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RMG producers hike rates by 10-20%
14
Oct '10
The exorbitant increase in the price of raw cotton has forced the prime readymade apparel manufacturers to raise the prices of their cotton garments by 10 to 20 percent. This would pass on the added input expenditure to the buyers.

Most of the companies have raised the prices of their branded apparels. Some companies have already started quoting 15-20 percent price hike in their latest orders for certain apparel collections. The booking rates for new production orders have also been raised by clothing manufacturing companies.

Currently, cotton rates have been varying between Rs 3,600 per maund (about 37.324 kg) to Rs 3,700 per maund. This is far more than the rate of Rs 2,400 per maund, year on year. The soaring cotton prices have also affected the cotton yarn prices. The spinning mills have raised the price of 30 combed cotton yarns to Rs 190 per kg from Rs 180 per kg.

The cotton requirement of the textile mills has been the highest in North India, with the sector requiring 5.5 million bales of cotton per year in both Punjab and Haryana.

Most of the garment manufacturers have been questioning the government's decision on permitting the export of 5.5 million bales of cotton at a time when the cotton prices are experiencing a hike in the local market. Garment manufacturers are unable to procure raw cotton in the market due to the artificial shortage created by the cotton traders.

Fibre2fashion News Desk-India

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