Cotton yarn mills planning to stop production amid poor demand, Ukraine war

High cotton prices, the Russia-Ukraine war and poor demand from the apparel industry have hit the spinning mills hard

The rise in cotton prices, poor demand of yarn due to the apparel industry scaling down production, and a growing sto¬ckpile have forced cotton yarn mills across the country to look at ceasing production from Monday, say industry sources.

Cotton prices have increased by over 60 per cent in August compared to the same period last year. And the apparel industry has been hit hard by the dip in exports due to the Russia-Ukraine war and the slow demand owing to the lingering effects of the Covid-19 pandemic.

The Tamil Nadu Spinning Mills Association (Tasma) has already urged its members to stop