Cotton yarn rates to be announced in May, TN Textile mills expect reduced prices

Chennai, April 28 (SocialNews.XYZ) The Textile mills in Tamil Nadu are expecting a reduced price for Cotton yarn that is to be announced in May.

Presently, the price of Cotton yarn in Tamil Nadu for all varieties is in the range of Rs 400 per kg.

The traders and industry is expecting a reduced price as the production of Cotton this time is high in the state as compared to the same period the previous year.

The cotton bags have started arriving at the Mulanur cotton market in Tiruppur district from various parts of the state like Dindigul, Tiruchi, Erode, and Coimbatore.

M. Dinakaran, senior superintendent of Mulanur cotton market, told IANS, "In the past few days, more than 10,000 bags of cotton have arrived in the Mulanur market. Each bag contains 30 to 40 kg of cotton and the arrival of cotton in huge volume is expected to reduce the price of yarn which will give a big boost to the textile industry."

He said that during the same period last year, only 7,000- 8,000 bags had arrived in the Mulanur cotton market in a week.

Generally, cotton arrival commences from May - June months, but this year, the cotton has started arriving from April 1 and with good rains, farmers have started cultivating cotton in good volumes.

Raja Shanmugham, Tiruppur Exporters Association (TEA), told IANS, "Arrival of good volumes in April is a good sign for the industry and with the Central government removing duty on cotton, the arrival has increased. The industry will have a good volume of raw materials and the whole industry is buoyed up."

Source: IANS