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Chinese cotton sale from reserves limited to textile firms
04
Sep '12
The China National Cotton Reserves Corporation has sold a part of its cotton reserves on September 3, in order to meet the domestic textile industry’s demand for cotton.
 
However, the sale was limited to cotton textile enterprises. Moreover, the textile firms could procure cotton quantity equivalent to their one month consumption, which was to be validated by the China Textile Industry Association, based on their yarn production.
 
An additional condition was that the cotton so purchased from state reserves cannot be further resold by textile enterprises.
 
The announcement for releasing a part of cotton reserves stated that the planned sales volume for textile enterprises would be 35,708.002 tons.
 
The released cotton from state reserves was mainly Xinjiang cotton bought and stored last year. The bottom price for sale was 18,500 Yuan/ton for standard grade and the auction was carried out by the National Cotton Exchange.
 

Fibre2fashion News Desk - China

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