Polyester downstream market pessimistic

Polyester downstream market largely pessimistic, requiring time to improve Polyester downstream market pessimistic

Source : CCFGroup

Polyester downstream market pessimistic

After investigating major fabric manufacturing bases like Shengze, Changxing, Xiaoshan, Shaoxing and Haining, the results and feelings are as following, only for reference:

  1. Different from previous investigations, many twisting units and fabric manufacturing plants were busy in visiting their downstream customers recently, which reflected that many downstream players tried to receive some orders by visiting customers or turned to focus on collecting the payment with falling prosperity.

 

  1. Currently, most downstream twisting units and fabric manufacturing plants lacked confidence, showing strong sidelined attitude, which is similar to the situation in Sep-Oct, 2018. On one hand, new orders apparently declined in Apr and players focused on completing orders placed in Mar, which was because partial demand was pulled forward as the VAT would be cut from Apr 1. Some plants even did not get orders in Apr, and orders in May were scarce too. Inquiries appeared, but actual transactions were limited. Twisting units and fabric manufacturing plants saw poor orders, stagnated sales and rising stocks in Apr-May; on the other hand, with decreasing feedstock price, the feedstock prepared before was devaluated, and the stocks of finished goods also devaluated. Thus, downstream plants tried to reduce feedstock inventory as low as possible, better to only meet the pressing demand.

 

  1. Stocks of grey fabric have beat high in recent years, and some plants successively slashed run rate after the May Day holiday to reduce the devaluation risk from stocks accumulation. The decrement of circular knitting O/R was the most apparent. The O/R of circular knitting plants in Shaoxing declined to around 30-40% now from 75% in Mar, and that of warp knitting plants in Haining and Changshu and water-jet plants in Changxing and Wujiang also slipped by around 10-20%. In short run, operating rate of downstream plants may keep dropping with decreasing upstream feedstock market and hard-to-improve demand.

 

  1. Dyeing plans also witnessed poor business when dyestuff price surged. Some dyeing plants in Xiaoshan and Haining mainly manufacturing knitwear revised down dyeing fee amid subdued orders. Besides, dyeing plants in Wujiang and Shengze also reflected that the order schedule has been greatly shortened.Polyester downstream market pessimistic

 

  1. As for Sino-US trade conflict, after U.S. Customs and Border Protection stated officially that US will raise tariffs on $200 billion worth of Chinese imports from 10 percent to 25 percent from May 10, 2019, downstream fabric manufacturing plants that directly exported textiles to US were affected. Some customers reflected that new orders have been suspended and the two sides need to negotiate the allocation of tariffs in later period. US is expected to be hard to find a nation that can produce textiles as large-scale as China, especially downstream fabric manufacturing plants related with chemical fiber. After all, China remains the biggest chemical fiber producer and fabric manufacturer in the world. Thus, orders from US still have chance to be placed or to be placed through transit country after negotiation in later period. Besides, the US threatened to impose tariffs on Chinese products worth about US$300 billion, saying that it will hold a hearing on June 17, and the $300 billion list contains the remaining home textiles and clothing for export. If this part is subject to tariff raise, it will have a greater impact on China’s textile and apparel exports in short term. After all, the United States is China’s largest textile and apparel export market.

 

  1. Operating rate of downstream twisting units and fabric manufacturing plants declined further, and downstream plants only purchased feedstock on a need-to-basis, resulting into mounting stocks in upstream polyester plants. Actually, many polyester plants suffered losses now amid price competition, especially FDY. Devaluation of stocks was obvious. Thus, some polyester plants have arranged production curtailment since May, and the polymerization rate is supposed to fall further. Polyester downstream market pessimistic

 

  1. Currently, pessimistic view was widely spread, but we also perceived some bullish factor. Firstly, downstream orders were largely sluggish in Apr-May, but some large plants witnessed moderate orders, and some orders were in the hand of traders. If feedstock market ends falling and rallies, these orders may emerge. Secondly, feedstock prepared in downstream plants was slanting low, worrying feedstock price to decline further, but speculative demand for low-priced feedstock may be stimulated if PTA spread narrows to reasonable level, polyester plants increase output reduction and PFY price has smaller downward risk.

