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Erode power looms face tough times with falling yarn prices

Some 2000 power looms in Erode, Tamil Nadu, have shut down because of the decline in yarn prices. Most power loom owners had got a good number of orders from textile merchants when yarn price was Rs 215 a kg. But for the past week the price has decreased and is selling at Rs180 a kg.

Many power loom owners had procured a huge quantity of cloth, but those who gave orders are now demanding that the price be reduced by Rs 3 a meter, which is impossible as production costs are high.

The new cotton crop is expected to arrive for sale in December at Rs 40,000 a bale. Today it is available at Rs 46,000 to Rs 48,000 a bale. Yarn and cloth producers want steps to be taken to maintain stability of cotton and yarn prices. They want the price to be fixed for a month. If there was poor or high demand the price could be changed after 30 days.

 
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