Power loom closures halt cotton yarn buying in India

The Mumbai market observed stability across all cotton yarn varieties, though demand continued to weaken in Maharashtra and nearby regions. Power looms and garment units have shut down for an extended period due to Diwali, with several looms ceasing production this week and planning to resume after November 20. A Mumbai trader informed Fibre2Fashion, "The demand for fabric was low, so the weaving industry is grappling with inventory and financial challenges. This has further reduced the demand for cotton yarn. However, mills and stockists have refrained from lowering prices. Nonetheless, trades may still occur at a discount on a case-by-case basis." 

In Mumbai, 60 carded yarn of warp and weft varieties were sold at ₹1,400-1,420 and ₹1,275-1,330 per 5 kg (excluding GST), respectively. Other prices include 60 combed warp at ₹315-322 per kg, 80 carded weft at ₹1,400-1,440 per 4.5 kg, 44/46 carded warp at ₹254-259 per kg, 40/41 carded warp at ₹238-244 per kg, 40/41 combed warp at ₹262-266 and 30/32 carded warp at ₹227-232 per kg, according to Fibre2Fashion's market insight tool TexPro. 

The Tiruppur market observed a consistent trend in cotton yarn prices despite weak demand from the weaving industry. Spinning mills have not revised their mill rates for this month and may consider any changes after Diwali. A trader from Tiruppur conveyed to Fibre2Fashion, "Mills were offering discounts to attract buyers on a case-by-case basis. The market prices of cotton yarn have remained static over the last few days." The market is anticipated to gain direction after the festival. 

In Tiruppur, cotton yarn prices remained stable. The prices were noted as 30 count combed cotton yarn at ₹260-265 per kg (excluding GST), 34 count combed cotton yarn at ₹268-273 per kg, 40 count combed cotton yarn at ₹280-285 per kg, 30 count carded cotton yarn at ₹235-238 per kg, 34 count carded cotton yarn at ₹238-243 per kg and 40 count carded cotton yarn at ₹247-252 per kg, as per TexPro. 

Cotton prices in the Gujarat market increased by ₹200-300 per candy of 356 kg due to robust purchasing by the spinning sector. The recovery of ICE cotton prices after a significant drop also bolstered local cotton prices. Traders noted that spinning mills were eager to procure more cotton, yet they remained prudent, thus limiting their purchases. In the Gujarat market, Shankar-6 cotton ranged between ₹57,000-57,500 per candy of 356 kg. Southern mills aimed to purchase cotton at ₹57,500-58,000 per candy. Cotton arrivals in Gujarat were approximately 30,000 bales of 170 kg each, with the all-India figure estimated at 85,000-98,000 bales of 170 kg. 

ALCHEMPro News Desk (KUL)