Indian knitwear makers are unlikely to increase prices of products despite stiffening of prices of Australian wool. Industry sources said a price hike was not feasible as the market was price sensitive and winter seasonal buying was also on the decline.
Overseas, China has emerged as a major buyer of wool in recent years. This has led to a shortfall in supply of Australian wool following the surge in demand.
Speaking to Business Standard, SK Chaudhuri, regional director of Woolmark Services India, said,