 

All in all, pessimistic mindset is supposed to sustain in short run with poor business in downstream market. Polyester plants may continue slashing price and curtailing production together. PTA-PX spread is likely to narrow amid the reduction of polymerization rate.Polyester downstream market pessimistic

But pessimistic view should not be held in long run. After bearish factors gradually diluted, downstream plants are still likely to restock when the time is appropriate, while the specific time is not confirmed now, maybe in Jun? Demand is supposed to be constrained this year, so the rebounding range may be limited.

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Nylon6 HS chip chaos

Nylon 6 HS chip: the chaos has just begun Nylon6 HS chip chaos

Recently, nylon 6 high-speed spinning chip market has seen continuous rising stocks, price declines in mixed conditions, reducing profits and so on.

Oversupply is more obvious against weak demand, while still many new projects are to be started in late market, including Yichen, Fangyuan, Luxi, Jinjiang and Shenyuan, etc. It is hard to strike balance in a short run in HS chip market, and for chip producers, the competition has just begun. Nylon6 HS chip chaos

(1) Widening contract and spot price spread, contract trading fails

In April, low-end HS chip plants plans to cancel the discounts for contract buyers. For instance, Shenghong plans to raise the processing fee from 1,200yuan/mt to 1,500yuan/mt, and Meibang plans to raise form 1,450yuan/mt to 1,600yaun/mt. But demand for low-end DTY in Zhejiang and Jiangsu is sluggish, and filament plants are mostly suffering losses due to payment arrears or discounted sales. They already feel hard to strike balance at the cost of Mar contract, not to mention about Apr cost, when Sinopec’s contract price is evidently higher, and rising processing fee of nylon 6 chip will be a definite unacceptable term.

Nylon6 HS chip chaos

On the contrary, spot price of Luxi has continued to be low (minimum to 14,300yuan/mt, by cash, ex-works). Based on the evident contract-spot spread, and chip stocks in plants, nylon filament producers rarely purchased the low-end HS chip in contract form in H1 Apr. When Sinopec settles the Apr contract at 14,550yuan/mt, some filament producers choose not to purchase the contract chip. Therefore, contract trading in the beginning of the second quarter of 2019 is basically canceled.

Nylon6 HS chip chaos

As for high-end HS chip market, the contract trading is relatively stable. But with the rapid increase of new production capacity, some new plants offer more affordable levels to attract buyers.Nylon6 HS chip chaos

A new chip plant in Zhejiang, capable to produce around 210kt/year nylon 6 HS chip, has reduced their spot offers to 15,500-15,600 yuan/mt, 6 months payment, short-distance delivered. With 210kt/year capacity of nylon 6 semi-dull HS chip, it is a largest manufacturer in the country, and the sufficient supply of low-price spot cargoes has gradually broken the high-end HS chip market pattern. By mid-Apr, contract chip plants have cut their processing fee from 1,750-1,800yaun/mt to around 1,500yuan/mt, but still, the contract prices are as high as 16,000-16,050yuan/mt, 6 months payment, delivered, around 500yuan/mt higher than low spot. It is why filament plants are strongly resisting to purchase from contract suppliers. Nylon6 HS chip chaos

In fact, previous price advantages of contract nylon 6 chip have gone, in comparison with spot cargoes, and the advantage of “stable supply” under contract mode has become a new burden to filament makers, who are suffering inventory pressure.

(2) The profit margin of nylon 6 chip has been significantly compressed, and rising supply surplus may lead to production cut.

Nylon6 HS chip chaos

So far, the profit of spot nylon 6 chip is near or below the break-even line, and it is hard to bear further price decline.Nylon6 HS chip chaos

It becomes a dilemma for nylon 6 chip plants, to lose buyers if cut production, or to lose profit if continue to produce and sell at low rates. In the fear of losing customers, still many chip plants with heavy inventory burdens continue production. But this situation may not last long, as downstream filament plants also faces quickly rising stocks and are considering cutting or have cut production. Finally, chip plants will be forced to curtail production.

(3) Capacity expansion is still going on, and low profit or staged losses will become normal in the short term. Nylon6 HS chip chaos

Based on capacity increment of nylon 6 HS chip and actual increment in downstream consumption, there is a “supply-demand increment gap”. In 2011-2014, supply surplus of nylon 6 HS chip was not heavy and the profits were relatively high. In 2015-2016, profits quickly fell under rapidly expanding “supply-demand increment gap”. In 2015-2016, when “supply-demand increment gap” was revised down below 0, profits of chip had been evidently pulled up. Nylon6 HS chip chaos

Looking at the present, “supply-demand increment gap” in January-April 2019 is approaching the level of 2015. Before the end of 2019, at least 500kt/year of new capacity is planned to be put into production, and the gap continues widening. The overall profit of nylon 6 HS chip may be lingering around the break-even line.

