURCE: The Economic Times
The polyester spinners have rolled over polyester prices for July deliveries. The user industry was expected a reduction in polyester prices on account of easing of crude prices due to Greece crisis. However, it has been rolled over, sources informed.
SOURCE: Tecoya Trend
After the Centre's nudge for taking steps to promote exports, as many as 21 states have appointed export commissioners while 14 have framed strategies for outward shipments. Seeking to involve states for promoting exports, the Commerce Ministry had asked them to appoint commissioners and prepare export strategy."The ministry is taking steps to actively involve states role in increasing exports. In order to achieve the USD 900 billion exports target by 2019-20, we need to mainstream trade into states and states into trade," a senior ministry official said. The official said 21 states have intimated about appointment of export commissioners and 14, including Madhya Pradesh and Gujarat, have sent their export strategies. The commissioners would help in ensuring easing of bottlenecks and development of infrastructure through appropriate allocation of plan resources. In wake of continued contraction in exports, the Commerce Ministry has taken several efforts in the past months to mainstream the states so that they focus on boosting exports. The nodal officers have been tasked to emphasize development of an export strategy by the state governments. They are also working with the states to prepare a list of infrastructure projects which would ensure full potential of exports growth.
Commerce Secretary Rajeev Kher had written to chief secretaries of states to facilitate the task. Contracting for the sixth month in a row, India's exports dipped by 20.19 per cent in May to USD 22.34 billion. The exports in the last four financial years have been hovering around USD 300 billion. It was USD 310.5 billion in 2014-15, USD 312.35 billion in 2013-14, USD 300.4 billion in 2012-13 and USD 307 billion in 2011-12. Ajay Sahai, director general, FIEO, said that states play a very important role in enhancing exports.
SOURCE: The Economic Times
Joining a stream of investment-seeking Indian leaders to the US, Maharashtra Chief Minister Devendra Fadnavis told business leaders here that when they Make it in India it should be in his state and pitched its competitive edge. Speaking with American industry executives at a meeting of the US-India Business Council (USBC) here on Monday, Fadnavis said: "The government has taken a variety of measures to promote ease of doing business in the state and we want to be viewed as a top destination for both domestic as well as international investments." He received an endorsement from the USIBC president Mukesh Aghi, who said, "The Council's member companies have been encouraged by the ease of doing business in Maharashtra." "Our government", Fadnavis said, "is committed to providing a boost to both 'Make in India' and 'Make in Maharashtra' campaigns, provide business to both medium and small enterprises and create much-needed jobs." He identified Delhi-Mumbai Industrial corridor and Smart Cities among the critical projects that the state was promoting for joint ventures. He also invited investments in manufacturing, agriculture, aviation, engineering and information technology.
Fadnavis began his investment safari just after Union Finance Minister Arun Jaitley wound up last week a ten-day tour of the US meeting with US business and financial leaders to promote India as an investment destination. They are trying to take advantage of the momentum in foreign direct investment heading to India after the BJP was elected to power. The United Nations Conference on Trade and Development (UNCTAD) reported last week that foreign direct investment in India rose by 22 percent last year to 34 billion. Fadnavis said that the state had taken several reforms in regulations to make doing business in Maharashtra competitive. Backing him Aghi said, "I have no hesitation in saying that the state has the potential to emerge as a high ranking state on the ease of doing business index." "The infrastructure, a mature workforce, a series of business friendly administrations over the last few decades makes it an attractive FDI destination," said Ashok Vasudevan, chairman of Preferred Brands International, the manufacturer of the Tasty Bite natural foods brand. "The state is remarkably resilient due to its diversified base of industry that includes energy, agriculture, food processing, entertainment, engineering, chemicals, pharmaceuticals and financial services," he added.
