Asian spot MEG regained US$22 a ton CFR China and CFR South East Asia in the last week of June. In China, offers for nearby-month cargoes were up US$25 a ton on the week.
Mono ethylene glycol prices moved up early in the week in Asian markets but weakened after midweek and started to fluctuate in a narrow range as trading sentiment was good in early week, and stagnated in the second half. Transaction for August deliveries was thin, and prices were lower than spot values.
Asian paraxylene prices increased US$15 a ton CFR Taiwan/China and FOB Korea in the last week of June. Isomer-grade mixed xylene prices gained US$11.50 a ton FOB Korea on the week. Paraxylene prices rose day on day in Asian market posting week rise after giving back partially weekend. Spot demand was largely flat amid lengthy supply, with not many end-users in the market to source for spot volumes.
At lint market although buyers remained focused on better grades but higher demand for second of lint kept trading activities moderate amid firm physical prices. Second grade of lint fetched better price as buyers bought all grades on cautious note, floor brokers said.
Better grades of lint remained in demand on back of depleting stocks and demand for other grades of lint would not gain momentum, as buyers were eyeing influx of better cottonseed in the ginneries.
Bangladesh has taken initiative to begin cultivating genetically modified organism (GMO) cotton or Bt cotton in order to boost the crop's production, according to Matia Chowdhury, agriculture minister of the country.
The decision to cultivate Bt cotton has been taken as the harmful pest bollworm is posing as an obstacle in increasing the production of the crop in the conventional method so, Bangladesh has initiated Biotechnology based BT cultivation to boost cotton production.
Chowdhury disclosed this information while replying to a query that was raised in Jatiya Sangsad.
The second-hand clothing has continued to enter the market and now chews a huge chunk of the clothing market. Zimbabwe Clothing Manufacturers’ Association chairperson, Jeremy Youman said that this shows import licensing is not being applied by the government, nor the correct duties being applied by Zimbabwe Revenue Authority (Zimra). Duty is payable at 40 percent plus $2,50 per kg on the value of the clothing. It is irrelevant because they were sourced for free or at a minimal cost.
Sahib Mammadov, Azerbaijani deputy economy minister, at the event dedicated to the textile industry development prospects in Baku on July 11 announced that an association of textile producers and exporters is being established in Azerbaijan as the entrepreneurs, operating in this area, voiced such an initiative.
The establishment of the association will accelerate the process of making the necessary decisions aimed at the development of this sector, Mammadov said.
In general, such associations serve to improve relations between the state and the private sector.
The Telangana government has launched the Bathukamma Sarees Scheme (BSS) with the two-pronged approach — to provide work for weavers of Sircilla and also help women from BPL (below poverty line) families celebrate the floral festival of Bathukamma.
In China, nylon FDY70D/24F SD prices were stable in the last week of June while FDY40D rolled over during the week, however both were up US cents 2 a kg due to weak US$.
Nylon filament yarn prices remained stable on high cost pressure as nylon chip and caproalctum markets stayed firmly flat. Downstream converters were cautious and saw tepid demand with the off season drawing near. Warp‐knitting, weaving and AJ covering sectors operated at 70% while, circular‐knitting mills and lacing mills were running around 50%, implying modest demand for nylon yarn.
The SE and FE Asian caprolactum markers were up US$20 a ton at lower end in the last week of June. Caprolactum prices firmed up in Asian markets at the lower end of the price range as producers cut their run rate. Benzene markets were range‐bound supporting caprolactum to stay firm.
A team of architects and chemists from the University of Cambridge has come up with a new method of making synthetic spider silk which does not require high energy procedure or extensive use of harmful solvents but it could substantially improve methods of making synthetic fibres of all kinds.
