Home / Knowledge / News / Textiles / Textile minister forces spinners to cut yarn prices
Textile minister forces spinners to cut yarn prices
26
Apr '10
If the country's spinners fail to reduce the prices of yarn, an important indirect raw material for producing clothing, by Monday midnight, then Bangladesh Textile Minister, Abdul Latif Siddique, would open up the Benapole land-port to import cheap Indian yarn into the country.

According to the minister, yarn prices in the domestic market were exorbitantly high, owing to spinners cashing on an unstable international cotton market and a decade-old protection that was granted by the government.

After a meet with the spinners, textile millers, power loom owners and garment producers, Siddique said that the market, according to him, looked inconsistent and that the spinners were charging unjust prices.

Giving the textile spinners time till Monday midnight, to think over his proposal, Siddique informed that, “I have asked the millers to approach me with a reasonable rate that can help even out yarn prices, or else, if necessary, we will open the Benapole land-port for free imports of yarn.”

It was only after the power loom owners and the garment producers lodged complaints against the country's spinning mills that, the spinners had formed a group and were charging exorbitant rates for their yarn, that the minister decided upon the Benapole proposal.

However, the minister stressed that the Benapole land-port will not open unless the situation demanded. More so, the textile spinners were urged to even out the yarn prices in accordance with the global cotton prices.

The Benapole land-port, country's biggest customs station, was closed for yarn imports since late 1990s in order to protect the domestic spinners from a volatile competition from their Indian counterparts.

As Indian yarn producers are one of the biggest manufacturers of cotton, domestic spinners from Bangladesh dread to compete with them. In addition, these spinners buy cotton from foreign markets to produce yarn, leading to increase in costs.

According to Siddique, increase in yarn prices would ultimately affect the textile spinners as they would be unable to find buyers.

Fibre2Fashion News Desk - India


Must ReadView All

Turkish-Algerian JV to set up textile unit in Relizane

Textiles | On 17th Jan 2018

Turkish-Algerian JV to set up textile unit in Relizane

Construction of one of Africa's largest textile production...

Courtesy: Indorama Ventures

Textiles | On 17th Jan 2018

IVL, Huvis to enter JV for Low Melting Fibre plant in US

Indorama Ventures Limited (IVL), a global chemical producer, and...

Future Group to set up garment manufacturing in Bengal

Apparel/Garments | On 17th Jan 2018

Future Group to set up garment manufacturing in Bengal

Kishore Biyani-led Future Group is going to set up a garment...

Interviews View All

DK Sharma
Velocity Apparelz

We constantly communicate with employees at all levels

Yash Maniyar
Rekha Maniyar

Indian fashion market is growing at a staggering rate

Riddhika Shah
SS Homme

'Worsted wool is the ideal fabric for menswear'

Vikas Banduke

Softech Controls Private Limited (SCPL) is a part of the Cotmac Group, an...

Riddhi Jain

Conceived in Europe and curated in New Delhi, NeceSera is a...

Harmeet Singh

New Delhi-based Jogindra Industries Private Limited provides an assortment ...

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Nisha Chanda
Whistling Woods International School of Fashion

<div>A lack of upgraded courses in costume designing and fashion as per...

Divvya and Nidhhi Gambhir
Walnut

<b>Divvya and Nidhhi Gambhir</b> started their career with the launch of...

Vaanee Bhatia
Gritstones Clothing

<div>Delhi-based Gritstones Clothing offers quality and exemplary style...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

January 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
68.8%
No
13.5%
Skip
17.7%

Total Votes: 96

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
63.5%
No
29.2%
Skip
7.3%

Total Votes: 96

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
87.5%
No
9.4%
Skip
3.1%

Total Votes: 96

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
82.3%
No
8.3%
Skip
9.4%

Total Votes: 96


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search