The global market for Agar-Agar is currently in a state of decline. January had provided a significant drop in the price levels of Agar-Agar; along with weakened overseas demand and reserve-based purchasing from downstream customers, prices declined dramatically. Exporters in China have received limited requests from key exporting countries (U.S., Japan) for their goods; on the other hand, domestic production was robust enough to give suppliers the opportunity to strategically reduce their offers in order to be competitive. The consistent harvest levels of red seaweed as well as the stable level of imports provided Agar-Agar suppliers with ample amounts of supply for their activities reducing their ability and opportunities to pass-through increased costs and allowing them to reduce price quotes in order to maintain market share during January.
Selenis has effectively manufactured recycled PET chips using terephthalic acid sourced from Circ®, a textile-to-textile recycler based in Virginia. The chip production took place through a series of batches at Selenis' pilot plant in San-Giorgio, Italy. By utilizing inputs recovered from polycotton textile waste, Selenis has created high-quality PET chip, which has been further processed into DTY yarn. This yarn will play a crucial role in product development as Circ prepares for additional capsule launches. Selenis is leveraging the success of this initial collaboration phase and is committed to advancing towards an offtake partnership to support Circ's inaugural industrial facility.
Eduardo Santos, Head of Corporate Strategy at Selenis, remarked that the monomer synthesis showed a performance comparable to virgin terephthalic acid. He expressed optimism about the consistent quality of Circ's monomer output and anticipated future commercial success. Santos pointed out that the Circ partnership complements Selenis's existing mission and goals for a more sustainable textile industry. He further stated their anticipation of expanding upon this collaboration and providing support for Circ's forthcoming commercial production trials.
