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Speculative Volatility in Chinese Silk Market adversely affecting Varanasi Market

·After downtrend of several weeks, price of Raw Silk shot up in June.
·Manufacturers/Weavers seriously affected by widely fluctuating prices.
·Many ready goods got dumped with manufactures/weavers.
·Prices of fabrics showing signs of increase after imposition of anti-dumping duty.
·But not much immediate benefit of increased fabric prices as this is off season as usual.

The fluctuating imported raw silk as well as silk fabric prices has had a great bearing on the Varanasi Silk based industry. There has been a large scale destabilization of the trade and industry.

In end of May and start of June, Raw Silk prices again started to increase. Raw Silk prices which were around Rs.1400/- on May 28 shot up and went up to around Rs.1550/- as on 3rd June. The wide fluctuation can be observed from the fact that Raw Silk was sold around Rs.1850/- in the month of March.

Chinese raw Silk prices had crossed a high of USD40 in the month of March. After two months the price came down to about USD24. Analysts of the market here now feel that due to the speculative practices and high volatility in Chinese prices, the weavers here have to suffer. For example 4-5 days ago any manufacturer who has booked order say about 1000 metres calculating Raw Silk at Rs.1400/- per kg will face problems in fulfilling the order by buying Raw Silk in the price range of Rs.1550-1600. The buyers will not bear the additional cost, whereas if the Raw Silk prices fall, the buyers will want to purchase the goods at low price not considering the fact that the yarn price was higher when it was purchased.

After the imposition of anti-dumping duty and the positive trend in the prices of fabrics, it is now felt that buyers will now be accepting locally manufactured goods also at a reasonable price which is a healthy sign and if the Raw Silk prices maintain some sort of stability with not much ups and downs then it will be a sound re-start for the silk industry here which was facing serious crisis in the recent past.