SOURCE: The Economic Times
Lowering its growth forecast for India to 7.8 per cent this fiscal, global rating agency Fitch today said the country’s business environment is relatively weak compared with peers and will take time to turn around. Still, India would grow faster than China this year. Fitch’s view assumes significance as it follows another global giant Moody’s warning earlier today that there were growing concerns about risk of policy stagnation in India and “some disappointment” has emerged over the pace of reforms under the Modi government. In its Global Growth Outlook report, Fitch said the Indian government’s “strong drive to implement structural reforms” should lead to improvements in the business environment and, over the time, to a pick-up in investments. “However, translation of the reforms into higher real GDP growth will depend on the actual implementation. India’s business environment is relatively weak compared with peers and will take time to turn round,” it added. Still, Fitch said, it continues to expect a continued acceleration in the Indian economic growth rate, from 7.3 per cent in fiscal 2014-15, which was below Fitch estimate of 7.4 per cent. “Fitch continues to expect an acceleration in Indian growth, but there are some indications that it may be somewhat slower than previously expected. “Hence, Fitch has lowered its real GDP growth forecast for India to 7.8 per cent in FY16 from 8 per cent, and to 8.1 per cent in FY17 from 8.3 per cent. “Capital expenditure has not yet picked up, rural and export demand is weak, and the translation of monetary policy loosening into lower bank lending rates is limited. Downside risks to growth relate, for instance, to below-average rainfall during this year’s monsoon season, although the first three weeks of June recorded 16 per cent above-average rainfall,” it said.
About the revision of the GDP data series by the Central Statistical Office, Fitch said the new growth levels and a pick-up starting already in mid-2013 remain difficult to reconcile with indicators that show still low investment levels, weak corporate balance sheets and a rise in banks’ non-performing loans. Fitch further said the risks to inflation are tilted to the upside and relate to below-normal monsoon rains, crude prices and external environment volatility, as indicated by the RBI. “With these risks clearly on the RBI’s radar, the window for further rate cuts seems closed for the coming months. “Yet, the RBI may still respond with another rate cut later in the year if data show these risks have declined and inflation would continue to move broadly in line with the announced glide path.
As regards China, the report said, the growth rate “is in a gradual structural slowdown and our unchanged growth forecast is 6.8 per cent in 2015, 6.5 per cent in 2016 and 6 per cent in 2017″. “India’s GDP growth will surpass China’s this year for the first time since 1999, and accelerate to 8 per cent in 2016 and 8.1 per cent in 2017. Recovery from the recession in Russia and Brazil will be weak, with growth rates of only 1.5 per cent by 2017,” the report said. The global economy is expected to grow by 2.4 per cent in 2015, Fitch said, while adding that the Greek crisis poses a risk to the economic recovery in Eurozone.
SOURCE: The Financial Express
Buoyed by healthy revenue collections, the Narendra Modi government moved to revive the investment cycle through public spending. The Centre's capital expenditure in the first half of the current financial year is all set to rise as the figures for the first two months indicate. According to the latest figures from the Controller General of Accounts (CGA), the Plan expenditure during April-May of the current fiscal reached 13 per cent of the Budget estimate against 10 per cent during 2014-15. Plan expenditure in April stood at 7.6 per cent of the Budget estimate against 4 per cent during April 2014. Higher Plan expenditure means rising public investment in developmental projects. This is expected to motivate private investors to put in more money.
Fiscal deficit down
Even with the government frontloading the development expenditure, the fiscal deficit was lower than the previous year levels, thanks mainly to a dip in the non-Plan expenditure. Comprising subsidy, salary and recurring spends, non-Plan expenditure was 15.3 per cent of the Budget estimate during April-May against 18.3 per cent in the corresponding previous period. Thus, the overall fiscal deficit dropped to 37.5 per cent of the Budget estimate against 45.6 per cent during the previous fiscal. On the revenue side, direct tax collection (personal income, corporate and securities transaction taxes) were a bit lower, but indirect taxes (customs, central excise duties and service tax) recorded an over 30 per cent jump each in two months. Overall, tax collections grew 12.7 per cent to Rs. 95,332 crore. With the manufacturing activity, bouncing back, the government expects the tax collection to grow at a faster rate.
