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India bans cotton exports, prices may shoot up in China
07
Mar '12
Following the ban on cotton exports imposed on Monday by India, which is the second largest cotton exporter behind the US, it is expected that cotton prices in China and the US will increase.

Indian Textiles Secretary – Kiran Dhingra said the textiles ministry was of the view that given the sudden surge in export registrations, the ban was necessary or else the country would not have enough cotton to run its mills till October.

In the Chinese markets, Indian cotton was being imported at a lower price than the price paid by the state for purchases made under the cotton reserves policy and was also lower than cotton imported from the US.

Indian cotton was being sold in the range of 18,000-18,500 Yuan per ton in China since this year, far lower than the price of 19,800 Yuan per ton paid under state reserves purchase.

According to National Bureau of Statistics, China's cotton output is 6.6 million tons in the current season of which, the state is expected to mop up 3 million tons by March 31, 2012.

This will mean actual supply of just 3.6 million tons of domestic cotton against a consumption of an expected 10 million tons in 2012.

Under the circumstances, China will also need to import more cotton from other sources like Uzbekistan and the African countries.

In the current cotton season, China has imported around 800,000 tons from India and 1.34 million tons from the US.

Fibre2fashion News Desk - China

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