FAISALABAD, Dec 29: Prices of different raw fabrics have plummeted at the local grey cloth markets.

A survey revealed that prices of fabrics, including cotton, polyester, satin, denier, jeans, etc., registered a decline of Rs8 to Rs 20 in recent weeks as markets are facing a recession, and as foreign buyers have reportedly cancelled scores of shipments and are not ready to contract any new deal.

Though traders have stocks and different qualities of fabric, there are no customers even on cheaper rates or on deferred payments which are made after 40 to 80 days.

Rates of fabric usually register a sharp rise because of less production, but this time despite less production by power-looms owing to hours long loadshedding, prices have declined, and traders and exporters are facing a difficult situation.

“There are no buyers because of unscheduled loadshedding and due to no fresh orders from international buyers,” remarked a trader.

Nasir Hanif, another trader, said that prices of fabrics were declining with each passing day, though fabric was not being weaved in factories because of unscheduled loadshedding.

He said during the last spell of power outages some three months ago, the situation of the market was different. Though fabric prices also registered a slight decline then, buyers were not silent and there was a usual business, he added.

He said owing to the foreign buyers’ indifferent attitude towards the Pakistan, every sector, particularly the textile sector, had suffered.

Faisalabad Chamber of Commerce and Industries president Hamid Javeed said that industrialists of the textile hub of Pakistan were in a fix because of financial losses being suffered by them.

He urged the government to rehabilitate the textile sector on a war footing, otherwise the industry may collapse, rendering thousands of people jobless.

He said the textile industry was on the verge of collapse owing to power suspension and fuel was also not being provided to the thermal power stations for power generation.

The bad condition of the textile sector exposes the performance of the government as rulers have failed to extend relief to the masses, he added.

The FCCI president demanded of the government to ensure smooth supply of electricity and gas to industry as default by the textile industry would jolt banks.