Basic Customs Duty On Imported Mmf Increased Upto 25% : Big Relief For Domestic Weavers And Knitters The weavers and exporters of the city cheers as the government has accepted their demand of increasing basic customs duty on imported MMF fabrics. In it’s recent notification, revenue department has fixed the floor price of imported fabrics. The duty on imported MMF fabrics and made-ups has been raised from 5 to 20% and 10 to 25% under various Harmonised System (HS) code of the products. The textile industrialist has Welcomed this decision as they belives that it will help to curb import of undervalued fabrics from China and Vietnam. Various MMF textile association of Surat are demanding increase in customs duty on fabrics created out of imported man-made fibre. Because of lower import duty, huge quantity of man-made fabrics had been imported to India in last 2-3 years. Moreover, cheap rates imported fabrics were highly undervalued which resulted in closure of thousands of power looms in Surat, Bhiwandi, Itchalkaranji, Malegaon and other cities. Industry sources said, approximately, 5000 crore worth of undervalued fabrics are imported from China and other countries to India every year. The import of fabrics from China is taking…
The 2016-17 cotton marketing year (October to September) ended with exports at 6.74 lakh bales (excluding waste) valued at US$1,996 million or INR13,175 crore. Shipment showed a 6% increase over previous season while value surged 27%. This was largely due to 20% increase in price (weighted cotton fibre consignment during the year, led by Mundra and JNPT accounting for 85% of all cotton exported from India in 2016-17. They were distantly followed by Petrapole Road and Pipavav ports. Peak season shifts and extends A noticeable shift was seen in peak shipment activity during 2016-17, and this was due to demonetisation of high value currency notes with effect from 9 November. Normally, peak shipment season prevail in between November- February and later tapers off. This year, the activity peaked in December and extended up to May when 79% of the shipment was done. In the previous season of 2015-16, 78% of the shipment was completed between November and March. Thus, the impact of demonetisation was clear visible on both, export volume and prices - which remained unusually high across the season. Exports at higher price The year began with export prices averaging US cents 87 per pound and remained very high…
Polyester chain: PSF demand seasonally strong, PFY rolls over Polyester chip prices in Asia were steady in the last week of October on the back of firm PTA and MEG market. In China, semi dull chip priceswere stable amid moderate trading that week. Downstream converters had already stocked up and in turn adopted cautious attitude, leading to tepid trading.Overall, given firm feedstock sentiment and decent demand, FGPET chip market is likely to range-bound in coming weeks. Polyester staple fibre prices fell in China while they were stable in India and Pakistan. In China, PSF offers edged down during the week since market was dominated by sidelined stance. Demand for PSF was seasonally strong at around the September to October period, prompted Chinese producers to raise their export offers during that period.Rigid demand for PSF still existed. PFY prices rolled over in the Asian markets of China, India and Pakistan. Nylon Chain: Rising crude sets nylon market on uptrend Caprolactum prices trended up in the last week of October in line with rising benzene cost and tight supply. In China, CPL offers were up that week due to short supply amid sound demand. Overall, CPL prices are likely to move up…
Polyester fibre and yarn Fibre price movements were mixed in September with manmade fibres moving up rapidly while cotton prices were subdued to marginally up across markets. They also supported spinners to adjust their prices in line with change in cost. Polyester staple fibre prices moved up after moving sideways in China while they were lifted in Pakistan and India. However, most PSF suppliers held stable offers in late September while some cut down offers slightly amid sidelined stance and feedstock under downward pressure. Overall, discussionswere flat with moderate trading while some spinning mills closed units for holiday, leading to flagging demand. In China, 1.4D direct-melt-spun PSF offers in Jiangsu and Zhejiang averaged 8.72-8.89 Yuan a kg (US$1.33-1.35 a kg, up US cents 12 on the month). Export offers were heard at around US$1.17 a kg FOB China. In Pakistan, PSF prices rose sharply to reflect the rise of import offers from China, which was an opportunity for domestic producers to lift their prices. Margins of PSF producers also rose over a decline of material costs, as PTA and MEG prices are now retreating to lower levels. 1.4D PSF prices jumped to PakRs.131.25-132.25 a kg (US$1.25-1.26 a kg, up US…
Fabric exports decline slowed down After prolonged period of sharp declines, woven fabric shipments fall tapered to 2.4 per cent in terms of volume in August, and remained positive in value term. Shipments aggregated 382 million sqmtr during the month valued at US$328 million or INR2,070 crore. During the first five months of 2017-18, total woven fabric exports were at 1,720 million sqmtr, down 5 per cent year on year. In August, 141 countries imported woven fabrics from India, with Bangladesh being the largest importer, followed by UAE and Sri Lanka. The three together accounted for 28 per cent of total woven fabrics export during the month. During the month, 10 countries did not import any fab-ric from India as they did last year. However, they were replaced by 23 countries which import-ed fabric worth US$3 million this August. Afghanistan, Uzbekistan, Cote D'Ivoire, Nepal and Hungary were the fastest growing markets for woven fabrics, and accounted for 5 per cent of total value exported in August. Woven fabrics made of 100% cotton accounted for 49 per cent of all fabrics exported, worth US$160 million (INR1,010 crore) with volumes at 172 million sqmtr. The average unit price realization was at US$0.93…
GST concern : Unhappy Traders will not illuminate the market this year The texile traders will not illuminate the market during Diwali festival to mark their protest against GST. The market's buildings will not be decorated with colourful lightings during the Diwali this year first time. The market said that the central government is not accepting the demands of the textile traders on the GST. The government is not supportive and traders have decided not to celebrate Diwali festival. The GST council again has neglected their demands. Except for the relief in e-way bill and abolition of reserve charge mechanism (RCM) till March 2018, the GST Council meeting has not accepted most of the demands put forth by the traders. Traders stated that they will not be able to take the benefit of the composition scheme as the turnover for the scheme has been raised from Rs 75 lakh to Rs 1 crore per annum. Most of the traders, even the small one, will not be benefited by the scheme. The GST Council has given relief to taxpayers by filing quarterly returns, provided his turnover is less than Rs 1.5 crore per annum. In the textile sector, Rs 1.5 crore…
Page 1 of 4
No result...