Fiber Updates
1) PSF producers in few markets of China raised offers.
PTA futures market was adjusted in a small range, and the overall polyester market was under strong correction as a result there was increase in PSF offers by around 50-100 Yuan/ton.
2) VSF prices remained firm. VSF producers generally stuck to their fresh offers, while downstream mills were actively buying high-end VSF citing flat prices between some medium-end sources and high-end goods.
3) Spun polyester yarn offers in Shengze market of China moved up in line with rising PSF market in recent time. The sales volume was moderate in the market.
4) Overall polyester market remained stable to higher as PTA futures market opened at a slightly higher level and PSF market was mostly under stable correction.
5) Current cotton prices are ruling at about INR 43,500 per candy and are expected to rise by about INR 1,000/candy to INR 1,500/candy, up by about 2.5-3.5%, after the trade adjusts to GST and demand streamlines.
6) Egypt aims to double its high-quality cotton (a silky soft cotton also known as white cotton) production from 700,000 qintar (160 kg) in 2016-17 to 1.4 million qintar in 2017-18 fiscal year that started in July.
7) Bangladesh will begin cultivating genetically modified organism (GMO) cotton or Bt cotton in order to boost the crop’s production.
8) Cotton Victoria Project, a partnership between Brazilian Cooperation Agency (ABC), Brazilian Cotton Institute (IBA), Federal University of Lavras (UFLA), Brazil, Tanzania, Kenya and Burundi, will boost cotton production in East Africa by improving the techniques of cotton farming, transparent pricing and through training professionals.
