South India spinners association to stop yarn sale for a week
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August 14, 2015 Coimbatore, Aug 13:
Members belonging to the South India Spinners' Association (SISPA) have agreed neither to sell nor deliver yarn for a week.
In a hurriedly convened meeting of SISPA members early this week, the committee took this stand alleging yarn traders are taking undue advantage by quoting low prices and creating panic in the market.
This is affecting mills realisation and pushing our members to resort to distress sale to control further slide in yarn price levels. The members from now on will share yarn price details within the group, confirm a sale and protect themselves and the yarn market, C Varadharajan, President, SISPA, said.
Taking cue from the apex body of spinning mills SIMA (Southern India Mills Association) SISPA too has decided to stop production for a day to draw the attention of the Government to the apathy of the mill sector.
Spinning mills in the state are in dire straits unable to offload the yarn on the one hand and continue production due to piling yarn stock on the other, the SISPA President said, appealing to the Centre to reorganise the Cotton Corporation of India to function as a bridge between cotton farmers and the spinning mills and not as a trading body.
The association has also sought abolition of excise duty on synthetic fibre (to bring it on par with cotton), a favourable and consistent export policy and announcement of an industry friendly National Textile Policy at the earliest.
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