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Related Keywords: adversely impact demand, adversely impacting yarn demand, domestic cotton prices, export competitiveness of Indian yarn, export prospects, ICRA, likely to get hit, Profitability of spinning companies, second quarter of this FY, Slow growth in domestic consumption, stagnation in exports, surpassing international cotton prices

The profitability of spinning companies in the second quarter of 2016-17 likely to get hit, with domestic cotton prices surpassing international cotton prices, adversely impacting the yarn demand and export prospects for the spinning industry, ratings agency ICRA said.

Domestic prices of ginned cotton have increased significantly—from about Rs 90-92 per kg in April to around Rs 122 per kg now. Slow growth in domestic consumption and stagnation in exports are likely to adversely impact demand and export competitiveness of the Indian yarn, the agency said.

Related Keywords: Big giants started sourcing, cost effective, envirnomental friendly, intends to launch its own brand of quality polyester yarn, made from recycled polyester fiber, manufacturer of polyester yarn, manufacturing of polyester yarn, matching quality, Sybly Industries, ventured into using recycled polyester fiber

Sybly Industries, a manufacturer of polyester yarn, has successfully ventured into using recycled polyester fiber for manufacturing of polyester yarn. The company, now looking into the future of this product intends to launch its own brand of quality polyester yarn made from recycled polyester fiber.

Recycled polyester yarn is not only cost effective, matching quality but it is environment friendly too.

Big giants like Adidas, Nike, & Levi's have already started sourcing from India products made of recycled polyester yarn.

Related Keywords: bargaining prices, blending purpose, buyers made cautious deals for second grade lint, domestic market, Ginners, insignificant demand from leading buyers, KCA, Pakistan cotton market, spot rate, textile sector, Trading activity remain dully

Trading activity remained dull at the cotton market on insignificant demand from leading buyers. According to floor brokers, buyers made cautious deals for second grade lint for blending purpose on bargaining prices at around Rs 5,300 per maund during the trading session. Around 200 bales changed hands.

The Karachi Cotton Association (KCA) corrected the spot rate downward by Rs 50 per maund to remain at Rs 5,750 per maund.

Related Keywords: duty remission, enjoy VAT exemption, Finance Bill, garments manufactured in EPZs, imported clothes will attract duty, imported from North America and Europe, Nairobi, popularly known as mitumba, Second-hand clothes, sold in Gikomba Market, sold in local market, Textile Industry

Second-hand clothes, popularly known as mitumba, are mostly imported from North America and Europe into Kenya. Most of these second-hand clothes are sold in Gikomba Market, Nairobi. It is estimated to hold close to 65,000 traders. According to the Finance Bill 2016, all imported clothes will attract a duty of $0.4 (Sh40.8) per kilogramme of clothes up from $0.2 (Sh20.4) per kilogramme, the Government believes is as a win-win solution to the mitumba trade that has crippled the country’s textile industry.

Related Keywords: a major destination of locally grown, are given tax benefits, Bangladesh government, Bangladesh Jute spinners association, enjoy source tax, Export Promotion Bureau, facing sluggish demand abroad, Jute Industry, processed natural fibre, prolonged crisis in the Middle East, support jute goods exporters

The Bangladesh government to support jute goods exporters and the industry that has been facing sluggish demand abroad are given tax benefits. The move comes at a time when the jute industry has been suffering sluggish demand for sacks, bags and yarn, owing mainly to the prolonged crisis in the Middle East, a major destination of locally grown and processed natural fibre.

Related Keywords: CAB, Cotton imported from Australia, cotton production, especially in Gujarat, Gujarats benchmark cotton variety, jump in price, largest cotton growing state, Lift in cotton prices, lower acreage, new season arrival, scanty rainfall, Shankar-6, short supply, slower pace of sowing, Sowing affected in the wake of less rainfall

Lift in cotton prices seen due to short supply and a slower pace of sowing. Another factor responsible for the rally in prices is scanty rainfall, especially in Gujarat, the largest cotton growing state in India. The state has a rain deficit of more than 50% in the first week of July. Sowing has been affected in the wake of less rainfall. Cotton acreage is likely to fall this year.

The Cotton Advisory Board (CAB) under the Union textile ministry had projected cotton production of 101 lakh bales for 2015-16 for Gujarat.

Asian MEG prices surged US$14 a ton CFR China and CFR South East Asia in the last week of June. In China, offers inched up and discussions followed up to above US$620 a ton.

Mono ethylene glycol prices jumped in Asian markets driven by active short covering and climbing to 1-month high mid-week. However, prices fell on weekend but cooled off after Brexit vote. In China, the market was under fluctuation before the Brexit referendum result.

In Europe, MEG prices were flat in mute market while contract price remained unsettled as uncertainty prevailed.

Related Keywords: MEG price in China, MEG price in Europe, meg price in US, MEG prices, mono ethylene glycol prices, Polyester prices

Asian paraxylene prices were up US$11.67 a ton FOB Korea while CFR Taiwan/China gained US$11.50 a ton in the last week of June. JX Nippon Oil & Energy nominated its July paraxylene Asia contract price which was up US$70 a ton CFR from its June nomination.

Paraxylene prices rose week on week in Asian markets but was down weekend as demand seems to have faded as downstream PTA plants announced shutdowns.

Related Keywords: paraxylene price, paraxylene prices in Asia, paraxylene prices in Europe, paraxylene prices in US, PX price

Related Keywords: affect buy and sale prices of importers, face difficulties in exports, fourth quarter this year, pound and euro’s depreciation, Veitnam textile and garment businesses

Veitnam’s textile and garment businesses likely to face difficulties in export from the fourth quarter this year as the pound and euro’s depreciation will affect buy and sale prices of importers and the price difference between currencies will be lower than before, under the impact of Britain’s exit from the EU, according to the Vietnam Textile and Apparel Association.

Moreover, Brexit is said to cause some purchasing power changes in the EU and Britain.

Related Keywords: common facility centres, fast growing industries, handloom, highest concentration looms, highest concentration of weavers, mandated to improve the socio-economic conditions of the handloom weavers, one of the most important cottage industry, State of Manipur, taken up several schemes and activities

Handloom, besides being one of the most important cottage industry in the State of Manipur, is also one of the fast growing industries, having highest concentration of weavers and highest concentration regarding possession of looms in the country, said M Rajen Singh, Additional Director (Handloom) of Commerce & Industries Department, Government of Manipur.

As per the Handloom Census 2009-10, Manipur has 2.04 lakh handloom workers and 1.90 lakh looms.