Spinning industry concerned over steep hike in cotton price

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COIMBATORE, AUG. 11:

The spinning industry has expressed concern over the steep increase in the price of cotton.

“The Government’s untimely announcement on granting permission to the Cotton Corporation of India to export the white fibre has sent the prices for a spin.

“The price, which was hovering around Rs 36,000-38,000 a candy at the beginning of the season has swelled to Rs 48,000/candy in no time,” said K. Thirunavukkarasu, President, The South India Spinners Association.

Fearing a repeat of the 2011 scenario, he said, “a majority of the small spinning units do not have the wherewithal to hold huge inventory.

“If the prices continue to move north, many units will be compelled to down shutters, rendering thousands jobless.”

The yarn market is sluggish and fabric support is also not strong, he said and appealed to the powers that be to initiate immediate measures to protect the spinning sector.

Source: The Hindu

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