Garment manufacturers and textile sector leaders in Bangladesh have agreed to fix the price of widely consumed 30-carded yarn at a maximum of US $ 4.20 per kilogram recently thereby ending the continuing disagreement between the two sides on the issue.
Media reports maintained this while quoting the industry leaders from both the sides in this regard.
Speaking to media, the President of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA) Faruque Hassan, reportedly, maintained that they have reached a consensus in consultation with the spinners on the yarn price even as the President of the Bangladesh Textile Mills Association (BTMA) Mohammad Ali Khokon on his part added, “We agreed to set the ceiling of yarn as garment and terry towel manufacturers were demanding lowering of the prices….”
Reports further added that as per the decision reached in this regard by both the sides, if cotton price ranges between 85 US cents and US $ 1 per pound in the international markets, spinners in Bangladesh will get US $ 4.20 per kilogram for the 30-carded yarn but if the cotton price goes past US $ 1 per pound, both the sides will meet again to fix new price limit, reportedly, stated the BGMEA President.