Fashion
Egypt’s SCZONE inks deal with Turkish firm to set up textile unit
The factory is likely to create 2,000 direct jobs and export nine-tenths of its production abroad.
SCZONE chairman Waleid Gamal El-Dien said the Qantara West Industrial Zone now hosts 34 projects with investments worth $859.3 million, providing over 48,000 direct jobs.
Egypt’s Suez Canal Economic Zone has signed a deal with Turkiye’s Nil Orme to set up a $35-million textile-clothing unit in the former’s Qantara West Industrial Zone.
Meanwhile, Turkiye’s Sahinler Holding Group is planning to expand its operations in Egypt, investing over $41 million to expand its garment manufacturing and planning to complete its third sportswear factory in Egypt by the yearend.
Meanwhile, Turkish conglomerate Sahinler Holding Group is planning to expand its operations in Egypt with investments exceeding $100 million, according to an Egyptian media outlet. It is now investing over EGP 2 billion (~$41 million) to expand its ready-to-wear garment manufacturing.
This includes the completion of its third sportswear factory in Egypt by the end of 2026. It will raise production lines to 34 from the current 10.
A fourth garment factory for the Zara brand is also being planned in the third phase of Robbiki City, east of Cairo.
Founded in 1982, Sahinler now operates two sportswear factories in Egypt with a total investment of $50 million, alongside five additional facilities in Turkiye, Bulgaria, Germany and France.
Fibre2Fashion News Desk (DS)
Following earlier increases in purified terephthalic acid (PTA), melt and PSF, Indian producers have now raised PFY prices. POY, FDY and PTY prices have been increased by ****;* per kg across all deniers and lustres with effect from March *, reflecting rapid cost pass-through amid heightened volatility in crude-linked value chains, according to the market sources.
In the previous weekly revision effective February **, ****, PTA was increased by ****;*.** per kg to ****;**.** per kg, while monoethylene glycol (MEG) was retained at ****;**.** per kg. Polyester melt prices were raised by ****;*.** per kg to ****;**.** per kg. Downstream PSF prices were also revised upward by ****;*.** per kg from March *.
May 2026 cotton settled at 64.59 cents per pound, down 1.02 cents. This marked the lowest settlement price for May contract since February 20, effectively erasing all gains made over that period.
Cotton futures on Intercontinental Exchange (ICE) fell over 1 per cent, with May 2026 settling at 64.59 cents/lb, the lowest since Feb 20, amid Middle East tensions and a stronger US dollar.
Rising inventories and risk aversion pressured prices.
Speculators cut net shorts, while crude oil surged.
ICE cotton traded mixed in early Indian hours today.
Total trading volume for the session came in at 73,225 contracts. ICE-certified deliverable No. 2 cotton inventory rose to 126,178 bales as of February 26, up from 119,457 bales the previous trading day.
The US dollar climbed to its highest level in over a month, making dollar-denominated commodities like cotton more expensive for international buyers and reducing export demand.
Market analysts stated that the Middle East conflict is putting significant pressure on cotton and that a broader risk-aversion tone is affecting the market.
On March 2, Iran continued launching attacks on US military bases across multiple countries in the Middle East, with explosions reported in several locations. An advisor to the Iranian Islamic Revolutionary Guard Corps commander announced that the Strait of Hormuz had been closed, with Iran threatening to strike any vessels attempting to pass through it.
US President Trump indicated that military action against Iran could last four to five weeks, while also expressing readiness for operations to extend considerably longer.
Major Wall Street indices declined on Monday as the conflict raised fears of disrupted global trade routes and renewed inflationary pressures. Analysts warned that investors appear to be rebuilding short positions in cotton, suggesting continued downward price pressure in the near term. The earlier May contract low of 62.86 cents per pound as a key support level that could be tested again.
CFTC data released the prior Friday showed that speculators reduced their net short positions in ICE cotton futures and options by 26,508 contracts in the week ending February 24, bringing net shorts to 48,922 contracts.
International crude oil and natural gas prices surged sharply on Monday following US and Israeli strikes on Iran, with retaliatory actions forcing the closure of several energy facilities in the region.
This morning (Indian Standard Time), ICE cotton for May 2026 was traded at 64.75 cents per pound (up 0.16 cent), cash cotton at 62.59 cents (down 1.02 cent), the March 2026 contract at 62.59 cents ((down 1.02 cent)), the July 2026 contract at 66.75 cents (up 0.14 cent), the October 2026 contract at 68.18 cents (down 0.49 cent) and the December 2026 at 69.04 cents (up 0.12 cent). A few contracts remained at their previous closing levels, with no trading recorded so far today.
Fibre2Fashion News Desk (KUL)
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