Japanese textile industry actively explores textile price system

by:JIYALI     2021-08-05
Since 2008, the price of crude oil in the New York crude oil futures market has exceeded US$100 per barrel, causing anxiety in the Japanese textile industry. In response to the fact that oil prices have remained high for a long time, people in the Japanese textile industry have expressed their views that it is necessary to actively explore the textile price system.  Unijik General Manager Onishi Onfumi said that the rising crude oil prices give people the feeling that the real industry has been fooled by the virtual industry. Although crude oil prices have not risen much, the psychological pressure to break through US$100 per barrel is great, and the impact on textile production and sales cannot be underestimated. Toyobo General Manager Sakamoto Ryuzo said: The continued increase in crude oil prices will be a huge blow to the textile industry. We have no reason to wait for the price of crude oil to fall. Instead, we should concentrate resources on the premise that crude oil prices are operating at a high level to further increase the added value of products. Hidezo Tanaka, director of Toray, said that the price of crude oil above $100 is the result of speculative funds flooding into the futures market and does not reflect the relationship between supply and demand. Even so, this impact may last until after April, and the textile industry needs to explore a new price system. The general manager of Mitsubishi Rayon said that the impact of crude oil price increases and Mitsubishi Chemical's accident on Mitsubishi Rayon will take at least half a year to ease, and it may last for two to three years. The person in charge of Kuraray said that in the context of rising crude oil prices, it is necessary for textile companies to increase research and development efforts to develop new products that are not affected by resource depletion.  Compared with textile manufacturers, the reactions of general trading companies are different. ITOCHU Corporation's executive director Okato Masahiro said: The increase in crude oil prices after the beginning of the year did not cause us to panic. Shiichihide Nao, acting manager of the Marubeni Textile Division, believes that crude oil prices have tripled in the past five years. If this negative factor cannot be passed on through the formation of a new price system, the textile industry will face a profound crisis. In 2008, the textile industry may still have to move forward in an environment where the prices of crude oil and raw materials are both rising.
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