Lahore: The worsening energy crisis amid dwindling yarn prices has compelled about 30 per cent of the spinning units to suspend production.
Sources in the industry said that SNGPL has cut supply to the spinning industry to three days a week from earlier commitment of five days a week, which has led to closure of 30 per cent spinning mills in the country.
They opined that besides the energy crisis, the steep fall in cotton prices was adding to the woes of the spinners. A downward trend in cotton prices resulted into heavy inventories on the part of spinners, which they offloaded with loss over a month back. There were hopes that the prices would get stable in the market, which proved wrong with heavy offloading of stocks by the Indian spinners.
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