Bangladeshi jute and jute goods may be subject to 25-30 % duty upon entry to the Indian market if the local exporters are found guilty of dumping.
The development comes after the Directorate General of Anti-Dumping and Allied Duties or DGAD under India's commerce ministry concluded its probe into the matter last week, said an official of Bangladesh Tariff Commission. The report is likely to be disclosed next week.
Madhya Pradesh, the 5th largest cotton producing state in the country. With an aim to develop textile sector, the government claims to offer scores of facilities and tax relaxations for setting up textile units.
Textile is one of the nine focus areas in Global Investors' Summit (GIS).
Asian MEG price inched up US$5 a ton CFR South East Asia and CFR China in the first week of October. In China, offers for nearby-month goods were at US$635 a ton, against counter offers of US$630 a ton.
Mono ethylene glycol prices inched up day on day since midweek on firmer sentiment led by crude oil markets. Supplies remained tight on lower plant run rates while Shell plans to restart Singapore cracker in few weeks. Taiwan's Nan Ya will shut its No. 2 MEG plant next February for annual maintenance.
Asian paraxylene prices were up US$10 a ton CFR Taiwan/China and FOB Korea in the first week of October. Isomer mixed xylene were up US$11 a ton FOB Korea on the week.
Paraxylene prices moved up sharply opening the week only to give back on subsequent days and ending with a small gain weekend, to close the week up. The movements were in tandem with crude oil climbs.
In 2015-16, Bangladesh imported 6.2 million cotton bales during the year thereby reinforcing its position as the world's largest importer of cotton. According to US department of agriculture (USDA), Bangladesh's imports are expected to increase to 6.3 million bales in 2016-17. This raises Bangladesh's share of global imports to over 18 per cent, which is more than double its share seen 5 years before.
In order to maintain the competitiveness of the country’s textile and textile products (TPT) in the global market, the Indonesian Textile Association (API) has requested the local players in the industry to regularly upgrade their production facilities.
Most of the textile makers in the country presently are relied on old textile machineries and were getting more reluctant to invest more in the backdrop of weakening global demand, said API chairman, Ade Sudrajat.
Textile mills in southern India are considering at promoting Colombo as a hub where international sellers and shippers can stock cotton and supply to the mills in south India and also to buyers in other Asian countries. Mills in southern states are expected to import more cotton this year, that is, October 2016 to September 2017.
Ministry of Textiles is continually communicating with the Ministry of Commerce to facilitate FTA with EU to boost the international trade, especially in the textile sector, said Rashmi Verma, Secretary, Ministry of Textiles, Government of India.
In China, FDY70D/24F SD prices rolled over in the first week of October while FDY40D were stable on the week. DTY 70D/24F prices remained unchanged while 30D/10F fell US cents 2 a kg on the week. Monofilament 30D prices rolled over while nylon staple fiber 1.5D prices were range bound on the week.
Asian caprolactam markers, the SE and FE were up US$10 a ton in the first week of October while Japanese goods were stable on the week. In China, spot offers spot inched down US$25 a ton while solid goods offers were range bound on the week.
Caprolactum market sentiment was mute with most buyers and sellers on the sidelines, citing huge inventory pressure at producers. In China, mainstream values inched down while mainstream values for FE and SE Asia rose at the lower end.
