Close on heels of reports which indicated spiralling of yarn prices that had put garment manufacturers in a tight spot, local yarn manufacturers have now decided to check unusual price hike even as they committed not to increase prices quoted in the latest proforma invoices (PI).
Media reports maintained this while adding, a decision to this end was reached following a recent meeting of the Bangladesh Textile Mills Association (BTMA) with the Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA), the Bangladesh Garment Manufacturers and Exporters Association (BGMEA) and the Bangladesh Terry Towel & Linen Manufacturers & Exporters Association (BTTLMEA).
The President of BGMEA, Faruque Hassan had demanded that 30s yarn price go down immediately keeping in line with the international market so as to enable the Bangladesh garment industry maintain its competitiveness and survive in this crucial time even as the President of the BTMA, Mohammad Ali Khokon, reportedly, said yarn manufacturers would keep (PI), issued as on 10 August, valid for 15 days — PI is an estimated invoice sent by a seller to a buyer in advance of a shipment or delivery of goods — even as the stakeholders decided to meet again shortly to discuss on reducing yarn prices.
