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5% reduction in hosiery yarn prices
29
Jun '10
Tamil Nadu textile mill owners have agreed to cut the prices of cotton hosiery yarn by 5 percent, for the second time, offering a temporary relief to the apparel exporters.

The decision to reduce the prices has been unanimously taken by the representatives from the Confederation of Indian Textile Industry (CITI), Apparel and Export Promotion Council (AEPC), Southern India Mills Association (SIMA), Tamil Nadu Spinning Mills Association (TASMA) and Tirupur Exporters' Association (TEA).

An agreement had been signed, between Tirupur exporters and mill owners, a couple of weeks ago pertaining to yarn price reduction by around 5 percent. The exporters demanded for further reduction in cotton yarn prices, since the price shrink was not sufficient.

The dramatic surge in cotton yarn prices, a few days before, has taken its toll on the hosiery industry. For such an unprecedented growth in cotton yarn prices against prices of cotton, the clothing producers are considering mill owners responsible. More so, mill owners are also attributing this price hike to the high power costs and manpower crunch.

The cost of 40's count cotton yarn increased to Rs 200 a kg at the beginning of this month. This price surge was considered as a result of last month's cotton price hike. The state shares 47 percent of the country's spinning capacity and contributes over 40 percent in the Indian yarn exports.

Fibre2Fashion News Desk - India

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