The tight leash on the fiscal deficit has raised hopes of another rate cut. The Reserve Bank of India has already cut the repo rate by 75 basis points since January and indicated that a further reduction will depend on various factors, including fiscal measures by the government. Aditi Nayar, Senior Economist with ICRA, said the combination of higher receipts and lower revenue expenditure has reined in the fiscal deficit in April-May 2015. Moreover, “the quality of expenditure has recorded a small improvement, owing to a decline in the fuel subsidy and interest outgo. “However, growth of capital expenditure in the two months ending May 2015 has subsided to a mild 3 per cent,” she said.
SOURCE: The Hindu Business Line
The Government plans to set up one modern apparel manufacturing centre in each of the eight north-eastern States – Arunachal Pradesh, Assam, Manipur, Meghalaya, Mizoram, Nagaland, Sikkim and Tripura. SK Panda, Secretary, Ministry of Textiles, said the government would spend Rs. 20 crore in the apparel manufacturing centre which would come up on 1.50 acres and generate employment for about 9,600 people.
New textile policy
“The new textile policy outlaying long-term growth of the industry is almost ready and would be announced next month,” he added inaugurating the Clothing Manufacturers’ Association of India’s 61st National Garment Fair here. In consultation with the textile ministry, the Association has decided to open one training centre in each of the eight north-eastern states. The Textile Ministry plans to train 15 lakh people over next two years in apparel making.
Free trade pacts
Urging the government to expedite free trade agreement with the European Union, Rahul Mehta, President, CMAI and Chairman of International Apparel Federation, said the prospects for India in the international market have brightened with the rising labour cost and infrastructure issues in the competing countries such as China and Bangladesh. “The FTA would help us double exports to European Union and achieve the target of $18 billion set for this fiscal. Overall textile export last fiscal was up 12 per cent at $16.8 billion,” he said.
SOURCE: The Hindu Business Line
The Centre’s fiscal deficit for April-May this year stands at Rs 2.08 lakh crore, or 37.5 per cent of the 2015-16 Budget estimate of Rs 5.56 lakh crore, compared with 45.3 per cent in the corresponding period last year. On a year-on-year basis, the deficit was narrower due to higher non-tax revenue and lower non-Plan expenditure. For the first two months of 2015-16, net tax revenue stood at Rs 19,889 crore, or 2.2 per cent of the full-year Budget estimate, compared with 2.9 per cent in the year-ago period. Non-tax revenue was Rs 32,472 crore, or 14.6 per cent of the full-year estimate, compared with 4.6 per cent for April-May 2014. Total receipts stood at Rs 52,361 crore, or 4.6 per cent of the 2015-16 Budget estimate, compared with 3.2 per cent for April-May 2014. Non-Plan expenditure for April-May stood at Rs 2.01 lakh crore, 15.3 per cent of the full-year estimate, compared with 18.1 per cent for the first two months of the last financial year. At Rs 62,106 crore, Plan expenditure was 13.4 per cent, compared with 10.4 per cent last year. Total expenditure for April-May this year was Rs 2.63 lakh crore, 13.4 per cent of the full-year estimate. For 2015-16, Finance Minister Arun Jaitley had set a fiscal deficit Budget estimate of 3.9 per cent of gross domestic product (GDP), compared with four per cent in 2014-15. An earlier fiscal consolidation road map had set a fiscal deficit target of 3.6 per cent of GDP for 2015-16. By delaying that road map, Jaitley might have presented one of the most realistic Budgets in recent years, freeing some Rs 70,000 crore for additional public spending in infrastructure. As reported by Business Standard earlier, the National Democratic Alliance government is looking to boost public investment-led infrastructure spending. Compared to April-September 2014, the Centre's capital expenditure for the first half of this financial year is likely to rise about 25 per cent to Rs 1.25 lakh crore.
