Asian PTA markers fell US$6 a ton CFR China in the second week of September. In line with the slide in China, CFR Southeast Asia and CFR India markers were also assessed down US$6 a ton on the week. In China, offers for nearby-month goods declined during the week. Yisheng Petrochemical’s offers edged down US$3 a ton on the week.
October ethylene contract confirmed in Europe
Related Keywords: ethylene contract, Europe
In Europe, the contract price for ethylene has been confirmed at Euro 940 per ton an increase of Euro 15 per ton as compared to September.
Most of the producers were expecting increase in price due to increase in naphtha cost over the month, amidst a backdrop of balanced supply and demand.
Two other producers have been named as co-settlers but direct confirmation from both of them remains outstanding.
Meanwhile, discussions continue over next month’s contract price for propylene currently in a stalemate between two camps, one at €730/tonne and the other at €720/tonne.
Pemex`s ethylene production fell 3 percent in August 2016
Related Keywords: ethylene production, Mexico, Pemex
In Mexico, ethylene output totaled 68513 metric tons in August, a drop of 3% as compared to July.
Output decline 15% as compared with last year August 2015, when the company's ethylene output totaled 80,842, it said.
Pemex uses the majority of its monomer output for the production of downstream derivatives, including polyethylene grades.
Pemex's propylene output totaled 1,093 mt in August, up 3% from July numbers, it said. The company's output fell 5.5% compared with August 2015, when production totaled 1,157 mt.
Saudi Arabia - Petro Rabigh delays phase 2 project to Q2 2017
Related Keywords: delays project, Petro Rabigh, Saudi Arabia
Petro Rabigh had delayed the phase 2 project and is planning to start up all the remaining units by Q2 2017. Initially the company had planned to start the units by end 2016.
The delay in these plants is due to the construction market challenges.
To feed the upcoming units, Petro Rabigh raised the gas processing capacities of its existing cracker by 30 MMcf/d to 125 MMcf/d. The cracker can now produce 1.6 million mt/year of ethylene, up from 1.3 million mt/year, and is currently functional.
Royal Dutch Shell declares force majeure on ethylene supply from Singapore
Related Keywords: ethylene supply, force majeure, Royal Dutch Shell
Royal Dutch Shell, largest wholly owned plant, has a 500,000 barrels per day refinery and a stream cracker that produces more than 900,000 tons per year ethylene has declared force majeure on its ethylene cracker at its Bukom manufacturing site in Singapore following an outage the day before.
They had to initiate a shutdown of the ethylene cracker complex at the Pulau Bukom manufacturing site for unplanned maintenance work to repair a compressor, and recovery efforts are underway.
Indian Denim maker to raise Rs. 100 crore for expansion
Related Keywords: denim, Nandan Denim Ltd
Nandan Denim Ltd, denim fabric maker in India aims to raise Rs 100 crore ($15 million) through an issue of warrants to foreign investors to fund its expansion.
Apart from expansion, the funds will also be used for investment in proposed subsidiaries, meeting long-term working capital requirement and improving capital structure, among others, the company said in a stock market disclosure.
Government decides to revamp textile industry in Zambia
Related Keywords: textile and garment, Zambia Textile Industry
Government in Zambia says it is determined to revamp the Textile and Garment subsector because of its huge potential to spur economic diversification.
Commerce Minister Margaret Mwanakatwe said the sector also offers opportunities for technological innovation and adaption for the engineering sector in the production of handloom equipment.
She said that Government will continue to promote the implementation of policies and programmes that support the growth of the textile and garment sector in Zambia.
GTex Textile Machinery Brand Expo opens in Pakistan
Related Keywords: GTex Textile Machinery Brand Expo
A 3 day GTex International B2B Textile Machinery Brand Expo organized by Global Enterprise, opened here at Expo Centre on 28th September 2016. The event was inaugurated by Pakistan Engineering Council Chairman Engineer Jawed Qureshi and MNA Kiran Dar jointly, while Global Enterprise CEO Mujib R Siddiqui, Naeemuddin of United Machinery, Kamran Abbasi and other exhibitors were also present.
Higher insurance cover for handloom weavers in the works
Related Keywords: Handloom weavers, insurance cover, Textile Ministry
The ministry of textiles plans to increase the insurance cover for handloom weavers, a sector that is on the government radar for occupation creation, more than three-fold in some cases. The Mahatma Gandhi Bunkar Bima Yojana provides insurance to handloom weavers in the case of natural and accidental death and total and partial disability.
The ministry has proposed increasing the cover for accidental death from Rs 1.5 lakh to Rs 4 lakh. In case of natural death, benefit may be raised to Rs 2 lakh from Rs 60,000 now.
ASF price rolls over in Asian markets
In China, medium-length staple fiber and cotton-type staple prices rolled over in the second week of September. PetroChina released September list prices for 1.5D ASF pegged at 12.45 Yuan a kg (US$1.86 a kg) and 3D tow at 13.60 Yuan a kg (US$2.03 a kg).
Acrylic staple fibre prices held stable that week across China, India and Pakistan. Demand for some specs were seen rising and overall sentiment warming up to some extent.
Although cost pressure increased in line with rising acrylonitrile cost in recent weeks, modest downstream demand resulted in the flat movement of ASF markets.
