Asian MEG markers surged US$17 a ton CFR China in the third week of March. In China, nearby-month goods were offered at US$725 a ton and bid at US$720 a ton. Forward-month goods were quoted at US$740 a ton, with bids at US$725-730 a ton.
Mono ethylene glycol prices rose in Asian markets on firmer futures in China rising crude values while plant issues tightened supplies.
Asian paraxylene prices rose US$12.17 a ton FOB Korea in the third week of March while it was up US$13.50 a ton CFR Taiwan/China on the week. Isomer-grade mixed xylenes was assessed at US$661 a ton FOB Korea and US$691 a ton CFR Taiwan.
Paraxylene prices move up in Asian markets but flipped into backwardation weekend on new PTA plant starts up in China and upstream crude ruling above US$40 a barrel. Mixed xylene markets stayed flat amid quiet activity, as isomer-grade was assessed unchanged weekend amid thin discussions.
Thailand’s strengths goes beyond an attractive tourist destination to become a gateway for the fashion industry due to its global reputation for fashion design and production. With the hosting of the 34th Bangkok International Fashion Fair from March 9 to 13, it proves they are ready to be a fashion platform and trend leader, said . Malee Choklumlerd, director-general of the DITP (Department of International Trade Promotion, Ministry of Commerce).
With many Made-in-Japan fabrics, featuring cutting-edge, high-performance materials, have gained popularity for their soft and rich texture and wrinkle-resistant convenience and also economic sanctions to Iran have been lifted, fabric manufacturers are eager to enter the large and promising Middle East market.
Japan's Mitsubishi Rayon, Kuraray and other leading fabric makers are getting ready to boost sales of their quality materials to the Middle Eastern market, to be used for traditional garments.
Tirupur garment sector stakeholders urge the Union Government to re-examine the new notification in the Employees Provident Fund Scheme, 1952, that incorporated an amendment which fixed the age limit of 58 years for withdrawing employer’s contribution from the provident fund account.
Sakthivel, president of Tirupur Exporters’ Association, said that the notification would have a cascading effect on the knitwear cluster when it comes to getting migrant workers due to which the stakeholders of garment sector are upset.
Matin Spinning Mills, a concern of DBL Group, inaugurated its expanded Melange unit on 28th March, 2016, the new production unit will produce melange yarn, a mixed yarn used in making fabrics, to meet the company’s growing demand for high quality yarn.
The new unit has been established at Kashimpur in Gazipur with the production capacity of 10 tonnes a day of melange yarn, The additional capacity of producing Melange yarn will boost the total production capacity of the factory to 35 tonnes a day, the group said in a statement yesterday.
Raymond Textiles, a part of fabric manufacturer and apparel maker Raymond Ltd, are expecting a 7-8 percent growth in FY-17 coming mostly from the suitings business. This year, they hope to close at a turnover of around Rs. 2,300 crore, said Ram Bhatnagar, Vice President, Head Sales & Distribution – Textile, Raymond Ltd, on the sidelines of the launch of its ‘technosmart’ brand of fabrics.
The Arvind Kejriwal-led Aam Aadmi Party (AAP) government on Monday presented a "zero-tax" Budget which slashed the value added tax (VAT) on a wide range of goods to bring down prices of consumer products such as readymade garments. It was increased the outlay in the annual Budget for Delhi to Rs 46,600 crore for 2016-17, which represents a Rs 8,850 crore increase over the corresponding figure of the previous year without levying any fresh taxes which is referred to as a "zero-tax'' Budget.
It is the first time that a Pakistani garment sector body signed an agreement with the overseas stakeholders for strengthening mutual trade of garment and textile. Pakistan Readymade Garments Manufacturers & Exporters Association (PRGMEA) and China Chamber of Commerce for Import and Export of Textile and Apparel (CCCT) have entered into a Memorandum of Understanding (MoU) to promote and expand cooperation between Pakistan and Chinese textile and apparel companies.
As per the MoU, PRGMEA will provide visa assistance to Chinese companies through invitation letters.
In China, semi-dull FDY70D/24F prices surged US cents 6 a kg in the third week of March while FDY40D were flat during the week.
Nylon DTY 70D/24F prices rolled over while 30D/10F prices were stable on the week.
Monofilament 30D prices inched up US cents 5 a kg while 1.5D staple fiber was up US cents 9 a kg on the week.
Despite firming up of caprolactum and nylon chip cost, the rise nylon filament yarn prices were restrained by previously built inventory. Nylon yarn makers had ramped up operating rate, with expectation of higher run rates.
