Yarn price to go down as India lifts export ban

---

Sheikh Shahariar Zaman
Domestic price of yarn is likely to come down in the coming months after India said it will lift export ban on cotton in November.
India, which is the world's second biggest cotton grower, imposed the ban in April and said it will allow suppliers to export 5.5 million bales of 170 kilograms from November 01.
"It's a positive development. India is one of our major suppliers for local spinning mills," Tajul Islam Dhali, vice-president of Bangladesh Textile Mills Association (BTMA), said.
However, the New Delhi government will consider imposing a duty on exports in the middle of October, according to Bloomberg news.
The Indian textile millers have demanded to shift the withdrawal date of export ban to December 31 and sought a duty of 10,000 rupees ($221) per tonne to deter exporters, it said.
The cotton harvest is going to start at the end of October and the price is likely to fall from November, he said.
Cotton prices last week broke through the $1 per pound barrier for only the second time in history and on Tuesday, at the US ICE Futures market, December-delivery is traded at $1.064 per pound.
"Many local spinners are running short of cotton as they thought that the price would decline in October and they exhausted their stocks," Mr Dhali said.