Above all, the chaos in the high-speed spinning chip market is mainly due to imbalanced between supply and demand, especially the spot low-price impact of new investment projects.Nylon6 HS chip chaos

The market share of contract trading has dropped from over 80% last year to around 50%, and may fall further in the short run.

As the terminal demand keeps weakening and finally affects upstream sectors. First, nylon 6 chip plants may largely shut production under heavy stock burden, and this may force down CPL prices and gradually achieve a new balance. This new balance includes not only supply and demand volume, but also the re-distribution of profits. This circle may be repeated several times in this year.

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Polymers Petrochemical Polyester Prices

Polymers Petrochemical Polyester Prices

Polymers Petrochemical Polyester Prices

Polyestertime  Polymers Petrochemical Polyester Prices

ITEM13/05/201920/05/2019+/-
Bottle grade PET chips domestic market7,775 yuan/ton7,350 yuan/ton-425
Bottle grade PET chips export market1,040 $/ton985 $/ton-55
Filament grade Semidull chips domestic market7,475 yuan/ton7,050 yuan/ton-425
Filament grade Bright chips domestic market7,575 yuan/ton7,150 yuan/ton-425
Pure Terephthalic Acid PTA domestic market6,655 yuan/ton6,020 yuan/ton-635
Pure Terephthalic Acid PTA export market840 $/ton815 $/ton-25
Monoethyleneglycol MEG domestic market4,390 yuan/ton4,215 yuan/ton-175
Monoethyleneglycol MEG export market557 $/ton523 $/ton-34
Paraxylene PX FOB  Taiwan market907 $/ton860 $/ton-47
Paraxylene PX FOB  Korea market888 $/ton841 $/ton-47
Paraxylene PX FOB EU market798 $/ton755 $/ton-43
Polyester filament POY 150D/48F domestic market8,250 yuan/ton7,850 yuan/ton
-400
Recycled Polyester filament POY  domestic market7,900 yuan/ton7,500 yuan/ton-400
Polyester filament DTY 150D/48 F domestic market9,900 yuan/ton9,600 yuan/ton-300
Polyester filament FDY 68D24F domestic market 9,200 yuan/ton8,850 yuan/ton-350
Polyester filament FDY 150D/96F domestic market8,700 yuan/ton8,300 yuan/ton-400
Polyester staple fiber 1.4D 38mm domestic market8,480 yuan/ton8,070 yuan/ton-410
Caprolactam CPL domestic market13,650 yuan/ton12,350 yuan/ton
-1300
Caprolactam CPL overseas  market1,670 $/ton1,650 $/ton-20
Nylon6 chips overseas  market2,000 $/ton2,000 $/ton
Nylon6 chips conventional spinning domestic  market14,300 yuan/ton13,200 yuan/ton-1100
Nylon6 chips  high speed spinning domestic  market14,800 yuan/ton14,000 yuan/ton-800
Nylon 6.6 chips domestic  market28,200 yuan/ton27,300 yuan/ton-900
Nylon6 Filament POY 86D/24F domestic  market17,700 yuan/ton17,000 yuan/ton-700
Nylon6 Filament DTY 70D/24F domestic  market20,600 yuan/ton19,900 yuan/ton-700
Nylon6 Filament FDY  70D/24F  domestic  market18,400 yuan/ton17,800 yuan/ton-600
Spandex 20D  domestic  market38,500 yuan/ton38,500 yuan/ton
Spandex 30D  domestic  market37,500  yuan/ton37,500  yuan/ton
Spandex 40D  domestic  market32,000  yuan/ton32,000  yuan/ton
Adipic Acid domestic market8,000 yuan/ton7,900 yuan/ton-100
Benzene domestic market4,500 yuan/ton4,480 yuan/ton-20
Benzene overseas  market627$/ton616 $/ton -11
Ethylene South East market890 $/ton890 $/ton
Ethylene NWE  market1,128 $/ton1,125 $/ton-3
Acrylonitrile ACN  domestic market15,500 yuan/ton16,000 yuan/ton+500
Acrylonitrile ACN  overseas market1,850 $/ton2,100 $/ton-+250
Acrylic staple fiber ASF  domestic market17,400 yuan/ton17,400 yuan/ton
Viscose Staple Fiber VSF  domestic market12,000 yuan/ton11,800 yuan/ton-200
PP Powder domestic market8,475 yuan/ton8,450 yuan/ton-25
Naphtha overseas market  568 $/ton580 $/ton
+12
Phenol domestic market 7,813 yuan/ton7,813 yuan/ton
PS Taiwan 5250 GPPS1,285 1,310 $/ton1,260 $/ton-25
PS Taiwan 8250 HIPS1,365 1,374 $/ton1,340 $/ton-25
LDPE CFR Far East 1,062 $/ton1,052 $/ton-10
LLDPE CFR Far East1,0021,022 $/ton1,022 $/ton
LDPE   FOB Middle East1,01,047 $/ton1,037 $/ton-10
LLDPE FOB Middle East1,007 $/ton1,007 $/ton
HDPE CFR Far East1,052 $/ton1,037 $/ton-15
LDPE FD Northwest Europe 1,123 €/ton1,143 €/ton+20
LLDPE FD Northwest Europe 1,082 €/ton1,103 €/ton+21
Homopolymer PP CFR Far East1,118 $/ton1,099 $/ton-19
Homopolymer PP FD NWE1,221 €/ton1,221 €/ton
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PET bottle chip process

