There shall be no hike in yarn price in April 2021. This was decided in a meeting of nationwide regional associations of spinning mills, which was organised by the leading trade body Confederation of Indian Textile Industry (CITI).
Apparel Resources got to know that more than 50 people participated in the virtual meeting where the issue was discussed at length.
As reduction is seen in Intercontinental Exchange (ICE), it would automatically reflect in the cotton as well as cotton yarn prices.
On the other hand, the cotton price in India has also been reduced,and so spinners have been advised to not go for panic buying of cotton and stay calm as the prices of cotton may fall in the coming months.
Hank yarn prices have been coming down since last ten days and the yarn price is also expected to come down.
It is pertinent to mention here that since last few days many stakeholders of the industry are aggressively working to control the unprecedented hike in the yarn price.
The mills, which are in the habit of announcing any ‘LIST PRICE’ at the first day of each month, may defer such announcements at least for some months, to have the market sentiments regain good support.
It was also requested that companies should only buy yarn that’s required rather than buying it for stock.