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26 Oct 2021, Edition - 2296, Tuesday

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Coimbatore

Don’t hike cotton yarn prices: TEA

Covai Post Network

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The Tirupur Exporters Association (TEA) today appealed to the spinners to not increase prices of cotton yarn, that would will adversely affect the garment export sector in Tirupur.

In identical letters to the chairmen of two major associations, TEA president A. Shaktivel requested them to advice the members not to increase the cotton yarn prices as the prices of cotton have come down by Rs. 2,000 per candy.

“We understand that the mills have started increasing the hosiery yarn prices further. As of now, the price of cotton have come down by Rs. 2,000 per candy and in this scenario, the inclination of mills to increase the cotton yarn prices will totally affect the Tirupur garment export sector,” he said in the letters to Southern India Mills’ Association, here and Tamil Nadu Spinning Mills Association, Dindigul and also other textile associations.

“We wish to add that after Brexit, the value of Pound has depreciated by about 10 per cent and because of this, our members are already suffering and incurring losses,” he added.

He emphasised that the yarn rate has not been increased to this level in China, that is a main competitor. Due to this, Indian exporters are losing competitiveness in the global market, not only affecting the performance but also consumption of yarn from the mills.

Stating that there was an apprehension that the business created over the period of years may go out of India and “once lost, it will be difficult to bring it back,” Shaktivel said.

“Considering the win win situation, TEA requests you to advice the members not to resort to increase yarn prices when the cotton prices are coming down further due to a decision taken by Union Textiles Minister, Smriti Irani advising Cotton Corporation of India to sell cotton directly to MSME textile units,” Shaktivel added.

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