Piyush Goyal Multi-stakeholders Textile Meet: Trade Still Staring @ Uncertainty

20 May 2022, Mumbai:

Even after Piyush Goyal calls for mutual agreement. No consensus yet among cotton textile players.

Current availability and demand

With the traders
44 lakh bales
With mills
45,00,000 bales

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From summer crop 5-6,00,000 Bales from Tamilnadu, Karnataka
Expected import; 3-4 lakh bales till September
The monthly cotton requirement is 20-22 lakh bales.

Cotton production is down 7.35% to 315 lakh bales as per the latest third adventure estimate.

Rate of Gujarat 29 mm cotton on Thursday at rupees 1,02,000 per candy, up from 46,700 per candy a year ago.

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Cotton traders want cotton rates to drop first.

The raw cotton, cotton yarn, and textile industries are unable to reach a consensus on how to address high cotton prices after textile minister Piyush Goyal asked them for a mutually agreeable solution to avoid extreme steps by the government.

Cotton prices in India have risen due to strong demand from the cotton market, diminishing stockpiles, and a 10% import levy on cotton. In July, the price of cotton increased by $3,800 per confection in 15 days. The sharp rise in prices has thrown the business into disarray and rendered Indian exporters uncompetitive.

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CREDITS: ET Dt 20-05-2022 (The news article has not been edited by DFU Publications staff).