Fabric News for the 5th Week of October 2024

Spot gold opened short by $15 per ounce, closing at $2731 per ounce. WTI crude oil futures fell sharply at the opening, with a drop of over 5%, to $68.11 per barrel. As of press time, WTI crude oil futures have fallen by over 4%.

Bangladesh's Chittagong has experienced a 48 hour strike. During this period, all import and export cargo transportation workers completely stopped working, resulting in a large number of containers being stranded at the port and unable to be loaded, unloaded, and transported in a timely manner, thus causing the port's import and export business to be paralyzed.

H&M reiterates its commitment to animal welfare, promising to only purchase animal fiber from certified farms in accordance with its animal welfare policy. H&M emphasizes that no animal should be harmed in the production process of its products, and its goal is to transition to recycled and sustainably sourced materials across all of its product lines. A spokesperson for H&M revealed that approximately 90% of the down and feathers in their current products come from post consumer recycling sources. Based on its ambition to reduce dependence on raw resources, H&M is further committed to increasing its share of recycled animal fiber. The retailer is still exploring alternative materials that can provide the same quality as animals without causing harm to them.

According to the global forecast report of Markets and Markets on the synthetic fiber yarn market in 2029, the market value of synthetic fiber yarn is expected to be $234.1 billion in 2024, and is expected to reach $300.5 billion by 2029, with a compound annual growth rate of 5.1% from 2024 to 2029. Synthetic fiber yarn is made from different synthetic fibers such as polyester, nylon, synthetic silk/viscose, acrylic, etc. These fibers are made from various compounds. Due to its high strength and excellent durability, synthetic yarns are widely accepted in various end use industries. Synthetic fiber yarn is divided into two types: filament yarn and fine yarn. Synthetic fiber yarns come in a variety of colors, styles, and textures, and are widely used in the textile industry.

With the opening of the 2025 container shipping industry's long-term contract negotiations, European routes, as pioneers, will enter the intensive negotiation phase between shipping and cargo parties in November. Market news shows that some shipping companies plan to increase the freight rate per 40 foot container to $2500 to $3000, an increase of 25% to 36% compared to last year.

The Peruvian National Agency for Competition and Intellectual Property Protection's Committee on Dumping, Subsidies, and the Elimination of Non Tariff Trade Barriers issued Announcement No. 078-2024/CDBINDECOPI in the official daily newspaper El Peruano, stating that at the request of Peruvian producer Per ú Pima S.A., the fourth sunset review investigation of anti-dumping measures has been initiated against polyester cotton poplin fabrics originating in Pakistan.

The Management Executive Committee of the Brazilian Foreign Trade Commission (GECEX) issued Resolution No. 650 of 2024, making a final anti-dumping ruling on non-surgical latex and PVC gloves originating from China, Malaysia, and Thailand: terminating the anti-dumping investigation on the products involved in the above-mentioned countries and imposing anti-dumping duties for a period of 5 years, which are 3.9-20.83 US dollars per thousand for China, 6.57-33.52 US dollars per thousand for Malaysia, and 1.86-15.83 US dollars per thousand for Thailand.

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