Avoid panic buying of cotton: SIMA advises mills
COIMBATORE: Amidst a spike in prices, the Southern India Mills Association (SIMA) has advised mills here to avoid panic buying of cotton. The apex body of the textile mills in the region has also written to union textile minister seeking import duty exemption for all cotton varieties.
In his letter, Dr SK Sundararaman, SIMA chairman, stated that cotton price has increased by 10 to 12% across each variety within 15 days which has created panic across the textile value chain.
Further, he appealed to the minister to advise Cotton Corporation of India (CCI) to maintain price stability and sustain global competitiveness.
He also appealed to the government to exempt all cotton varieties from the 11% import duty as was done during April-October 2022. Further, he advised mills to avoid panic buying, saying supply position looks comfortable.