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Related Keywords: demand imposition of twenty five percent RD, DTRE, free market mechanism, import of subsidised fine count cotton yarn, imports under the duty and tax remission for export system, lower interest rate, manufacturing bond, MCCI, Multan Chamber of Commerce and Industry, particulary from India, Strategic Trade Policy framework

Addressing a press conference here on Sunday, Khawaja Muhammad Usman a spokesman for Multan Chamber of Commerce and Industry (MCCI) categorically denied the claim of the commerce minister that APTMA was asking for removal of the duty. In fact, Usman has demanded imposition of 25 percent regulatory duty on the import of subsidised fine count cotton yarn, particularly from India.

Related Keywords: buyers started building inventories, free market mechanism, ginned cotton prices, international market lackluster, KCA, kepp mills running, lint cotton, local yarn prices sluggish, Pakistan cotton market, seedcotton, with Eidul Azha approaching

At the cotton market, buyers have started building their inventories to keep their mills running till the end of this month with Eidul Azha approaching which will be celebrated during the last week of this month. A bullish sentiment has been build up in the ready local market even though the general condition of cotton on the international market is lackluster and the local yarn prices are sluggish.

Related Keywords: APTMA, demand regulatory duty, DTRE scheme, free market mechanism, import of fine count yarn, India capturing Pakistan domestic market

The All Pakistan Textile Mills Association demanding for 15 percent Regulatory Duty on import of subsidized fine count yarn, mainly from India as India is capturing Pakistan’s domestic market of fine cotton yarn by design which can be controlled without disturbing the DTRE scheme or import under manufacturing bond.

According to a spokesman, APTMA is itself major stakeholder but it is still asking for imposing regulatory duty on a specific product in the larger interest of domestic industry.

Related Keywords: cheaper rate, cotton economy, cotton yarn exporters, energy and gas outages, finer count yarn, free market mechanism, from India, landed cost, Pakistan local spinning industry, rising import, TCP

Pakistan local spinning industry concern over the rising import of finer counts yarn (above 30 counts) at cheaper rates from India at the time when they are already facing energy and gas outages leading to high cost of doing business.

According to Cotton analyst Naseem Usman, TCP’s intervention help cotton growers get better price but it is encouraging spinning industry to go for imported cheap cotton from across the border.