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China to buy 5.5mn tons of cotton for reserves in 2012-13
Jan '13
China’s total purchase of cotton under its temporary procurement and reserves plan for 2012-13 is likely to touch 5.5 million tons.
The temporary cotton procurement and reserves policy was first implemented by China during 2011-12 season. Under the plan, China purchased over 3.10 million tons of cotton at price of 19,800 yuan/ton in 2011-12. About 43.5 percent of 2011-12 domestic cotton production of 7.2 million tons was bought by the state agency for national reserves.
For 2012-13 cotton season, the procurement price was increased by 600 yuan/ton to 20,400 yuan/ton. Since the state procurement began on September 10, 2012, cotton price in China’s domestic market has remained lower than the state procurement price, due to demand from textile mills remaining flat.
By 2012-end, the average selling price of standard grade lint in China’s inland market increased by 465 yuan/ton since beginning of September to 19,219 yuan/ton.
As a result, processing enterprises have mainly sold cotton to state reserves and by December-end, about 5.14 million tons of cotton was procured for state reserves, accounting for about 75 percent of national production.
Under the circumstances, state cotton procurement is likely to reach 5.5 million tons in 2012-13 season.

Fibre2fashion News Desk - China

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