Weaving only new material (5)
I believe the answer is:
nylon
'material' is the definition.
(nylon is a kind of material)
'weaving only new' is the wordplay.
'weaving' indicates an anagram (letters weaved together differently).
'new' becomes 'n' (common abbreviation eg NT for New Testament).
'only' with letters rearranged gives 'nylo'.
'nylo'+'n'='NYLON'
(Other definitions for nylon that I've seen before include "Synthetic material used in textiles" , "Tights material" , "Hosiery material" , "Synthetic cloth" , "Fabric (originally from New York and London)" .)