Plastics exports during the 10-month period to January 1999 has touched $389.51 million, sharply lower than the targeted figure of $720 million for the full fiscal 1999. Of the 25 odd plastic items tracked by the Plastic Export Promotion Council (Plexconcil), almost 50 per cent items have registered negative growth.

Topping the list of negative growth are floor coverings (68.76 per cent), plastic raw materials (39 per cent) and PVC leather cloth/foam leather (36 per cent). On the other hand, plastic moulded extruded goods laminates FRP/GRP products are among the products that have recorded positive export growth during the period under consideration.

Meanwhile, the council's third quarterly general meeting is organised on Wednesday wherein the council chairman Gaurav Swarup and PlastIndia Foundation president ML Lahoti will address the plastic exporters and review the exports of plastic products and linoleums for the period to January 1999.

Oildeposits in MP

There are indications of oil and natural gas deposits being found in some areas of Betul and Hoshangabad districts of Madhya Pradesh. Stating this, the district collector Ajay Tirkey told PTI in Hoshangabad on Tuesday that these deposits were expected to be found about 50 kms from Hoshangabad on the Bhopal-Nagur road. Tirkey said that for the last two months, the Oil and Natural Gas Corporation had been carrying out research work in the area. Till now, it was not known whether the deposits could be exploited commercially or not, he added.

China, Australia wool contract

Australia and China announced a model wool-purchasing contract on Tuesday aimed at standardising trade practices and ending bitter disputes between wool sellers in Australia and New Zealand and their Chinese customers. The boilerplate will ``ensure that uncertainties in the quality of wool provided, delivery times and terms of payment -- which have complicated and impeded the trade -- are addressedeffectively,'' Australian deputy prime minister and trade minister Tim Fischer said. ``It will usher in a new phase of export trade between Australia and China, also involving New Zealand,'' he told industry executives attending a seminar on the new contract in Beijing. For years, vaguely-worded and poorly-translated contracts have provided loopholes for Chinese buyers to default on purchase agreements, usually when world wool prices fall.

Focus on textile export

An integrated approach and greater understanding between various design institutions, fabrics manufacturers, garment and textile producers and buyers (like departmental stores and traders) are imperative in order to not only earn maximum foreign exchange but also to secure a major share of the international markets.

According to leading exporters of garments and other textile products, India generally caters to the lower segment of the market and does not make much impact in the upmarket where fashion and consumer taste play a majorrole. In light of severe competition in the market, a new approach needs to be adopted to make further inroads into the international markets particularly in high value products segment with special features like care properties, wrinkle proof and fire proof.

Polymer spurts in Delhi

Polymer prices spurted on the Delhi plastic market on Tuesday largely on reports of rising trends in Asian markets. Traders said reports that Reliance and IPCL had raised some of polymer prices in tandem with Asian markets also led to a rise in prices. The volume of business was good. Low density (LD) no 40 and LD no 400 prices spurted by Rs 3.50 each to Rs 50 and Rs 52 per kilo respectively while LD no 1035 shot-up by Rs 5 to Rs 50 per kilo on reports that Reliance Industries has sharply hiked its prices. Poly propelyne (PP) no 100 and PP imported also quoted Re 1 and Rs 2 higher at Rs 46 and Rs 45 per kilo respectively.

Tin ingot prices rally

Tin ingot prices made another strong rally to close higher on theDelhi non-ferrous metal market on Tuesday on increased buying by solder makers amidst reports of higher London Metal Exchange (LME) advices. Zinc slab and DROs also found some support and edged-up. Elsewhere, copper, lead and aluminium prices were unaltered on limited deals. Marketmen said firm LME trends and shortage of ready stocks mainly led to a sharp upsurge in tin prices. The volume of business was good. Tin ingot influenced by higher LME advices coupled with acute shortatge of stocks pushed prices sharply higher by Rs 12 to Rs 375 per kilo.