Home / Knowledge / News / Textiles / India cuts customs duty. Raw silk prices surge
India cuts customs duty. Raw silk prices surge
02
Mar '11
Recently, in the union budget announced by the Indian Finance Minister, the basic customs duty of Indian raw silk (not thrown) was brought down from 30 percent to 5 percent.

The news is undoubtedly good news for China's domestic silk industry.

Cocoon and silk markets in Guangxi province reacted positively on March 1, a day after the announcement.

Most nearby contract prices touched 390,000 Yuan / ton, a sniff away from the psychological mark of 400,000 Yuan mark.

Most mid and forward contracts hit daily upper limit. Trade volume of raw silk March and September contract enlarged and open interest was restored.

Nearby raw silk contract 031 rose 9,100 Yuan / ton to close at 394,100 Yuan, up 2.36 percent, the most active contract 033 rose 14,100 Yuan / ton to close at 396,600 Yuan / ton, up 3.69 percent.

September contract hit upper limit to grow by 10,700 Yuan / ton and closed at 365,900 Yuan / ton.

Dry cocoon market remained bullish, all contracts closed higher with strong support from March contract of raw silk. Dry cocoon March contract 033 rose 5,900 Yuan to close at 124,200 Yuan / ton, to break 120,000 Yuan mark.

September contract 093 too ascended 1,500 Yuan to close at 103,500 Yuan / ton.

Fibre2fashion News Desk - China


Must ReadView All

Apparel/Garments | On 26th Sep 2017

US raises annual AGOA quota for textiles

The US Committee for the Implementation of Textile Agreements has...

Textiles | On 26th Sep 2017

Thrace-LINQ expanding Dorchester County operations

Thrace-LINQ, a global supplier of fabrics for the textile industry,...

Courtesy: Levis

Fashion | On 26th Sep 2017

Google unveils smart denim jacket with Levi Strauss

Ending the months-long wait, Google has unveiled its smart denim...

Interviews View All

Shiladitya K Joshi
Truetzschler India Private Limited

India ITME provides a platform to interact with our stakeholders

Pinkesh Jain
Everflow Petrofils Ltd

‘An innovative technology which India needs desperately is the...

Arvind Saraf
Triveni Sarees

e-Commerce is still evolving fast with constant flux and surprises

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Eric Scholler
Groz-Beckert

The Indian market has huge potential in technical textiles, and by far,...

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

Rupa Sood and Sharan Apparao
Nayaab

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

Sonam & Paras Modi
SVA

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

September 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
75.5%
No
12.2%
Skip
12.2%

Total Votes: 49

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
63.3%
No
24.5%
Skip
12.2%

Total Votes: 49

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
87.8%
No
6.1%
Skip
6.1%

Total Votes: 49

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
71.4%
No
10.2%
Skip
18.4%

Total Votes: 49


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search