SOURCE: The Business Standard
Growth in production in the eight key infrastructure sectors hit a six-month high of 4.4 per cent in May, after two consecutive months of decline, indicating a recovery in industrial activity. The index of these eight core sectors grew 3.8 per cent in the corresponding month last year. In February this year, the eight sectors had recorded growth of 1.4 per cent. Cumulatively, growth in the eight core sectors — coal, crude oil, natural gas, refinery products, fertilisers, steel, cement and electricity — in the first two months of this financial year fell to 2.1 per cent from 4.7 per cent in April-May 2014-15. This was largely because in April, output declined 0.4 per cent, according to data released by the Ministry of Commerce and Industry on Tuesday. In May, production of refinery products jumped 7.9 per cent, against contraction of one per cent, 1.3 per cent and 2.9 per cent in February, March and April, respectively. Overall, output of refinery products in April-May rose 2.6 per cent, against contraction of 1.9 per cent in the corresponding period last year. Coal production increased 7.8 per cent year-on-year in May. In May 2014, it increased 7.9 per cent. Production of steel and cement rose 2.6 per cent each in May, against growth of 0.6 per cent and contraction of 2.4 per cent, respectively, in April. However, these fell from 3.3 per cent and 8.4 per cent growth, respectively, in May last year.
Economists said though the positive run might not continue, considering steel and cement production might fall from June, in line with the trend, the Index of Industrial Production (IIP) might show healthy growth, as the core sector has 38 per cent weight in industrial output. Even when core sector production contracted in April, IIP rose 4.1 per cent, primarily due to a surge in the volatile in capital goods segment. Madan Sabnavis, chief economist, CARE Ratings, said: "With such an improvement in the core numbers, I expect the May IIP to be between three and four per cent. However, there might not be correlation between IIP and core all the time. Last year, we had seen how despite good core, IIP had contracted. More, we need to see what happens from June. It will be too early to call this as a recovery."
In May, electricity generation grew 5.5 per cent, against a decline of 1.1 per cent in the previous month. In May 2014, electricity generation rose 6.7 per cent. For April-May this year, electricity generation rose 2.2 per cent, against 9.2 per cent in the year-ago period. "In May, the core sector recorded its highest level of growth in the past six months," said Rishi Shah, economist, Deloitte. "However, growth has been weak in the core infrastructure industries and, as such, data in the coming months would be crucial in determining if we are indeed witnessing a sustained turnaround." He said coal production continued to grow at a healthy 7.8 per cent, while electricity growth rebounded to 5.5 per cent after contracting in April. "The growth in steel production was encouraging. But given the condition of the domestic steel sector and the global demand outlook, these numbers need to be looked at carefully," Shah said. "Growth in cement production, after a gap of two months, is also a positive, though we would watch it for another few months to see if it sustains. Overall, the number bodes well for IIP growth in May." Fertiliser production grew 1.3 per cent in May, against growth of 17.6 per cent in the corresponding month last year. Natural gas was the only segment that witnessed contraction, of 3.1 per cent, in May. This segment hasn't recorded growth in 12 months. Five more segments - crude oil, refinery products, steel, cement and fertilisers --- recorded a fall in production in April.
SOURCE: The Business Standard
Indian Foreign Secretary Subrahmanyam Jaishankar had a series of interactions with interlocutors in the US government on issues ranging from ease of doing business to cooperation on terrorism and climate change. On a short visit to Washington, Jaishankar met, among others, US National Security Advisor Susan E. Rice, US Deputy Secretary of State Antony Blinken and US Trade Representative (USTR) Michael Froman Monday. At his meeting with Rice in the White House, they reviewed the implementation of initiatives taken during the two summits between Prime Minister Narendra Modi and President Barack Obama in the past one year, the Indian Embassy said. They also discussed India's role in South Asia and the Indian Ocean Region, including for promotion of connectivity and economic integration and relief and reconstruction in Nepal after the earthquake of April 2015.
