The India National Spinning Mill Will Be Closed In May 23Rd.
India
The India Textile Industry Federation (CITI) said it convened a major textile association meeting in New Delhi on Wednesday and decided to stop production in May 23rd. The Federation also decided to cut its daily output by 33.33% from May 24th to promote cotton demand.
Shishir Jaipuria, chairman of the India Textile Industry Federation (CITI), said the government had restricted the export of 720 million kilograms of cotton yarn for 2010-11 years. Since January 2011, cotton yarn has not been exported for nearly two months. Resulting in huge inventory of cotton yarn not yet sold in the spinning mill. After the lifting of export restrictions in April 1, 2011, exporters found it difficult to win overseas buyers. Now, the yarn stock of the spinning mill is close to 500 million kilograms.
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The Collapse Of Cotton And Cotton Yarn Prices May Lead To The Closure Of India Textile Mills.
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