KARACHI, Dec 24: Amid slow trading, prices on cotton market remained steady where only needy mills were seen active in lifting small lot deals to meet their immediate requirement.

However, floor brokers attributed slow trading owing to severe gas and power crisis in the Punjab where the industry mostly remains closed.

A spokesman for Pakistan Cotton Ginners Association (PCGA) told Dawn that due to prolonged disruption of electric and gas supply throughout the Punjab the textile industry have deferred procurement of cotton lint from ginning factories, creating panic in the entire industry.

He further said that fears are growing that due to frequent disruption in production process resulting in slow down in exports will ultimately result in job loss in tens of thousands of workers.

According to reports reaching here from Lahore the All Pakistan Textile Mills Association (APTMA) has given ultimatum to the government to ensure gas and power supply to industry or else they would start lay-off and would be closing down their units from December 28, 2012.

The industry leaders has argued that when gas and electricity is available elsewhere in the country then as to why the Punjab industry is being penalized and deprived which has crippled the entire textile industry in the province.

Due to financial crunch the textile industry currently prefers imported cotton over local because it gives them some margin to pay back the cost, a broker said.

On local purchase which costs lesser by Rs200 to Rs300 per 40kg over imported cotton the payment has to be made instantly.

The Karachi Cotton Association (KCA) spot rates remained steady at previous level and transactions at ready counter were also quoted at last level.

The following major deals transpired on ready counter on Monday, 800 bales from station Kahirpur done at Rs6100, 3000 bales from upper Sindh done at Rs6100, 400 bales from Jahnian done at Rs5800, 400 bales from Marot done at Rs5850, 400 bales from Bahawalpur done at Rs5850, 200 bales from Khichiwala done at Rs5850, 200 bales from Faqirwali done at Rs5850, 400 bales from Chistian done at Rs5825, 1000 bales from Khanewal done at Rs5875, 400 bales from Gojra done at Rs5875, 400 bales from Fort Abbas done at Rs5900, 200 bales from Vehari done at Rs5900, 400 bales from Haroonabad done at Rs5900, 400 bales from Dera Ghazi Khan done at Rs6000, 1000 bales from Rahimyar Khan done at Rs6000 to 6050, 1000 bales from Sadiqabad done at Rs6000 to Rs6100, 400 bales from Rajanpur done at Rs6100 and 400 bales from Mianwali done at Rs6100.