Exporters seek reduction in yarn prices

Garment exporters have sought Union Textile Minister K Sambasiva Rao's intervention in reduction of yarn prices raised recently by spinning mills.
In a letter to Rao, Tirupur Exporters' Association (TEA) President A Shakthivel said despite appeals from the mills associations, spinning mills refused to concede their requests and justified the increase in yarn prices.
Considering importance and survival of value added garment sector, TEA wanted the Minister to use his good offices to roll back the prices and make the whole textile industry run hassle free, he said.
"When we have been taking efforts to reach the export target fixed by the Ministry of Textiles, after getting rejuvenation through arrivals of orders, the increase in yarn prices has come as a blow on the knitwear sector and it would be difficult to reach the set level in this year", Shaktivel said.