Following the ban on raw cotton exports, cotton prices in Gujarat, one of the largest cotton manufacturing states, have plummeted by Rs 2,000 per candy. Each candy weighs around 356 kilograms.
According to an official from the Cotton Corporation of India (CCI), price of high-end quality of lint cotton, such as Shankar-6, has declined from about Rs 29,000 per candy to Rs 27,000 post the ban on overseas sales of raw cotton.
During April first week, Shankar6 was quoted in the price range of Rs 29,000 – 29,500 per candy. Due to this unprecedented hike in prices, on April 19, the govt announced a ban on the overseas sales of cotton and subsequently imposed an export duty of Rs 2,500 per ton.
Also, as per CCI, nearly 1 million bales of unsold cotton are stocked with farmers and almost the same quantity is stocked with the ginning mills.
More so, per candy price of the desi short staple cotton, Kalyan V-797 variety has also dropped by Rs 2,500 within the last ten days.
Fibre2Fashion News Desk - India
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