Asian acrylonitrile markers, CFR Far East Asia and Southeast Asia rose US$5 a ton in the first week of September. In China, offers for offshore cargoes were up US$50 a ton on the week.
Acrylonitrile prices in Asian markets rose across the board as supply remained tight with very limited offers. Availability was also hindered by lack of deepsea cargoes. In China, spot prices surged that week, with majors offering higher. Players indicated difficulty to get deals done even at high level.
M/s Avgol India, a leader in global hygiene market with the most comprehensive range of ultra lightweight spun-melt non-woven fabrics with capital investment of Rs 223 crore will be setting up a non-woven fabric unit in industrial area in neighbouring Mandideep.
A rebate will be provided to M/s Avgol India on project proposal as per the Industrial Policy for setting up non-woven fabric unit. This was decided in a Cabinet committee meeting chaired by Chief Minister Shivraj Singh Chouhan yesterday, on investment promotion, an official of the Public Relation Department said.
The tenth Cotton made in Africa (CmiA) stakeholder conference and the Competitive African Cotton Initiative (COMPACI) was held to discuss on how to achieve sustainability in the field, transparency along the supply chain, and new communication strategies for trading sustainable products, which was attended by over 100 experts in the textile value chain from over 20 countries. The conference was held from September 7 to 8 in Munich.
Gamarra, Lima’s historic and massive informal garment district at La Victoria in Peru has been facing pressure due to alleged dumping of Chinese textiles, due to which hundreds of thousands of jobs are at risk. Peru’s clothing manufacturers cannot compete with cheap Chinese imports, which they say are being unfairly priced to squeeze out competition.
On rumours that India has deferred cotton exports until its crop size is finalized. There was panic buying from leading spinners to replenish their stocks fearing shortage of cotton due to short crop this season. Cotton market witnessed brisk trading on Tuesday in Pakistan.
The expected move from the Indian government has already pushed cotton prices high in India as this strongly indicates that the crop would also be short in India this season, brokers said.
Pakistani cotton, the most important cash crop and a major source of foreign exchange earnings which also provides livelihood to millions of people in Pakistan, Due to contamination its production is decreasing at higher rate and one of the critical issues for spinners to maintain first grade yarn quality.
Chief Minister J Jayalalithaa in support of handloom, handicraft, textile and khadi industries on Tuesday unveiled new schemes. Also steps would be taken to boost ‘Poompuhar’ for which an Integrated Development and Promotion of Handicrafts scheme would be launched soon.
She said that the six cooperative mills in the State, modernized at Rs.175.23 crore, manufacture threads for the government’s free dhoti and saree scheme and free uniform scheme to school children.
The Jharkhand state during the launch of seminal investment promotion road show in association with Confederation of Indian Industry (CII) under the banner ‘Momentum Jharkhand Global Investors’ Summit 2017’ in Mumbai scheduled for February signs a memorandum of understanding (MoU) with Orient Craft Limited for construction of two textile parks at a cost of Rs 1,500 crore on a 140-acre land and to set up a skilling centre for the sector.
Cotton made in Africa (CmiA) foray into Norway through its new partnership with KID INTERIOR, specialized in home textiles with a typically Scandinavian modern and minimalistic design touch. The company is the first CmiA Demand Alliance Partner in Norway. KID INTERIOR by cooperation with CmiA supports fair working conditions for smallholder farmers in Sub-Saharan Africa and helps to protect the environment.
Asian MEG marker fell US$19 a ton CFR South East Asia in the first week of September. In China, spot offers fell US$20 a ton on the week.
Mono ethylene glycol prices retreated sharply in Asian markets giving back most the previous week’s gains on traders' profit-taking and falling futures. Several traders were heard still buying physical cargoes to cover second-half September and some H1 October physical positions.
