On Saturday night, textile millers and clothing makers fixed yarn pricing, marginally reducing prices.
According to industry insiders, the peaceful resolution of the chaotic situation caused by the regular surge in yarn costs indicates the start of much-needed cooperation among the country’s clothing and textile industries.
Textile and clothing are related businesses, so any disruption will ruin the country’s reputation in the eyes of purchasers, who may subsequently take unfair advantage of the situation, they warned.
Bangladesh textile millers and apparel manufacturers fixed the yarn prices, bringing down the price of yarn slightly. The price of 30s carded yarn has been set at $4.20 per kg, while that for 30s combed yarn is at $ per kg. Both parties will sit again to fix the prices if cotton price surpasses $1 per pound in the international market (Cotton Index 100) Bangladesh Garment Manufacturers and Exporters Association (BGMEA) has fixed the price of yarn at $4.20 per kg if the cotton price remains under $1 per pound in the international market. The price will be reduced through a meeting if the price falls below 85 cents. The BGMEA president said that this will bring a positive sign for both apparel and textile industries of the country.
Bangladesh textile millers and apparel exporters had been in a state of chaos over high yarn prices for several months. Apparel exporters alleged that the spinning millers unfairly and abnormally increased yarn prices which put the exporters in a difficult situation for the last seven to eight months. The BTMA agreed to set a price ceiling as apparel and terry towel manufacturers were demanding lowering the prices. But after only a few days of the meeting, Bangladesh’s apparel manufacturers sent a letter to Commerce Minister Tipu Munshi asking him to allow partial shipment in all the land ports.
