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10 Jul 2020, Edition - 1823, Friday

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Coimbatore

With demand picking up in major markets, yarn market to become normal

Covai Post Network

The yarn market might become normal within a fortnight, as the demand for yarn in all the major markets in the country, especially Bhiwandi, Ichalkaranji and Kolkata have picked up due to demand for fabric this Diwali, Southern India Mills’ Association (SIMA) has said.

Besides, the unsold yarn stock lying with the spinning mills were also low now, SIMA Chairman, P Nataraj said in a statement here.

The global cotton position would be very comfortable during the year 2017-18 due to increase in area under cotton cultivation by around 11 per cent and India is likely to get a record crop with 15 per cent increase in area and favourable monsoon and weather, he said.

The cotton price would also be comparatively lower throughout the season and therefore, the domestic demand would pick up, he said.

With stable and lower cotton prices, India would have competitive advantage in the international market also, Nataraj pointed out.

Indian textiles and clothing industry had been passing through continuous recession during last three years mainly due to poor off-take in the global market, he said.

Nataraj attributed the reason to the Free Trade Agreement and Preferential Trade Agreement competitive advantage gained by the competing nations like Vietnam, Bangladesh and high tariff rates imposed on Indian textiles and clothing products in the major textile makers such as EU, US, Canada and China.

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