Asian PTA prices jumped US$16 a ton CFR China amd CFR Southeast Asia in the third week of May. In China, offers for bonded good were up US$5 a ton. Yisheng Petrochemical raised it’s selling price by US$10 a ton while Hengli Petrochemical’s selling price was flat on the week.
Purified terephthalic acid prices jumped in Asian markets on the week as September PTA futures rose in China while paraxylene cost surged.
Leading buyer remained cautious in making any big deal as they only made deals on selective note depending on grade issue and their immediate need of lint in anticipation of decline in spot rate during trading session and with firm physical prices at lint market, fibre traders said.
Forward trading for a month period also took place, traders at the Karachi Cotton Association (KCA) said. KCA kept the spot rate intact at Rs 6,800 per maund in order to provide support to weak stakeholders of raw grade to ward off minimal price level.
The African Fashion Week Nigeria (AFWN) to take place on June 3, 2017 which provides a platform for designers who want expose but do not have great finances to do international shows. Group Africa comprising Household African wax makers – Nichemtex (Nigeria) and Akosombo Textiles (Ghana) – producers of Da Viva, ABC and other range of African themed fabrics, are set to participate as official textile partners.
The trade Incentives extended to Pakistan under the GSP Plus by EU played a positive role in boosting Pakistan’s exports. Pakistan’s exports to EU increased by 38% from 4.25 billion Euros in 2013 to 6.28 billion in 2016. Garments exports to European Union (EU) increased by 75%, said Federal Minister for Commerce, Engr. Khurram Dastgir Khan on Thursday.
The President of Pakistan, today in his speech in the Joint Session of both the houses of the Parliament, also praised the positive role of European Union (EU) added the minister.
VDMA Textile Care, Fabric and Leather Technologies to extend its support for Techtextil India as it gears up to expand its scope into the garment machinery segment through an exclusive Texprocess Pavilion this year. Working together with the VDMA Textile Care, Fabric and Leather Technologies, the organizer aim to capitalize on this market need and deliver a professional platform that is purely focused on business needs of the Indian market.
Petition for antidumping (AD) on fine denier polyester staple fiber (fine denier PSF) from China, India, Korea, Taiwan, and Vietnam has been filed by DAK Americas LLC; Nan Ya Plastics Corporation, America; and Auriga Polymers Inc. They have also filed countervailing duty (CVD) petitions on fine denier PSF from China and India.
With slow demand from spinners on Thursday cotton prices eased further. The Karachi Cotton Association also reduced its spot rate by Rs50 on a maund (around 37 kilograms).
According to yarn broker, as many as 80 spinning mills have been shifted to polyester and cotton blend fabrics from pure cotton fabrics which resulted into less consumption of cotton yarn.
The All India Recycled Fibre & Yarn Manufacturers Association, which represents 35 recycled polyester staple fibre (PSF) producers in India, has requested the Union Finance Ministry to maintain the current excise duty cost advantage of recycled PSF vis-à-vis virgin PSF, while finalising the GST rates.
In the current tax regime, virgin PSF manufacturers are levied 12.5 per cent excise duty, while recycled PSF attracts 2 per cent concessional excise duty, due to which spinners get the cost advantage of 10.5 per cent, and so opt to buy recycled PSF.
The All India Recycled Fibre & Yarn Manufacturers Association, which represents 35 recycled polyester staple fibre (PSF) producers mostly small and medium-scale in the country, have sought concessional Goods and Services Tax (GST) to maintain the current excise duty cost advantage of recycled PSF compared with virgin PSF or a refund mechanism. GST Council is scheduled to discuss this at its meeting on June 3.
The 4th edition India's finest home fashion business platforms - Heimtextil India & Ambiente will be inaugurated by Union textiles minister Smriti Irani on June 20 in New Delhi. Over 180 leading companies from India, Bangladesh, China, Korea, Nepal, and Thailand will present their dining, living and home furnishing collections at the 3-day fair.
The minister will address the gathering and unveil the world's largest cushion representing ‘Fabrics of India’ at the fair.
