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'Flashback 2008'– Highlights of Textile Dyes & Chemical sector

27
Dec '08
The year 2008 has proved as a critical year for the Dyes and Chemicals industry, since there have been many ups and downs in global markets throughout the year for various reasons like Olympics, Pre-registration of REACH, global meltdown etc.

In order to avoid any environmental problems during the 2008 Olympic Games, Government of China had taken a few necessary steps. As a part of this plan, the Government had set about halting production and closing down dyes and chemical manufacturing factories. As many as 1000 dyeing and printing factories had been shut down in Zhejiang, Hebei, Henan and Shandong Provinces.

EU REACH was put into effect from June 1, 2008. Under this law, it is mandatory for exporters to provide specific details of the chemical components in the products. They are required to prove the safety of their products, or else the products will not be allowed to enter the EU markets. The six-month REACH pre-registration period closed on 1 December at midnight. EU/EEA-based companies submitted well over two million pre-registrations covering more than 100,000 substances.

Reportedly, several leading Chinese enterprises had set up a special department in charge of REACH rules. However, many SMEs were having serious problems, especially due to lack of knowledge and finance. These domestic enterprises were unable to follow REACH rules and most were seriously considering giving up EU as a market.

In the last quarter of the year, industry was deeply affected by the global meltdown which started from the US, and spread across the world. Exports of dyestuff declined from major Asian countries because European countries were the principal consumer of dyes and chemicals and their demand decreased drastically.

Going into 2009, textile chemical and auxiliary manufacturers are in deep trouble due to the high inventory cost of their finished materials as these were manufactured from very high priced raw materials purchased a few months back. But now since the unfolding of the crisis, prices of key chemicals and intermediates have crashed by as much as 40 – 50 % which will convert in to massive losses for the stocks of finished products.

In order to cover all significant happenings of the industry, fibre2fashion.com has compiled all the most important global news happenings of 2008 connected with the dyes & chemicals industry and which covers information on mergers & acquisitions, new product inventions, technological innovations, price fluctuations, REACH Pre- registrations and more ....

Click here to read "FLASHBACK 2008 – Dyes & Chemicals".

Fibre2fashion News Desk - India


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