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Chinese textile firms may raise cotton intake very soon
04 Feb '13
1 min read
Several Chinese textile enterprises are likely to increase their procurement of cotton soon after the end of the Spring festival holidays.
At present, most textile enterprises hold raw material inventory that could last only for 10 to 15 days, and hence they are in urgent need of replenishments to ensure normal production.
However, the firms are postponing their procurement of cotton in view of the approaching Spring festival.
As of January 30, 2013, more than six million tons of cotton was purchased under the 2012 annual temporary purchase and storage plan of the Government.
According to a November 2012 forecast of the National Cotton Market Monitoring System, China’s cotton production during the ongoing season would be about 6.992 million tons, which means that cotton supply in spot market dropped significantly.
The Chinese Government started releasing cotton from its state reserves from January 14, 2013. But, as of January 30, only 350,450 tons of cotton was sold.
Fibre2fashion News Desk - China
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