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Yarn prices rise as cotton costs go up

Textile mills association says

STAR BUSINESS REPORT
As yarn prices rose sharply local producers yesterday said rise in cotton prices in global market have compelled them to up yarn prices.
"The cotton prices have marked a 50 per cent rise in the international market from July to October this year," said Abdul Hye Sarkar, acting chairman of Bangladesh Textile Mills Association (BTMA), a platform of local yarn manufacturers, at a press conference in Dhaka.
According to Sarkar, price of a pound of yarn was $0.60 in July in the international market while it rose to $0.90 on Tuesday, the highest in the global market in the last five years.
The current price of 30/1carded local yarn ranges between $3.10 and $3.25 a kg against $2.50-$2.60 two weeks back in local market. On the other hand, the price of 30/1 combed local yarn jumps to $3.65-$3.80 a kg from $3.20-$3.25.
The BTMA acting chairman also said yarn prices largely depend on cotton prices. He said 65 per cent raw material of yarn is cotton.
Global cotton production decreased by 20 per cent in 20022003, thanks to adverse weather condition, said Sarkar while describing the reason behind the cotton price hike.
At the same time, China, the largest readymade garment exporters of the world, has decided to increase its garment production by 30 per cent. "Speculating global shortage in cotton, China are buying cottons in huge quantity to meet up their goal," the BTMA acting chairman said.
In view of recent price hike of yarn, Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA), in a recent
letter to Commerce Minister Amir Khosru Mahmud Chowdhury, urged the government to lift import restriction on yarn through land ports.
About the BKMEA letter, the BTMA acting chairman said if the government lifts ban dishonest traders will try to evade duties.
"Besides, huge import will cast adverse impact on local yarn manufacturing plants," the acting BTMA chairman feared.
According to BTMA, annual production capacity of yarn in Bangladesh is 500 million kg and production capacity of knit yarn is 242 million kg.
Bangladesh imports cotton mainly from West African countries, Uzbekistan, Kazakhstan, Australia, Syria and US.
Two vice-chairmen of BTMA Akram Khan Dulal and Anwarul Haque were also present at the press briefing.