PET bottle chip detailed developing process: from excessive profit to loss PET bottle chip process

Source : CCFGroup 

PET bottle chip spot value has created new low in 2019, and still has sign of declining. Cash flow once squeezed to negative. Feedstock plunge is a major donor to price fall, while slacker demand in and abroad is the deep roots for the squeezed profit. PET bottle chip process

PET bottle chip process

We shall recognize the fact that overseas supply shortage has turned to supply surplus, because the closed units gradually resumed working, and the restart of long-term shut plants plus new capacity also functioned on supply.

EU and Middle East markets are the most affected, while the specific data needs to be confirmed by the data released by the Customs later on.

China PET resin exports to EU market grew quite fast in past two years. But since the beginning of 2019, EU local raw materials price was once $200/mt cheaper than China level (which typically hovers around $150/mt), and Asian PX price was relatively high. Apart from that, South Korea-EU’s zero tariff policy and low-pricing promotion of newly online capacity in Middle East are both eating up China’s share. Flanked by above competitors, it’s barely possible for Chinese producers to open up the market.

PET bottle chip process

Middle East: since EIPET based in Egypt successfully restarted and Indian PET bottle chip producers further strengthened their exports, most demand in Middle East was locked by them, which also to some degree lowered price to EU and Africa market. After China price hike post Spring Festival holiday, some of China’s market share was taken, which may challenge future order intake.

Why did large overseas plants and China downstream build stock in advance since Q4 2018? PET bottle chip process

H1 2019 demand was largely digested in last Q4 and Q1 2019. On one side, PET bottle chip price was volatile in 2018, hence some downstream plants that make budget ahead of time have to choose whether to secure delivery in prior or to preserve profits first. Thus, with China materials way cheaper than other regions, overseas order boomed, with Nov export order intake even hitting 400kt high. Meanwhile, large downstream plants in China also restocked PET bottle chip to guarantee peak season delivery.

On the other side, most contracts are implemented from H2 2018 to H1 2019, which means summer delivery is not completely guaranteed, while feedstock market has seen violent fluctuations in Q3 in recent two years. Therefore, despite slack order intake in Q2, still a spate of downstream plants are negotiating forward deals during the downturn, primarily preparing for Q3-Q4 delivery.

For trader part, the frequent and volatile price trend is unfavorable for them to gain profit. Many traders were trapped on the top of the mountain as they built stock end Mar-early Apr when price increased. Some were conscious of selling part of the goods in advance, but didn’t win the market. A number of traders suffered severe loss recently. Of course, some traders that bore larger pressure or continuously held bearish views need to sell short for a while. It’s heard that one trader’s stock in hand could be comparable to over half month stock of a large PET producer.

Actual profit of PET bottle chip producers is tolerable as a whole, since orders are taken in ahead of time and RMB is depreciating recently. But new order intake remains a problem to be tackled with. Downstream bid constantly declines, not only RMB price for forward goods breaches below 7000yuan/mt but also export bidding level is heard at $950-980/mt FOB.PET bottle chip process

If China PET bottle chip price doesn’t regain advantage and feedstock uncertainty increases further, PET bottle chip traders may face worse situation. Output cut and closure news may increase later.

