Recycled-Textile – Biodegradable 13-01-2023
Recycled-Textile – Biodegradable
-China is historical surplus thanks to Russia. Yen rally hurts Nikkei
Asia closes the week, Friday 13 January, subdued, above all because of the Nikkei, which at 7:15 am Italian time drops 1.32%, while Hong Kong rises by 0.4% and Shanghai by 0.39% . The Tokyo Stock Exchange is weighed down by the rally in the yen which puts exporting groups in difficulty and by a sharp drop in Fast Retailing shares (-8%) after failed earnings estimates.
Gold is weak at 1,897 dollars per ounce, US WTI oil drops 0.22% to 78.22 dollars a barrel, while the euro retreats while remaining above the 1.08 level at 1.0842, a level which it has not seen since April 2022. The yen’s rally continues at 129.07 (+0.2%), the pound is weak at 1.2190. Recycled-Textile – Biodegradable
The 10-year US T bond sees the yield rise from 3.44% at the start of the Asian session to 3.46%, while Wall Street futures are in the red by around 0.3% (Nasdaq) after data released on Thursday on the US inflation is declining, suggesting a less aggressive Fed in terms of rate hikes.
China, exports and imports at a standstill
China’s exports plunged 9.9% year-on-year in December 2022, the biggest drop in nearly three years, while imports fell 7.5%, down for the third straight month, amid deteriorating demand domestic and foreign.
But it is an all-time record for the trade surplus
China’s trade surplus fell to $78 billion in December 2022 from $93.7 billion in the same month a year earlier, compared with market forecasts of +76.2 billion due to weakening global demand and internal.
For all of 2022, sales rose 7%, while purchases jumped 1.1% on robust trade with Russia and Southeast Asian countries, leading China to a record trade surplus of 877.6 billion dollars.
South Korea raises base rate by 25 basis points to 3.5%
The Bank of Korea (BoK) raised rates by 25 basis points to 3.5% at its January meeting, in line with market consensus. Friday’s move, which was the first rate hike in 2023, came after the same hike in November amid cost pressures and prospects of continued Fed rate hikes, driving borrowing costs to their lowest level. high since November 2008.
It was also the tenth rate hike since the start of the current tightening cycle that began in August 2021, with the central bank raising the cost of borrowing by 300 basis points.
The central bank said domestic economic growth was expected to weaken on a global slowdown and higher rates, with GDP growth in 2023 below November forecasts by 1.7%.
Watch out for the quarterly reports of the big US banks
Meanwhile, headline inflation appears to be consistent with a previous forecast of 3.6%. The board reiterated that it will judge whether the base rate needs to increase further by assessing downside risks and financial stability risks, the effects of tightening and monetary policy changes in major countries. Recycled-Textile – Biodegradable
Wall Street futures are soft on Friday as investors cautiously await earnings reports from major banks as they weigh the latest inflation report and its implications for monetary policy.
These moves came as December US inflation data showed year-to-date data slowed to 6.5% (CPI) and 5.7% (core), respectively, confirming expectations of further easing of inflationary pressure and reinforcing the thesis for a less aggressive tightening by the Federal Reserve (a +0.25% increase in the cost of money is now expected).
Investors have their eyes on Friday’s earnings from big banking stocks, including JP Morgan, Wells Fargo, Citigroup and Bank of America.
-Chinese export down
Chinese exports in December marked an annual slump of 9.9%, down for the third month in a row, amid weak demand due to inflation and supply chain shutdowns.
Then one wonders why Beijing scrapped the zero Covid policy? The problem is that with reopening and infections on the rise, the country is still at a standstill
In December, China recorded a trade surplus of 78 billion dollars, down from 93.7 billion in the same month of 2021, but better than the 76.2 billion expected by analysts on the eve.
According to data from Chinese Customs, exports recorded an annual drop of 9.9% (estimates were at -10% after -8.7% in November), down for the third month in a row with the weak international demand for high inflation and supply chain disruptions.
Import crash for the third consecutive month: -7.5% (a -9.8% was expected after -10.6% in November), discounting the drop in domestic demand with the wave of Covid infections.
