Fabric News for the 1st Week of November 2024

Since Iran launched an attack on Israel in October, the world has been concerned about the situation in the Middle East and the situation of oil producing countries. International oil prices have continued to rise, with an increase of about 4% last week. Since October, the fluctuation of crude oil prices has basically guided the price changes in the downstream polyester industry chain. From October 8th to October 25th, the prices of various products in the polyester industry chain have all declined. PX external quotes have dropped from $906/ton to $857/ton, PTA spot quotes have dropped from 5400 yuan/ton to 4905 yuan/ton, and polyester POY quotes have dropped from 7400 yuan/ton to 7150 yuan/ton. On the 28th, international oil prices fell again, and the cost collapse of the polyester industry chain will continue.

The competition in the recycled fiber market is fierce, but low-carbon and sustainable development have become a global consensus. In the long run, recycled fibers still have great potential for development, and this' cake 'will continue to grow. According to the prediction of Beizhesi Consulting, the global market size of recycled polyester is expected to reach 35.188 billion yuan by 2029.

On October 16th, the Argentine Financial News reported that the Argentine government has passed Decree No. 908/2024, reducing import tire tariffs from 35% to 16%, motorcycle tariffs from 35% to 20%, and lowering tariffs on 30 imported products including small appliances, coffee, sunscreen, etc. from 25% to 35% to a tax rate range of 9% to 30%. At the same time, products such as PET plastics, copper pipes, and textiles will be included in the "Southern Common External Tariff Exception List", reducing tariffs from 12.6% to 35% to a range of 2% to 20%. In addition, 38 types of durable goods such as industrial boilers and engines will be included in the "Southern Common City Capital Goods List", allowing them to enjoy import tariff preferences. After adjustment, the tax rate will be reduced from 12.6% -35% to 2% -12.6%.

Since the beginning of this year, the global economy has been slowly moving forward amidst uncertainty. The efforts of various countries' monetary policies to combat inflation are gradually taking effect, but the recovery pace of some developed economies is still relatively weak. Against the backdrop of overall weak demand, the international supply chain continues to be in a period of deep adjustment, and the global textile and clothing export market is showing a trend of differentiation. Vietnam and Bangladesh maintain a growth trend in exports; The export of Indian cotton textiles has decreased, but the export of synthetic fiber products and carpets has performed well; Türkiye, on the other hand, is subject to the policy of high inflation and tariff increase, and its textile and clothing exports have weakened.

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