European acrylonitrile spot prices were assessed at US$1,008-1,012 a ton CIF Mediterranean, an increase of US$30 in the third week of May. European acrylonitrile hit 8-month high on lack of availability while demand for imports in Asia was rising.
In US, spot supply was tight due to some production outages from late Q1 into Q2, but those have now been resolved. Spot was also supported by the global upticks. US acrylonitrile export assessment gained another US$30 a ton FOB USG on the week.
Two Germany-based technical textiles companies, Olbo & Mehler Tex (OMT) and Synteen & Luckenhaus (SL), have joined forces to allow business expansion to new markets and markets segments.
Both companies are part of KAP group, listed on the Frankfurt Stock Exchange, and both are dedicated to the production of technical textiles, complementing each other. They will join activities and business operations under the leadership of a management team led by the Portuguese Alberto Tavares, leader of Olbo & Mehler Tex.
On Tuesday, cotton prices in Pakistan slid amid lackluster trade due to lack of buying interest from spinners and higher imports of cotton, whereas, cotton prices in the world markets moved higher.
The spot rate settled at PakRs5,500/maund (37.324 kilogram each), down PakRs50/maund from the previous level. Around 1400 bales of cotton were changed hand in the ready markets of Sindh and Punjab.
DBL Group, a ready-made garment and textile giant of Bangladesh, is stepping up on plans to establish a factory in Ethiopia that will provide around 4,000 jobs and be supported by long-time customer Hennes & Mauritz (H&M).
Fast fashion retailer H&M has committed to becoming a long-time buyer and supporting the factory with expert knowledge in sustainable textile production. The Mekele-based integrated knitting, dyeing and garment facility will be solely owned by DBL Group, with Swedish state-owned investment firm Swedfund investing US$15m through a loan for the facility.
The Egyptian Textile Industries Council and the China National Textile and Apparel Council signed a framework agreement last week to establish a 1.2 million square meter zone for textile industries in the Egyptian governorate of Minya.
The move represents an important step towards reinstating Egypt as a leading actor in the textile industry in the Middle East and North Africa, pointing to its wide-ranging expertise in textile production, said Tarek Kabil, Egypt’s Minister of Trade and Industry.
Asian MEG markers, the CFR China was flat in the third week of May but was up on the weekend by US$5 a ton. In China, offers for nearby-month goods were in the range of US$615-620 a ton, and negotiations and trading values were also around that level.
Mono ethylene glycol markets in Asia continued to hover around a low level that week on lack of market direction and stable futures.
In China, futures traders square positions for June on the Huaxicun exchange. Central MEG values changed marginally that week and there was still some demand for low priced goods.
Asian paraxylene prices inched up US$5.50 a ton FOB Korea and CFR Taiwan/China in the third week of May.
Paraxylene prices in Asian markets inched up on support of firm crude oil prices while demand was still modest which limited the uptrend. However, with a few restarts coming up, spot will remain active.
China's Jialong and India’s Reliance are expected quick restart their respective PTA lines soon. Meanwhile, paraxylene-naphtha spread shrunk to a 4-month low. Isomer mixed xylene was dearer on rebounding buying sentiment.
Exhibition-cum-Sale of Handicraft and Handloom products from the North Eastern States of India was inaugurated on Monday by Union Minister of State for Textiles (I/C), Santosh Kumar Gangwar in New Delhi.
Gangwar at the inauguration occassion said that this is the first organized effort to bring modern ready-made garment industry in the North East, and a significant step towards the Make in India initiative of the Government.
Turkmenistan textile industry is on the way to a new stage of development as it plans to hold an international exhibition in Ashgabat on June 4-5, 2016, said the message from the event's organizers, Turkmenistan's Ministry of Textile Industry and the Chamber of Commerce and Industry May 31.
The textile industry holds an important place in Turkmenistan's economy as it traditionally grows cotton which is a basis for ensuring the development of the textile industry.
This year, it’s planned to collect 1.05 million tons of cotton from an area of 545 hectares in Turkmenistan.
At cotton market, general price remained firm during trading activity and volumes were moderate as buyers were purchasing lint of all qualities to meet domestic as well as international commitments of yarn and cloth. However, fine lint remained in focus amid steady spot rate and shrinking stocks of better grades, traders said.
According to floor brokers, sellers and buyers remained entangled in price war and buyers made deals for all grades on competitive price at around Rs 4,975 per maund to Rs 5,025 per maund.
