The firm, which exports more than half of its production to 45 countries, mainly in Europe, completed the fiber plant, the first of two projects prepared with the Project-Based Incentive System, previously approved by President Recep Tayyip Erdoğan and published in the Official Gazette.
Aloke Lohia, IVL group CEO said that, “Brazil, with its large spinning industry is a natural place for the textile industry to enjoy long-term growth due to its location and large population,” ,“We intend to support the local spinning industry with a commitment to supply high-quality fibers to blend with cotton and reduce dependence on imports.”
Synthetic textile manufactures are witnessing raw materials getting costilier by two to five percent over the past month due to a sharp increase in crude oil prices. IT is expected a further increase in prices of raw materials in the short term. Due to an increase in crude oil prices, polyester staple fibre prices have risen by 10 percent over the past two months to Rs 82 a kg.
Indorama Ventures Public Company Limited, one of the leading petrochemical producers, has successfully completed capacity expansionn of its Purified Terephthalic Acid (PTA) plant, resulting in the total PTA capacity of 700,000 tonnes per annum at Rotterdam.
Aloke Lohia Group CEO of Indorama Ventures said that with this low cost proven technology and nearly double the PTA production capacity, the expansion will bring cost synergies to the site. The Rotterdam facility is well positioned to support the continued growth as its location allows access to the whole of Europe.
The demand for Paraxylene in the global paraxylene market is being attributed to the growing global trends of polyester. This growth can be attributed to the growing demand for textile applications and the rising need for polyethylene terephthalate (PET) in Asia Pacific.
Surat, India's largest man-made fabric (MMF) hub to be adversely affected by the decision of Government of India's finance ministry to impose definitive anti-dumping duty on purified terephthalic acid (PTA) imports from China, Iran, Taiwan, Indonesia and Malaysia.
As per the government notification, the PTA imports from China, Iran, Taiwan, Indonesia and Malaysia will attract duty ranging from $85.67 per tonne to $168.76 per tonne. The high import duty will prevent small spinners in Surat and other places in the country from importing PTA, main raw material for manufacturing of yarn.
The Revenue Department on recommendations of the Directorate General of Anti-Dumping and Allied Duties (DGAD), has imposed import restrictive tax on chemicals (Purified Terephthalic Acid) used in textile industry for five years, said a notification of Central Board of Excise and Customs (CBEC).
The imports of the chemical from the five countries (China, Iran, Indonesia, Malaysia and Taiwan) will attract anti-dumping duty in the range of USD 83.08 per tonne to USD 168.76 per tone, to protect domestic manufacturers.
India has dropped anti-dumping investigation against China and the European Union for import of purified terephthalic acid, thus opening up doors for non restricted import. Shipments of purified terephthalic acid from China to India have resumed following the revocation. It is learnt that about 25,000-30,000 ton of purified terephthalic acid has been booked from China for April heading towards India, an Indian trade source said in mid April.
Globally, manmade fibre accounts for 70 percent of the fibre consumption while in India; it is less than 30 percent. The Indian textile industry to boost use of synthetic fibre want reduction in excise duty on all manmade fibre and filament from the existing 12 percent to 6 percent. As reduction in excise duty in manmade fibre will lead to increase in demand.
The decision of purified terephthalic acid (PTA) producers like Reliance Industries Ltd (RIL) and Mitsubishi Chemical to increase prices by a steep Rs 2,100 a tonne from August 1 - just a week after the new government imposed anti-dumping duty on the product despite stiff opposition from the user lobby have added yet another chapter to their long-drawn battle.