Blinken, who hosted a luncheon in honour of the foreign secretary, discussed with him a range of bilateral, regional and global issues of topical relevance. They also explored deeper collaboration and engagement to address emerging global challenges like terrorism, climate change and cyber issues and policy coordination on internet governance and other matters. Jaishankar's meeting with Froman covered the ground of India-US economic and commercial engagement. They agreed to work together to promote and reinvigorate economic partnership, and to create infrastructure and policy framework to make it attractive for businesses of the two sides to engage with each other, the embassy said. Chief Executive Officer of the Millennium Challenge Corporation (MCC), Dana J. Hyde, also called on Jaishankar and briefed him on the MCC's planned engagement with India.
SOURCE: The Economic Times
The Indian basket crude oil price has plummeted to $59.95 per barrel, its lowest in three weeks and second-lowest in over two months, on the back of the ongoing financial crisis in Greece that has strengthened the US dollar against other currencies making oil more expensive for non-US buyers. The Indian basket of crude oil represents the average price of Oman and Dubai sour grade crude and the sweet Brent crude oil processed in Indian refineries in the ratio of 72:28. It settled at $59.95 per barrel on Monday after the Greek government confirmed it would not be able to make a loan repayment to the International Monetary Fund due on Tuesday, adding to concerns that the country may have to abandon the euro. The current price of Indian basket is the lowest since June 5 and the second-lowest since April 22 when the global crude rates had started recovering from less than $60 per barrel levels. Brent crude for August delivery was trading at $62 per barrel, down 0.016 per cent, in intraday trade at London’s ICE futures exchange on Tuesday.
A declining crude price translates into lower under-recoveries for Indian oil marketing companies (OMCs) helping the government save on its huge petroleum subsidy bill. The gains are partly offset by the impact of a weakened rupee on import bill of companies. After the deregulation of petrol in June 2010 and diesel in October 2014, two petroleum products cooking gas or liquefied petroleum gas (LPG) and kerosene are still sold at subsidised rates to consumers. The OMCs under-recoveries on subsidised petroleum sales came down from Rs 139,869 crore in 2013-14 to Rs 72,314 crore last financial year – thanks to diesel deregulation and the roll out of Direct Benefit Transfer in LPG (DBTL) scheme. In the current fiscal, the government is set to save over Rs 10,000 crore in petroleum subsidy, one-third of the budgeted Rs 30,000 crore owing to DBTL which has eliminated around 40 million ghost connections.
Consumers are currently entitled to twelve 14.2-kg cylinders in a year at subsidised rates. Any requirement above that has to be procured at market price. A subsidised 14.2-kg cylinder is currently available at Rs 417 a cylinder in Delhi as against a market price of Rs 626.50 a cylinder. Chief Economic Advisor Arvind Subramanian had said in May the government is comfortable with crude oil prices in a range between $50 and $80 per barrel. According to senior finance ministry officials, the government is comfortable bearing the entire subsidy burden this financial year as long as prices remain within this range. The Centre does not expect its fuel subsidy burden would overshoot the budgeted estimate even if it exempts upstream oil companies from burden sharing. Meanwhile, the oil ministry is in discussion with states to replicate the DBTL model for eliminating unwanted subsidies in kerosene distribution.
SOURCE: The Business Standard
The National Council of Textile Organizations (NCTO) applauds President Obama for signing Trade Promotion Authority (TPA) into law earlier today. TPA establishes congressional negotiating objectives and institutes parameters associated with the final congressional review of international trade agreements. Additionally, TPA formalizes consultation mechanisms between Congress and the Executive Branch on trade agreements as they are being negotiated. “TPA is a vital part of overall U.S. trade policy which seeks to ensure strong and rational international trade agreements that fully incorporate the interests of American textile workers and the middle class,” stated NCTO President Augustine Tantillo. “We applaud both President Obama and those members of Congress who supported the passage of Trade Promotion Authority. This legislation will help to ensure that free trade agreements help to boost American exports, create jobs, and strengthen the U.S. economy.” NCTO looks forward to continued collaboration with both the Executive Branch and Congress to develop trade agreements that fully represent the interests of U.S. textile manufacturers, which employ 499,500 workers nationwide.
