Asian PTA markers were up US$11 a ton CFR China and CFR Southeast in the first week of March.
In China, PTA values did not rise too much due to poor demand, but a deal was done at a high level of US$585 a ton. Offers were pushed gradually to above US$585-590 a ton, and discussions surged US$10 a ton.
Yisheng Petrochemical’s cash-based price were at US$570-590 a ton while Hengli Petrochemical issued self-lifting offers in the range of US$595-605 a ton.
In China, medium-length staple fiber prices rolled over in the first week of March while cotton-type staple was stable.
Jilin Chemical Fiber maintained its March list prices for 1.5D and 3D medium-length at US$2.00-2.01 a kg, while tow was at US$2.10 a kg and top at US$2.25 a kg. Taiwan origin 3D bright ASF tow prices rolled over at US$1.60-1.70 a kg while offers for regular products were at US$1.56-1.60 a kg.
Acrylic staple fibre prices continued to remain range bound that week despite upstream, acrylonitrile prices were weak, lending limited support.
Asian acrylonitrile marker, the CFR Far East Asia fell US$20 a ton in the first week of March. In China, sporadic offers for offshore cargoes were down US$50 a ton CFR China on the week, but buyers were mainly on the sideline.
Acrylonitrile prices declined in Asian markets amid oversupply while sentiment was bearish on expectations that the additional capacities, which came on-stream in China would continue to depress spot prices further, and limit imports of prompt spot cargoes.
The US government has extended duty-free market access for 66 Nepali products that include carpets, headgears, shawls and scarves, handbags and suitcases, among others, for the next 10 years to help the Nepali economy, which was shattered by the earthquakes of April and May last year. Nepal will be able to utilise the new facility extended by the US government through an exclusive law by August this year.
Apex apparel body Apparel Export Promotion Council (AEPC) today said that the EU has recently announced its scheme of Generalised Tariff Preferences (GSP) for the next three years (2017-19) in EU markets for Indian readymade garment sector.
The European Union’s scheme of GSP was scheduled to end on 31 December, 2016. Now the India's readymade garments sector will continue to enjoy 20 percent duty preference on exports for the next three years in the EU markets.
IL&FS Cluster Development Initiative Ltd (IL&FS Clusters) is a subsidiary of IL&FS Group, has been established for developing solutions for textile and apparel SMEs is planning to launch "Enterprise Development Services (EDS)", an online platform for bringing multiple SMEs together and link them with financing agencies, financial advisors, technology & marketing consultants, tax & legal advisors, etc.
The four day 5th Pakistan-China Business Forum to be held from March 19 in Lahore to have more than 700 Chinese businessmen participating in the business forum, whereas a large number of Chinese investors have reached Lahore.
The products of Chinese manufacturers have reached the Expo Centre for display in the exhibition and stalls have been prepared to present them. Products of Textile, Automobiles, Information Technology, Energy and Food Industry would be presented in the exhibition. And about 400 Chinese companies and 200 Pakistani companies to participate in the exhibition.
Duvaltex Inc., a Québec City, Canada-based holding company which owns Victor Textiles Inc., a leading North American based textile company specializes in sustainable and innovative textile has acquired True Textiles Inc., a leading textile mill that provides high performance fabrics to a variety of markets. The acquisition includes all of the True Textiles business units—True, Guilford of Maine and Teknit—and as a result, Duvaltex becomes the largest manufacturer of commercial or contract interior fabrics in the U.S. and Canada.
The Indian handloom industry has a glorious past and committed towards the resurgence of hand-woven textiles and also keep key focus towards weavers welfare and development, Central Cottage Industries Emporium and Office of Development Commissioner (Handlooms), Ministry of Textiles, jointed organized exhibition cum sale titled "First Home of India Handloom Brand Products,” which was inaugurated by Union Textiles Minister Santosh Kumar Gangwar at Jawahar Vyapar Bhawan, Janpath, New Delhi on Wednesday.
The cotton spinning industry welcomes reduction of VAT on cotton and other yarn from 6.05% to 3.63% in the state budget proposed on Tuesday.
The spinning industry was facing tough times in Punjab due to higher VAT, as spinners from neighbouring states used to sell it at 2% VAT, with this reduction in tax rates, the spinning industry will be able to compete, said Bathinda-based Indian Cotton Association Limited (ICAL) former president Rakesh Rathi.