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Crude Oil Price Forecast

Oil Price Forecast For 2019, 2020, 2021, 2022 And 2023

Crude Oil Price Forecast

Source :

MonthOpenLow-HighCloseMo,%Total,%
2019
May72.0368.79-74.6273.522.1%2.1%
Jun73.5273.52-76.0574.931.9%4.0%
Jul74.9374.93-79.1477.974.1%8.2%
Aug77.9777.97-84.0482.806.2%15.0%
Sep82.8082.80-86.8685.583.4%18.8%
Oct85.5885.58-92.2590.896.2%26.2%
Nov90.8983.97-90.8985.25-6.2%18.4%
Dec85.2578.76-85.2579.96-6.2%11.0%
2020
Jan79.9673.88-79.9675.00-6.2%4.1%
Feb75.0075.00-80.8479.656.2%10.6%
Mar79.6577.39-79.7578.57-1.4%9.1%
Apr78.5778.57-84.6983.446.2%15.8%
May83.4483.44-89.0087.685.1%21.7%
Jun87.6887.68-91.8990.533.3%25.7%
Jul90.5386.79-90.5388.11-2.7%22.3%
Aug88.1188.11-93.0791.694.1%27.3%
Sep91.6991.69-96.7295.293.9%32.3%
Oct95.2995.29-102.42100.915.9%40.1%
Nov100.91100.91-108.78107.176.2%48.8%
Dec107.17107.17-115.52113.816.2%58.0%
2021
Jan113.81113.81-118.37116.622.5%61.9%
Feb116.62116.62-124.95123.105.6%70.9%
Mar123.10117.85-123.10119.64-2.8%66.1%
Apr119.64114.87-119.64116.62-2.5%61.9%
May116.62110.47-116.62112.15-3.8%55.7%
MonthOpenLow-HighCloseMo,%Total,%
2021 Continuation
Jun112.15104.94-112.15106.54-5.0%47.9%
Jul106.54104.52-107.70106.11-0.4%47.3%
Aug106.11104.20-107.38105.79-0.3%46.9%
Sep105.79105.79-114.04112.356.2%56.0%
Oct112.35112.35-119.06117.304.4%62.8%
Nov117.30113.82-117.30115.55-1.5%60.4%
Dec115.55115.55-122.30120.494.3%67.3%
2022
Jan120.49120.49-129.88127.966.2%77.6%
Feb127.96118.23-127.96120.03-6.2%66.6%
Mar120.03118.35-121.95120.150.1%66.8%
Apr120.15120.15-125.83123.973.2%72.1%
May123.97123.97-133.63131.666.2%82.8%
Jun131.66131.66-141.92139.826.2%94.1%
Jul139.82139.82-146.94144.773.5%101.0%
Aug144.77133.75-144.77135.79-6.2%88.5%
Sep135.79125.46-135.79127.37-6.2%76.8%
Oct127.37117.68-127.37119.47-6.2%65.9%
Nov119.47119.47-124.25122.412.5%69.9%
Dec122.41113.10-122.41114.82-6.2%59.4%
2023
Jan114.82114.82-120.88119.093.7%65.3%
Feb119.09110.03-119.09111.71-6.2%55.1%
Mar111.71106.72-111.71108.35-3.0%50.4%
Apr108.35104.77-108.35106.37-1.8%47.7%
May106.37106.37-114.65112.966.2%56.8%
Jun112.96104.37-112.96105.96-6.2%47.1%

 

Oil Price forecast for May 2019.
In the beginning price at 72.03 Dollars. High price 74.62, low 68.79. The average for the month 72.24. The Oil Price forecast at the end of the month 73.52, change for May 2.1%.

Brent oil price forecast for June 2019.
In the beginning price at 73.52 Dollars. High price 76.05, low 73.52. The average for the month 74.51. The Oil Price forecast at the end of the month 74.93, change for June 1.9%.

Oil Price forecast for July 2019.
In the beginning price at 74.93 Dollars. High price 79.14, low 74.93. The average for the month 76.74. The Oil Price forecast at the end of the month 77.97, change for July 4.1%.

Brent oil price forecast for August 2019.
In the beginning price at 77.97 Dollars. High price 84.04, low 77.97. The average for the month 80.70. The Oil Price forecast at the end of the month 82.80, change for August 6.2%.