SOURCE: The Textile World
The emergent meeting of the general body of the All Pakistan Textile Mills Association has decided to close down the textile industry of Pakistan voluntarily, finding it unfeasible to incur losses due to limited supply of gas and power to the industry. APTMA Chairman SM Tanveer said the member mills have decided on their own to put their operations off voluntarily because of the viability issue. “We do not want confrontation with the government therefore we are closing down mills voluntarily,” he said. According to him, the cost of doing business in textile industry has hit through the roof. Meanwhile, the burden of incidental taxes, provincial cess, system inefficiencies and punitive withholding tax regime has added fuel to the fire. “Thus, the business of textile industry has become unviable in Pakistan,” he lamented. He said the government has not brought the unorganised sectors into tax net and billing the textile industry. All these incidentals and punitive measures have hit the sustainability of textile industry in Pakistan. Furthermore, it is also an irony that the federal government has imposed a surcharge of Rs3.60 per unit to mitigate the positive impact of tariff reduction by National Electric Power Regulatory Authority. “The textile industry is unable to bear this burden despite operating on independent feeders with no line losses and theft and 100 percent payment of bills,” he pointed out. He said the regional competitors are paying less than 10 cent against 14.50 cent electricity tariff in Pakistan. Majority of the mills are already operating partially because of energy mismatch at present, he added. Chairman APTMA said the textile millers from Khyber Pakhtunkha, Lahore, Faisalabad, Multan and Karachi have decided to close down operations voluntarily and lay off millions of workers, as they have nothing to offer their international buyers against the regional competitors.
SOURCE: The Global Textiles
A 274 million USD textile project run by a Taiwanese company got an investment certificate from southern Binh Duong province authorities on June 29. Polytex Far Eastern Co. Ltd, a member of Taiwan’s Far Eastern Group, will spend 274 million USD on phase one of the project, which will cover 99 hectares at the Bau Bang industrial and urban park. The factory will have an annual capacity of 21,600 tonnes of polyester fibre, 21,600 tonnes of polyester drawn textured yarn, 127 million square metres of knitting fabric and 96,000 square metres of cotton cloth. When operational, it is expected to create more than 3,000 jobs for local people. Polytex Far Eastern Chairman Cheng Chen Yu said the Bau Bang industrial park owns favourable investment climate, adding that the Taiwanese group will pour 700 million – 1 billion USD into phase two of the project. The Far Eastern Group is a leading corporation in Taiwan with total assets estimated at nearly 80 billion USD. Chairman of the Binh Duong People’s Committee Tran Van Nam pledged favourable conditions for the project implementation and believed that the project will help ensure material supply for the footwear and apparel sectors once Vietnam joins the Trans-Pacific Partnership agreement. Binh Duong province, located in the southern key economic region, attracted over 1 billion USD in foreign investments during the first half of this year, exceeding its yearly target.
SOURCE: The Global Textiles
Following the recent fiscal policy review that removes textile from import prohibition list, the Nigeria Customs Service (NCS) says it has perfected plans to allow the importers of the detained textile in Kano to pay duty and take delivery of their consignment. In statement signed by Wale Adeniyi, public relations officer of NCS, a special task force comprising operatives of Customs and the Economic and Financial Crimes Com- mission (EFCC) set up to handle the detained imports is expected to rake in N10 billion into government coffers from the consignment. The service has commenced assessment of Customs duty and other charges on textile materials, Adeniyi said. The imported items are currently discharged in warehouses sealed by Customs in various areas of Kano metropolis. According to him, the directive to collect duty on the textile products was given by Dikko Inde Abdullahi, the comptroller-general of Customs, following consultations with the Federal Government and importers of the items. The statement said that 14 importers, who turned up for assessment and duty payment for their goods valued at about N1.5 billion in the first warehouse opened for the exercise, were expected to pay a combined import duty of N373,307,242.16. “The assessment also showed that the goods are liable to the following additional charges: 7 percent surcharge; 1 percent CISS levy; 0.5 percent ETLS levy; textile levy and Value Added Tax,” according to the statement.
