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

Pic: Messe Frankfurt

Textiles | On 16th Jun 2019

Finished products to dominate at Intertextile Shanghai

Finished product suppliers will dominate with their presence among...

Pic: CBRE

Textiles | On 16th Jun 2019

23% of warehouse leasing in India in 2018 for e-com: CBRE

Warehousing space leasing in India rose by over 45 per cent in 2018...

Pic: Amazon

E-commerce | On 16th Jun 2019

Amazon invests ₹2800 cr in India after closing China ops

Amazon has made a fresh investment of ₹2,800 crore in its Indian arm, ...

Interviews View All

Headhonchos, Textiles & allied industry

Headhonchos
Textiles & allied industry

Textiles industry is always in the forefront in accepting latest technology

Sonia Agarwal, Whitenife

Sonia Agarwal
Whitenife

‘The terms eco-friendly and organic are common but everyone perceives them ...

Kaizad Hansotia, GetNatty

Kaizad Hansotia
GetNatty

Competition is the best thing that can happen to a startup

Luciano Sardini,

Luciano Sardini

A consolidated reality in Italy and internationally, IMA Spa is well-known ...

Fan Liyuan,

Fan Liyuan

Chinese company Jiangsu Yingyang Nonwoven Machinery, established in 1993,...

Boban Charly,

Boban Charly

Bierrebi designs and manufactures automatic machines that cut fabric into...

Dr. Rene Wollert, Freudenberg Nonwovens

Dr. Rene Wollert
Freudenberg Nonwovens

Dr. Rene Wollert discusses the current scenario of the global nonwovens...

Marcel Alberts, Eurofibers

Marcel Alberts
Eurofibers

Coating at a fibre level is a practice not usually seen in the...

Ayyappa Nagubandi, Broadcast Wearables Pvt Ltd

Ayyappa Nagubandi
Broadcast Wearables Pvt Ltd

Hyderabad-based Broadcast Wearables has come up with the country's first...

Prathyusha Garimella, Prathyusha Garimella

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer <b>Prathyusha Garimella</b> is known for blending ...

Ritu Kumar, Label Ritu Kumar

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Karan Arora, Karan Arora

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

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

Leave your Comments


June 2019

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

news category


Related Categories:

Advanced Search



Expand Close