Several warehouses that stock cotton are fully occupied at Chinese ports as more than 500,000 tons of imported cotton has not received clearance from Customs due to exhaustion of quotas.
Several warehouses that stock cotton are fully occupied at Chinese ports as more than #
A dozen cotton warehouses in Qingdao Free Trade Zone were fully occupied as on July 26. The storage cost, which normally prevails around 0.7-0.8 Yuan/ton, has gone up to 2 Yuan/ton.
Several warehouses that stock cotton are fully occupied at Chinese ports as more than #
The price gap between imported cotton and Xinjiang cotton had gone up to 5504 Yuan/ton this season. This attracted a large number of traders to hoard imported cotton in expectation of making profits by reselling their stock to domestic users.
Several warehouses that stock cotton are fully occupied at Chinese ports as more than #
However, the traders were kept off from making profits due to exhaustion of cotton import quotas and have been forced to stock imported cotton in warehouses.
Several warehouses that stock cotton are fully occupied at Chinese ports as more than #
On July 26, the cotton quota was being traded at around 4,000 Yuan/ton in the market, while the price gap between imported and Xinjiang cotton had narrowed down to 4618 Yuan/ton.
Several warehouses that stock cotton are fully occupied at Chinese ports as more than #
Industry insiders say it is very rare that imported cotton gets piled up at ports.
Several warehouses that stock cotton are fully occupied at Chinese ports as more than #
So far, the Chinese Government has issued cotton quotas for a total of 2.5 million tons of cotton. Since all the already issued quotas have got exhausted, over 500,000 tons of imported cotton could not get customs clearance, as they do not have quotas.
Several warehouses that stock cotton are fully occupied at Chinese ports as more than #
Fibre2fashion News Desk - China