Listing the items to be assessed, he pointed that 20,878 bales of printed African fabrics; 21,980 bales of high grade brocade materials; 6,127 bales of lace materials; 554 bales of poly- ester materials and 30 rolls of curtail materials, are to be assessed by the task force. It would be recalled that the officers of NCS sealed up 75 warehouses of assorted textile materials in Kano last month following months of under- cover operations and activation of local and international intelligence networks. The warehouses were reported to be operated by foreign nation- als using a handful of Nigerians as their guarantors.
SOURCE: The Business Day Online
Polyester pricing has been on a sluggish mode ever since crude oil price began to dwindle with occasional peaks and troughs. In the week ended 19 June, polyester upstream feedstock, ethylene markets in Asia gave back earlier week’s gains as prices were dragged down by rising regional and deep-sea supplies. However, the price drop was limited by cracker shutdowns. Asian markers fell US$5-10 a ton week on week. Prices were down Euro14 a ton both on FD NWE and CIF NWE basis. In contrast with these two markets, US spot climbed US cent 0.50 per pound on the week after Evangeline start up. The other feedstock, paraxylene prices gained across regions supported by downstream PTA markets and rising mixed xylene prices on the week. Singapore’s Jurong Aromatics Corp. announced that it will not restart its aromatics plant before Q3. Asian markers were up US$8 a ton FOB Korea and CFR Taiwan/China, on the week. In US, spot levels were consistent with Asia but production economics remained unviable. Spot assessments rose US$50 a ton FOB USG. European paraxylene spot also rose US$6 a ton FOB ARA on the week. Mono ethylene glycol, one the twin raw material for making polyester, saw prices falling in Asia on short selling and bearish polyester markets. As the summer demand season drew to a close, players were increasingly worried about the reduced operating rates at major PET and polyester plants which they fear will dry up demand for any forward or prompt spot supply. MEG markers fell US$16 a ton CFR China and CFR Southeast Asia, on the week. MEGlobal nominated its Asian MEG contract price for July at US$1,100 a ton CFR, flat from June number. In US, spot MEG was stable with little change heard in fundamentals while European MEG June contract price was fully settled up Euro27 on the month due to tight supply an d stable to bearish spot dynamics.
Purified terephthalic acid prices, the other raw material, slipped marginally on the week as plants issue abated quietly. The fall would have been faster had several producers not bought spot cargoes to meet their contract obligations. Asian PTA markers, the CFR China and CFR Southeast Asia lost US$12 a ton on the week. European PTA price remained unchanged for the fourth consecutive week amid a rollover in the European contract price for paraxylene. In US, June PTA price remained unsettled as the market awaited the settlement of the paraxylene contract amid healthy downstream demand. Polyester filament yarn markets saw cost support easing with upstream raw material pricing on the downtrend. Demand recovered marginally, but the overall sentiment was bearish. In China, chemical fiber plant and textile enterprises were facing liquidity issues, as demand remained low from the end-users and reported inventory pressure and sinking prices caused by tepid demand. In India, POY market was stable and activity remained thin. Offers were stable to weak, and discounts were offered to promote sales. In China, 75/72 POYs price was stable on the week at US$1.37-1.41 a kg in Shengze while 75/36 was at US$1.36-1.39 a kg. In Indian POY 130/34 prices were at US$1.44-1.46 a kg, unchanged from last week. Polyester staple fibre markets weakened and prices were on a decline in the week ending 19 June as raw materials lacked spikes. The markets followed suit with few large deals reported. Producers cut prices, depressed by rising inventory level. Downstream spun polyester yarn makers had limited feedstock demand due to tepid sales. Prices in China declined while they rolled over in Pakistan and India. In Jiangsu and Zhejiang, offers for 1.4D direct-melt-spun fell US cents 3 from the previous week. In Pakistan, prices in Karachi were stable at PakRs.137-139 a kg or at US$1.35-1.37 a kg. In India, PSF prices were unchanged at INR86.25 a kg or US$1.35 a kg.
SOURCE: Yarns&Fibers