Oil Price forecast for September 2019.
In the beginning price at 82.80 Dollars. High price 86.86, low 82.80. The average for the month 84.51. The Oil Price forecast at the end of the month 85.58, change for September 3.4%.

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Polymers Petrochemicals Graphene Economy 20-05-2019

Crude Oil Prices Tren

Polymers Petrochemicals Graphene Economy

Polymers Petrochemical Polyester Prices

Polymers Petrochemicals Graphene Economy

-PET bottle chip detailed developing process: from excessive profit to loss Polymers Petrochemicals Graphene Economy

PET bottle chip spot value has created new low in 2019, and still has sign of declining. Cash flow once squeezed to negative. Feedstock plunge is a major donor to price fall, while slacker demand in and abroad is the deep roots for the squeezed profit.

We shall recognize the fact that overseas supply shortage has turned to supply surplus, because the closed units gradually resumed working, and the restart of long-term shut plants plus new capacity also functioned on supply.

Polymers Petrochemicals Graphene Economy

Oil Price Forecast For 2019, 2020, 2021, 2022 And 2023

Crude Oil forecast

-Polyester downstream market largely pessimistic, requiring time to improve

After investigating major fabric manufacturing bases like Shengze, Changxing, Xiaoshan, Shaoxing and Haining, the results and feelings are as following, only for reference:

Different from previous investigations, many twisting units and fabric manufacturing plants were busy in visiting their downstream customers recently, which reflected that many downstream players tried to receive some orders by visiting customers or turned to focus on collecting the payment with falling prosperity.

Currently, most downstream twisting units and fabric manufacturing plants lacked confidence, showing strong sidelined attitude, which is similar to the situation in Sep-Oct, 2018. Polymers Petrochemicals Graphene Economy

Polymers Petrochemicals Graphene Economy

-Decarbonizing plastics is finally possible

Some scientists have come up with a way to make infinitely recyclable plastics. Other scientists are out to pull off another ambitious feat: making plastic production and disposal carbon neutral.

A new paper in Nature Climate Change looks at ways to cut the carbon footprint of plastics.

The authors suggest four strategies to succeed globally in that endeavor: a shift towards renewable energy, the quick spread of truly biodegradable plastics, rising recycling levels, and ultimately cutting down on global demand for plastics.

Decarbonizing plastics

-Ethylene prices gained in some parts of Asia last week.

CFR North East Asia prices were assessed up at the USD 975/mt levels, a week on week rise of USD 15/mt. The price rise was attributed to higher upstream costs and constrained product availability in the region.

CFR South East Asia prices of ethylene were assessed steady at the USD 905/mt mark.

Ethylene

-Nylon 6 HS chip: the chaos has just begun 

Recently, nylon 6 high-speed spinning chip market has seen continuous rising stocks, price declines in mixed conditions, reducing profits and so on.

Oversupply is more obvious against weak demand, while still many new projects are to be started in late market, including Yichen, Fangyuan, Luxi, Jinjiang and Shenyuan, etc.

It is hard to strike balance in a short run in HS chip market, and for chip producers, the competition has just begun. Polymers Petrochemicals Graphene Economy

Polymers Petrochemicals Graphene Economy

Polymers Petrochemicals Graphene Economy

-China’s ban on scrap imports revitalises US recycling industry

US paper mills are expanding capacity to take advantage of a glut of cheap waste materials

Some facilities that previously exported plastic or metal to China have retooled so they can process it themselves

The halt on China’s imports of waste paper and plastic that has disrupted US recycling programmes has also spurred investment in American plants that process recyclables.

US paper mills are expanding capacity to take advantage of a glut of cheap scrap. Some facilities that previously exported plastic or metal to China have retooled so they can process it themselves.

Plastics Waste

-Oil producers meet to discuss output amid Iran tension

Major crude producers are set to meet Sunday to discuss how to stabilise a volatile oil market amid rising US-Iran tensions in the Gulf, which threaten to disrupt supply.

Key OPEC members and other major suppliers including Russia will assess the oil market and examine compliance to production cuts agreed late last year.

But the subject of Iran, which is not present, will dominate the one-day meeting of the OPEC+ group.

It comes days after sabotage attacks against tankers in highly sensitive Gulf waters and the bombing of a Saudi pipeline by Iran-aligned Yemen rebels.

