Asian markers, the SE and FE markers edged down US$30 a ton in the second week of January. In China, liquid good offers in spot market fell US$45 a ton on the week with selling indications at US$1,450 a ton delivered. Solid goods were at US$1,495-1,510 a ton.
Sinopec cut its January contract nomination US$1,510 a ton, down US$60 from previous nominations for liquid goods while DSM Nanjing’s numbers were at US$1,575 a ton for liquid goods and US$1,610 a ton for solid goods.
The Karnataka state government is holding ‘Invest Karnataka -2016’ for three days from February 3 for attracting investment from domestic and global firms. The government will be making every effort at Invest Karnataka 2016 to encourage investors to move away from Bengaluru and give impetus to tier-II and tier-III cities. Investors will go to small towns because of availability of human resources, land and labour.
In representations by industry bodies led by the Southern India Mills Association, the government has been asked to announce measures to salvage the textile value chains and dwindling cotton yarn exports.
The textile industry has sought a reduction in central excise duty from 12.5 to 6 percent and removal of the 5 percent import duty and 4 percent special additional duty levied on the import of man-made fibre. Currently, Indian man-made fibre are 23 percent more expensive globally.
The National Council of Textile Organizations decision to give its vote in support of TPP came after an exhaustive analysis determined that NCTO’s principal objectives were met as part of the finalized terms of the agreement.
These objectives include a strong yarn forward rule of origin for the vast majority of textile and apparel products, reasonable, multi-year tariff phase-outs for sensitive textile and apparel products and lastly terms that provided for the stability of the Western Hemisphere textile and apparel production chain.
Prime Minister Narendra Modi will be inaugurating the Make In India event under the theme innovation, design and sustainability to be held in Bandra Kurla Complex (BKC) on February 13, 2016. Preparations for the week-long event are going on in full swing with 500-odd workers working round the clock.
A Chinese company, Ningxia based SRP Group dedicated to promoting cross border trade between China and Arab nations has signed a contract to rent 10,000 square meters of land in Dubai's Jebel Ali free trade zone.
Li Zheng, director of Ningxia-based SRP Group said that the land will be used to build service centers for exhibition, consultation, after-sales service and promotion of China-produced high-quality products.
The service center, part of the company's Silk Road E-Path chain, will showcase China-produced textiles and automobiles.
Union Minister of State for Textiles Santosh Kumar Gangwar during his meeting with exporters organized by Tirupur Exporters Association (TEA) on Saturday said that for revitalizing the Indian textile industry, the Vision, Strategy and Action Plan would be released before the Union Budget.
Their primary focus is to have good uniform frameworks/guidelines implemented for every segment in the production chain of the textile industry across the country,.
Most retail garments shops in commercial hubs such as Khetan Market, Hathuwa Market, Patna Market and others were closed on Thursday and readymade garments stores also joined the protest on Friday against a recent hike in value added tax (VAT) and entry tax on garments and several food items.
The owners protested against inclusion of saris and textile fabrics under VAT, and entry tax on procurement of garments from other states.
The Lepakshi Bazaar-2016 began on Friday organised by the Andhra Pradesh Handicrafts Development Corporation Limited, is supported by Development Commissioner (Handicrafts), Ministry of Textiles, apart from block-printed Kalamkari saris taking a new avatar, a line of hand-woven saris in a variety of textures were greeted at the fair.
Adding a new variation to Kalamkari handloom weaves, the saris come with a combination of 80 percent cotton and 20 percent silk. The drape not only looks classy but also impresses one with its wrinkle-free quality.
At the 50th anniversary celebration of the Ghana Textile Printing (GTP) in Tema, Mr Kweku Ricketts Hagan, the Deputy Minister of Trade and Industry said that the government is committed to revive the textile industry to produce more for exports. The move would also help create more jobs for the Ghanaian youth.
He also said that the Ministry of Trade and Industry is working assiduously to revamp the Juapong and Volta Star textiles factories to augment the efforts of the Ghana Textile Printing (GTP) company.
