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

Pic: Shutterstock

Apparel/Garments | On 30th Jul 2021

ILO outlines 3 scenarios for Asian garment sector recovery trajectory

Looking to the post-pandemic period, a new research brief by the...

Pic: Shutterstock

Retail | On 30th Jul 2021

UK retail sales up 0.5% MoM in June; clothing store sales down 4.7%

Retail sales volumes in the UK increased by 0.5 per cent in June 2021 ...

Pic: Shutterstock

Textiles | On 30th Jul 2021

Prime Content| Here's why global cotton trade will rise in July-Dec 2021

Global cotton trade is expected to rise in the coming months of 2021...

Interviews View All

Textile Industry, Head honchos

Textile Industry
Head honchos

Main challenges are breakdown of supply chain and shrinkage of manpower

Textile Industry, Head honchos

Textile Industry
Head honchos

Biggest learning was adaptability

Textile Industry, Head honchos

Textile Industry
Head honchos

There was a certain switch, but it was not 100% pandemic related

Andrea Pelissero,

Andrea Pelissero

Located near Milan, Italy, and with 50 years of experience in the textile...

Meghavi Suthar,

Meghavi Suthar

Founded by NIFT graduate <b>Meghavi Suthar </b>in 2017, Kala is an...

Simone Morgante,

Simone Morgante

Based out of Como, Italy, and with technological expertise of nearly 70...

Sven Ghyselinck, Devan Chemical

Sven Ghyselinck
Devan Chemical

Headquartered in Belgium and with offices in the United Kingdom, Portugal...

Daniel Kaye, RocketLife

Daniel Kaye
RocketLife

<div>RocketLife, an award-winning developer of breakthrough visual...

Jacques Prigneaux, EDANA

Jacques Prigneaux
EDANA

EDANA has been the leading global association and voice of the nonwovens...

Shalini Sharma & Shweta Pundir Sharma, Six Yard Story

Shalini Sharma & Shweta Pundir Sharma
Six Yard Story

Six Yard Story is a premium artisanal brand with a focus to bring handloom ...

Archana Jaju, Label Archana Jaju

Archana Jaju
Label Archana Jaju

<b>Archana Jaju</b>’s Hyderabad-based eponymous label works with artisans...

Anjali Bhaskar, Samatvam

Anjali Bhaskar
Samatvam

Samatvam, a womenswear brand that blends age-old craftsmanship with modern ...

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

Leave your Comments


July 2021

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


Advanced Search