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Markets

Spot rate stable amid lean business

KARACHI: The Spot Rate remained unchanged at Rs 17500 per maund on the cotton market on Monday. The Spot Rate...
23 Nov 2021

KARACHI: The Spot Rate remained unchanged at Rs 17500 per maund on the cotton market on Monday.

The Spot Rate remained unchanged at Rs 17500 per maund. The Polyester Fiber was available at Rs 250 per kg.

Cotton Analyst Naseem Usman told that market remained steady and the trading volume remained low. He also said that that rate of quality cotton rate reached at the highest level of Rs 18000 per maund while the rate of Phutti reached at Rs 8800 per 40 g.

He said rate of cotton in Sindh remained between Rs 14500 to Rs 18000 per maund and the rate of cotton in Punjab was registered at Rs 16400 to Rs 18000 per maund. The rate of the new crop of Phutti in Sindh was remained between Rs 5500 to Rs 7,900 per 40 kg. While Phutti prices in Punjab were between Rs 5,800 to Rs 8400 per 40 kg.

Similarly, prices of cotton in Balochistan were remained at Rs 14500 to 16,500 per maund while Phutti prices were high as compared to other two provinces which were Rs 6,300 to 8800 per maund, said Naseem Usman.

The rate of Banola in Sindh was in between Rs 1,350 to Rs 2200 per maund. While in Punjab rates of Banola were in between Rs 1,650 to Rs 2,200 per maund.

As many as 200 bales of Sarkand were sold at Rs 16000 per maund, 200 bales of Yazman Mandi, 100 bales of Haroonabad were sold at Rs 16500 per maund and 400 bales of Rahim Yar Khan were sold at Rs 18000 per maund.

The value-added textile export sector profoundly appreciates the government thoughtfulness to ensure uninterrupted supply to the export industries during winter season.

The textile exporters are fully aware about the gas shortage during winter season and admire the government and Ministry of Energy (Petroleum Division) for their initiative to support the export industry. Referring the meeting of

Federal Minister Energy Barrister Hammad Azhar held recently and in view of hike in POL prices globally, the textile exporters across Pakistan are willing to pay for next three months $9 per MMBTU for RLNG for Captive Power Plants and $6.5 per MMBTU for their boilers provided the Ministry ensures uninterrupted gas supply with required pressure.

This was stated by Muhammad Jawed Bilwani Chairman Pakistan Apparel Forum.

Jawed Bilwani stated that it is the demand value added textile industry from all over Pakistan to supply gas uninterrupted and they supported the government to provide RLNG for next three months at $9 per MMBTU for RLNG for Captive Power Plants and $6.5 per MMBTU for boilers and ensured uninterrupted gas supply with required pressure, however, the textile exporters of Karachi have a problem that export-oriented industries of Karachi have never given RLNG gas on the concessional tariff of either $6.5 per MMBTU all inclusive or $9 per MMBTU all inclusive despite of the daylight fact that the export industries of Karachi generates 54 percent of total exports.

The textile exporters are highly annoyed and disturbed due to this sheer discrimination and dubious conduct on the part of the government as they have never been given on the concessional tariffs as compared to other parts of the country. Several of our members’ exporters of Karachi have only RLNG connections (no indigenous gas connections) and currently, SSGCL is charging RLNG @ $15.62 per MMBTU and even on this excessive tariff the required gas pressure is not available in the pipeline and there are also gas outages of approximately 12 hours on daily basis during day time.

While in other areas of Pakistan RLNG gas is provided to export industries at rate of $6.5 and for Karachi for 100 percent export industries having only RLNG connection is provided RLNG at rate of $15.62.

Bilwani articulated that the Federal Ministry of Commerce is working hard to execute all pragmatic steps and initiatives to support and facilitate the exporters in order to enhance the national exports.

Pakistan textile industry is booming with exports soaring 27% to more than $6 billion in the first four months (July-October) of the current fiscal year. “We believe that $5 billion investment (in textile industry) in the Musharraf era would be matched in the next six to eight months,” says Zubair Motiwala, a leading textile industrialist and chairman of Businessmen Group (BMG), according to media reports. All sectors of the textile industry from yarn to fabric to ready-made garments are experiencing double-digit growth. Ready-made garments exports jumped 22.34% during July-Oct 2021, knitwear exports soared 35.45%, bed-wear posted positive growth of 21.30%, towel exports were up by 14.17%, cotton cloth rose 18.54%. Among primary commodities, cotton yarn exports surged by 71.39%, while yarn other than cotton by 114%. The export of made-up articles — excluding towels — rose by 11.55%, and tents, canvas and tarpaulin dipped by a massive 23.98% during the 4-month period.

The textile industry is very important for Pakistan’s economy. It is a very large employer and contributes nearly 10% of GDP. Textile exports account for more than half of Pakistan’s exports. Textile boom is good news for the country’s economy.

Copyright Business Recorder, 2021

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