Opec

-Vietnamese firms strive to increase apparel exports to Canada

Vietnamese textile and garment exports to Trans-Pacific Partnership (CPTPP) markets have failed to match the country’s stature as the world’s second largest apparel exporter.

General Director of the Việt Nam National Textile and Garment Group (Vinatex) Lê Tiến Trường delivered this statement during a workshop held in the Canadian city of Montreal on Thursday.

The event was organised as part of a trip by officials of Vinatex and its five member companies to Canada to promote their textile and garment exports to the nation. It also attracted representatives of 35 Canadian enterprises.

According to Trường, total textile-garment demand in member nations of the CPTPP, which gathered 11 members with a combined population of 500 million, was estimated at US$83 billion annually. In 2018, Việt Nam’s textile-garment exports to CPTPP markets were $5.3 billion, making up 6.3 per cent of the market.

Vietnamese apparel Canada

-Iran dismisses possibility of conflict, says does not want war

Iran’s top diplomat dismissed the possibility of war erupting in the region at a time of escalating confrontation with the United States, saying Tehran did not want conflict and no country had the “illusion it can confront Iran”.

Tensions betkfgo.com/…/iran-dismisses-possibility-of-conflict-says-does-not-want-warween Washington and Tehran have increased in recent days, raising concerns about a potential U.S.-Iran conflict. Earlier this week the United States pulled some diplomatic staff from its embassy in neighboring Iraq following attacks on oil tankers in the Gulf. Polymers Petrochemicals Graphene Economy

Iran Oil

-How the US-Iran oil standoff could also injure the economy

Fresh York (CNN Industry)The American economy is already titillating a physique blow from the deepening US-China alternate battle.

An right battle will seemingly be extra than the decade-long financial growth can model out.

Investors will seemingly be wise to closely video display the connection between the United States and Iran, where tensions enjoy soared after Iran suspended components of the nuclear deal that fleet brought an stop to its financial and diplomatic isolation.

A conflict within the Middle East, whereas unlikely, would ship oil costs surging. That will per chance well deal a most necessary blow to user spending, the engine of the American economy.

Historic previous reveals that oil label spikes — no longer monetary panics — are the main motive of recessions in fresh The usa. Polymers Petrochemicals Graphene Economy

Iran US Oil war

-Oil exporters discuss whether to increase supply

The world’s major oil producers are meeting in Saudi Arabia as they consider increasing output amid high global prices.

Ministers from OPEC and its allies, including Russia, are discussing whether to continue reduced production at a meeting in Jeddah. The measure is set to last until June.

The countries began cutting output in January to raise prices. The move had the intended result, with a particularly big boost to prices in April, when the United States announced it was tightening sanctions on Iran.

Oil barrels

-Researchers develop sensors that can be woven into fabrics

Researchers have developed a shrinkable sensor that can be interlaced into clothes, a development which may pave the path for smart clothing, capable of monitoring human movement.

The embedded microscopic sensor is able to recognize local motion through the stretching of the woven yarns that are treated with graphene nanoplatelets, which can read the body’s activity, according to the study published in the Journal of Small.

“Microscopic sensors are changing the way we monitor machines and humans. Combining the shrinking of technology along with improved accuracy, the future is very bright in this area,” said, lead researcher of the study, Mina Hoorfar.

This ‘shrinking technology’ used a phenomenon called piezo-resistivity, an electromechanical response of a material when it is under strain. These tiny sensors have shown a great promise in detecting human movements and can be used for heart rate monitoring or temperature control, explained Hoorfar.

sensors that can be woven into fabrics

-Fong’s to display innovative dyeing solutions at ITMA

Fong’s Europe will show latest textile machinery at ITMA 2019, in hall 2, stand D101 and at Xorella’s stand D203, in hall 6. The leading textile and garment technology exhibition will be held from June 20-26, 2019, in Barcelona, Spain. Fong’s specialises in manufacturing of dyeing and finishing equipment for yarn dyeing, piece dyeing, dryers, and finishing.

The company will show the THEN SMARTFLOW TSF, which is designed to achieve the lowest possible energy and water consumption rates available on the market for jet dyeing, with achievable liquor ratios for a full load up to 300kg with a reduced kier volume and a liquor ratio down to 1:3.5 for cotton and 1:2.5 for synthetics, the company said in a press release.

Fong's to display innovative dyeing solutions at ITMA

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