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PSF price hike irks power-loom industry

31
Oct '09
The All Pakistan Textile Mills Association (APTMA) had responded to the grievances of the All Pakistan Cotton Power-looms Association (APCPA) regarding the rapid growth of yarn prices and its probable adverse effects on power-loom units.

A clarification by APTMA states that the increase in prices of Polyester Staple Fibre (PSF) by 35 percent in a short period of time, despite the textile policy that undertook to pay Rs 4.5 billion subsidy to PTA manufacturers, is the key reason behind the rise in yarn prices.

In this respect, APTMA has already sent a letter to the government underlining that this price hike made Pakistani producers uncompetitive.

APTMA had already warned policy makers' regarding the closure of industry due to soaring prices of PSF and a big PSF producer of the country has also shut down.

There is a shortage of over 11,000 tons of PSF each month in the market. This shortage and the imposition of anti-dumping duty on the imports of PSF resulted into its price hike.

Besides, the unscheduled load-shedding in the mills on gas is another major factor for unavailability of yarn at competitive prices.

Also soaring prices of cotton and other inputs contributed to the yarn price hike, underlined APTMA. However, yarn export is not the only factor responsible for the shortage or its price hike in the domestic market as export volume of cotton-polyester and polyester yarn is very trivial i.e. less than 5 percent of total production of this type of yarn.

APTMA informed the policy makers that reducing the prices of PSF is the only way of stabilizing PC yarn prices. PSF prices can be brought down by removing the duties on its imports and providing subsidies to PSF manufacturers, spinners and weavers along with PTA manufacturers.

Fibre2fashion News Desk - India


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