Recycled-Textile – Biodegradable
Crude Oil Prices Trend
-Plastics Recycling Show Europe expands into second hall at RAI Amsterdam 10-11 May 2023
The Plastics Recycling Show Europe (PRSE), the pan-European exhibition and conference dedicated to plastics recycling, returns to the RAI Amsterdam, The Netherlands on 10-11 May 2023, expanding into two halls for the first time (Halls 11 and 12). Visitor registration for the free-to-attend event is now open!
The Plastics Recycling Show Europe is designed specifically for plastics recycling professionals. It brings together key players from the plastics and recycling sectors to showcase innovative technology, share best practice, network and do business. A broad cross-section of the industry is represented at the event including plastics recycling machinery and equipment suppliers, plastic material suppliers and compounders, pre-processors, mechanical and chemical plastics recyclers, waste management specialists and industry associations. Recycled-Textile – Biodegradable
A new chemical recycling feature area in Hall 11 will guide visitors through the history of and latest innovations in chemical recycling in a timeline with video displays. The feature area is sponsored by Plastic Energy, Mura Technology and Eastman.
Over 250 companies and organisations from across Europe have already signed up to exhibit including: Berry Global, Bollegraaf, Dijmex Europe, Ettlinger, FIMIC, Interzero Plastics Recycling, Krauss Maffei, Krones, Milliken, Pellenc ST, Starlinger, Suez and Veolia. Poly to Poly is platinum event sponsor, while Axens, BASF, BB Engineering, Eastman Chemical, Erema, Kraton Polymers, Mura Technology, Neste and Tomra Recycling are silver sponsors.
Conference sessions taking place in two theatres will cover the latest political and legislative developments in plastics recycling in Europe as well as the outlook for energy supply in the EU. Materials focus sessions will explore the challenges, issues and opportunities within the sector for mechanical recycling, covering PET, PVC and Technical Plastics, polyolefin waste streams and polypropylene (PP) recycling.
The winners of all seven award categories at the Plastics Recycling Awards Europe 2023 will be announced at the event on 11 May and all finalists will be showcased in the exhibition. Fimic SRL and Erema Engineering Recycling Maschinen GmbH are platinum sponsors of the awards. Entries close on soon on 13 January. To submit an entry via the simple online application visit the PRSE website.
Voices from the organisers:
“PRSE was such a success in 2022 with record numbers of exhibitors and visitors,” said Matt Barber, Global Events Director at Crain Communications. “We are seeing the event grow even more dramatically this year, with a great mix of both established and first-time exhibitors.” Recycled-Textile – Biodegradable
“The PRSE exhibition and conference is the focal point of plastics recycling in Europe,” says Ton Emans, Plastics Recyclers Europe President. “It is the perfect place to discover all the latest technical innovations and commercial developments and stay up to date with the legislative landscape for the circular use of plastics.”
–First Of Its Kind Commercial Scale Recycled Textile Mill Opens In Sweden
Today, as world leaders gather in Egypt to discuss how to decarbonize supply chains in time to stabilize our climate, the world’s first commercial-scale textile-to-textile pulp mill held its official opening in Sundsvall, Sweden. ‘Renewcell 1’ is the first of a new generation of climate-friendly mills that shift viscose production from being a linear extractive supply chain, with significant impact on the world’s forests, biodiversity, and climate, to low-impact, circular production. he first-of-its-kind facility will repurpose over 120,000 metric tonnes of textile waste next year, otherwise destined for landfills, and turn it into new viscose for fashion.
As the global effort to combat climate change and environmental degradation accelerates there is a growing need to make fashion circular and preserve critical forest ecosystems. Over 200 million trees, many from the world’s most vital forests, are currently cut down every year to make fabrics like viscose and rayon. Renewcell’s new mill uses textile waste rather than trees to make these fabrics, sourcing from worn-out jeans and production scraps. Recycled-Textile – Biodegradable
“We’re delighted to be the first mill in the world that is dedicated to circular manufacturing for the viscose fashion sector,” said Patrik Lundström, CEO of Renewcell. “It hasn’t always been easy but the commissioning of this facility marks the dawn of a new circular era for global fashion.”
