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China seeks rescheduling of cotton import contracts
Jul '12
Cotton traders in China are seeking postponement of their cotton import contracts and are also renegotiating the price, in view of a dip in US cotton prices.
According to the figures released by the US Department of Agriculture (USDA), Chinese importers have already cancelled 603,700 bales or 136,919 tons of US cotton.
The cancellation, renegotiation and deferment of cotton import contracts can stop if the US cotton prices begin to increase steadily. However, it seems very unlikely owing to poor demand and low profitability that has led to closure of several small-scale textile mills in China.
Experts attribute the scenario to the 30 percent fall in cotton prices on benchmark New York cotton index since the beginning of this year.
Another factor that has led to the situation is the huge stockpiles of cotton in Chinese bonded warehouses, according to experts.
Several Chinese textile mills and trading firms imported cotton in huge quantities this year in the hope of profiting as overseas cotton prices prevailed at 40 percent lower than the prices in the Chinese domestic market. However, such importers are now caught in a trap as the demand for cotton has fallen in China, along with the decline in international cotton prices.

Fibre2fashion News Desk - China

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