In its recent meeting, Confederation of Textile Industry (CITI) decided not to hike yarn prices in April 2021.Tthe virtual meeting was attended by over 50 nationwide regional associations of spinning mills. Participants said, the reduction in cotton prices in Intercontinental Exchange (ICE), would automatically reflect in India’s cotton and cotton yarn prices.

As cotton prices in India have also reduced, CITI advised spinners against panic buying and staying calm as prices are expected to fall in the coming months.

The traders’ body said, hank yarn prices have been coming down since last 10 days and the yarn price is also expected to come down.

It advised cotton mills, which are in the habit of announcing any ‘List Price’ at the first day of each month, to defer such announcements at least for some months, to have the market sentiments regain good support. It also requested companies to buy yarn only when required rather than stocking it