Jute trade eyes June 3 ECJ meet for aid amid provide crunch and hovering costs – OXBIG NEWS NETWORK-OxBig News Network

The jute trade is pinning its hopes on the upcoming Expert Committee on Jute (ECJ) assembly, scheduled for June 3 in Kolkata, because it grapples with excessive uncooked jute costs, delayed crop arrivals, and tight provide situations.The ECJ, underneath the Ministry of Textiles, will evaluation the uncooked jute and mesta supply-demand scenario for 2024–25 and likewise assess prospects for the 2025–26 crop. The assembly will carry collectively officers from the Jute Division, National Jute Board, Ministry of Agriculture, and different key stakeholders.While official estimates counsel there ought to be sufficient availability—73 lakh bales of manufacturing, 5 lakh bales of imports, and 23 lakh bales of carryover inventory—trade sources declare precise provides are tight, largely attributable to hoarding. Jute mill officers stated present annual consumption stands at roughly 70 to 72 lakh bales.“A delayed monsoon in key jute-growing areas like Murshidabad, Nadia, and Goalpara has pushed back sowing, and fresh arrivals may not come before September. This could cause a supply gap in July and August. Prices have already shot up to Rs 6,800–7,200 per quintal, much higher than the MSP of Rs 5,650,” stated Sanjay Kajaria, former chairman of the Indian Jute Mills Association, quoted PTI.Despite rising issues, trade gamers allege that the Jute Commissioner’s Office (JCO) has did not implement a buffer inventory launch or take measures in opposition to hoarding and speculative withholding of uncooked jute. Mills, significantly in North Bengal, are going through operational pressure, with many operating solely 4 to five days per week attributable to procurement challenges and escalating enter prices.A mill proprietor, requesting anonymity, stated that the scenario has change into so extreme that they’re struggling to pay wages and meet statutory obligations.The jute sector is trying to the ECJ assembly for concrete interventions, together with the discharge of buffer shares, strict motion in opposition to hoarding, and efficient enforcement of the Minimum Support Price (MSP) to stabilise market situations.