Strong market demand has played a key role in Renewcell coming to market at scale. Through Canopy’s work in the fashion sector, more than 500 fashion brands, designers, and retailers are committed to prioritizing the use of Next Generation Solutions, including viscose made from old textiles and agricultural residues, along with not sourcing from Ancient and Endangered Forests. Clear market signals of support and offtake agreements from brands and conventional viscose producers helped Renewcell unlock their financing for this first commercial-scale facility.
-Novatex withdraws offer to acquire 75% holding in Lotte Chemical
Novatex Limited has withdrawn its public announcement of intention (PAI) to acquire 75.01% shares of Lotte Chemical Pakistan Limited (LOTCHEM). The announcement was made by the manager of the offer, Arif Habib Limited (AHL), to the Pakistan Stock Exchange (PSX) on Monday. Recycled-Textile – Biodegradable
According to the notification issued by the manager of the offer, the PAI was withdrawn because the parties were unable to agree on the terms of the transaction. The initial acquisiton announcement was made six months ago on July 13, 2022.
The share price of LOTCHEM closed at Rs 24.85 on Monday, down 4.64%.
Lotte Chemical Pakistan
LOTCHEM was incorporated in Pakistan on 30 May 1998. The principal activity of the company is the manufacture and sale of Pure Terephthalic Acid (PTA).
Lotte, the South Korean conglomerate, acquired the majority shareholdings in Pakistan PTA Limited (PPTA) in September 2009. Subsequently, the name of the company was changed to Lotte Chemical Pakistan Ltd. The corporation is the single largest shareholder of LOTCHEM with a 75.01% shareholding.
The company has the capacity to produce 520,000 tonnes of PTA annually through its state-of-the-art plant located at Port Qasim, Karachi. The plant at the port was built using ICI’s state-of-the-art technology when it was commissioned in 1998. It produces Purified Terephthalic Acid (PTA), an essential raw material for Pakistan’s textile and PET packaging industries, and forms the backbone of the polyester chain, including Polyester Staple Fibre, Filament Yarn and PET (bottle grade) resin.
In addition to its own manufacturing facilities, the company has helped create a large infrastructure network at the Port Qasim vicinity, which includes a chemical jetty, raw water pipeline and manufacture of industrial gases through third-party contracts.
Novatex Limited is a leading name in polyester filament yarn, polyester chips and PET Resin in Pakistan. Recycled-Textile – Biodegradable
Incorporated in 1991, it started manufacturing textile grade polyester chips by the year 1997. In 2002, it diversified itself as a manufacturer of Pet Resin.
In 2007, two new plants were installed i.e. for production of Polyester Chips Amorphous Grade and another facility to produce Pet Resin – Bottle Grade Chips. In the same year, the company also started producing pet preforms of various grammage from self-produced pet resin. In 2012, Novatex commenced production of BOPET films under the brand name of Krystofilms, which is the biggest plant of Pet films in Pakistan.
-Suominen mulls closure of Italian plant
Nonwovens manufacturer Suominen has begun a consultation procedure aimed at permanently closing its manufacturing facility in Mozzate, Italy.
The move comes after the company determined that the lines at the plant were not best suited for sustainable fibres and this, combined with high operating costs, means that the plant is not operating competitively. Recycled-Textile – Biodegradable
In a statement, Suominen said it will start consultation with local trade unions regarding a plan to end production at the plant during the second quarter of 2023.
The consultation will be conducted in accordance with the Italian legislation and applicable National Collective Agreement and is aimed to be completed within 90 days. The Mozzate site currently employs 92 people, working both in production and in office roles.
“Since the normalization of the COVID-induced demand surge, the competition in the European wipes nonwovens market has increased significantly driven mainly by imports from Turkey and China,” said Klaus Korhonen, interim President & CEO. “This is the case especially in the traditional blended fibre products. At the same time energy costs in Italy have increased to record high levels. These two factors combined have created huge challenges for the cost competitiveness of our plant in Mozzate.”
As Suominen notes, the wipes nonwovens market is rapidly transitioning towards more sustainable alternatives and in line with its strategy, the company has set targets to increase the sales of sustainable products and to continuously innovate new environmentally friendly nonwovens.
“The demand for traditional blended fibre products in Europe is declining,” Korhonen added. “Manufacturing sustainable nonwovens competitively requires production assets and processes optimized specifically for these products. Our lines at the Mozzate plant are not best suited for sustainable fibres, and this combined with high operating costs means that the plant is not competitive and its competitiveness is not expected to improve materially going forward.
“We are constantly evaluating the performance and profitability of our assets, and in the current situation we have unfortunately come to the conclusion that we need to consider closing the production at Mozzate to improve the competitiveness of our European business.” Recycled-Textile – Biodegradable
The expected financial impacts of the potential closure are approximately €9 million in one-time cash costs in 2023-24 consisting mainly of severance costs, dismantling the production lines and restoration of leased buildings.
One-time net non-cash costs are expected to be around €3 million of which approximately €4.5 million will be posted in Q4/2022 and €-1.5 million in 2023-24 corresponding to releases of certain provisions. If implemented, the plan is expected to yield a positive EBITDA impact of approximately €3 million on an annualized basis.
-New Managing Director at Monforts
Gunnar Meyer returns to take the helm at the German textile machinery manufacturer.
Gunnar Meyer has been appointed as Managing Director of A. Monforts Textilmaschinen GmbH & Co. KG in Mönchengladbach, Germany, effective 1st January 2023.
Mr Meyer started his career with Monforts and has spent his whole working life in the textile machinery industry. Between 1985 and 2010 he was a key part of the Monforts team in various roles related to sales and commercial issues, including as General Sales Director.
He returned to the company in 2019 after working for other well-known German textile machine manufacturers in the field of nonwovens and is now looking forward to meeting the worldwide Monforts network of customers and suppliers at the forthcoming ITMA 2023 exhibition in Milan. Recycled-Textile – Biodegradable
“ITMA serves as an excellent platform for networking and meetings with key players again, after a long time,” he says. “Keeping good relationships with customers is essential, because what they buy from us is an investment in their future and they need to trust in our continued support. Working in other parts of the textile industry, I have gained a lot of experience in the management of complex technical textile projects and my special focus will certainly be on challenges like the current energy crisis, alternative heating systems and sustainable textile finishing.”
- Monforts Textilmaschinen GmbH & Co. KG was founded in 1884 and today is a leading supplier of textile dyeing and finishing machines as well as coating devices. The company is a market leader for stenters, continuous dyeing ranges, sanforising ranges and special executions for denim and for the coating of technical textiles and other special applications. The company is headquartered in Mönchengladbach, Germany.
-Biodegradable tax incentives to reduce plastic waste
Thailand is taking a big step to tackle plastic waste, and it’s all about incentives. The country’s Ministry of Finance has teamed up with the Ministry of Industry to announce a new program that offers a 25% corporate income tax reduction for businesses that buy biodegradable plastic products between 2022 and 2024.
This move is aimed at encouraging companies to make the switch and will reduce waste in the process. Recycled-Textile – Biodegradable
Industry Minister Suriya Jungrungreangkit said that the program also supports the government’s bio-, circular and green (BCG) economic model. BCG has been declared a national agenda item by the current administration.
-Nexam Chemical takes first major order from South Korea
– Another success for reactive plastic recycling
Nasdaq First North-listed Nexam Chemical – which invents, develops, produces and sells additives to the plastics industry worldwide – takes the largest order to date in the South Korean market. The order applies to the Reactive Recycling area for recycled PET to a value of approximately SEK 1 million. Recycled-Textile – Biodegradable
Nexam Chemical has previously announced that the company has a new agent in Seoul, which has successfully started to develop the market with a focus on reactive recycling. Reactive Recycling, is a product series from Nexam Chemical that can significantly improve the properties of plastics in the recycling process.
“Nexam has the chemical expertise to recycle plastic without destroying the original properties. Therefore, this is an area of the future for us. With this order, we go from delivering sample volumes to an order to be used on a larger industrial scale, which is a confirmation of how well our recycling products work,” says Johan Arvidsson, CEO of Nexam Chemical and continues:
“This time we are also doing business in a new part of the world. It strengthens our vision of what we can achieve in the rapidly growing plastic recycling market”.
Recycled-Textile – Biodegradable