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China's cotton purchase for reserves nears annual output
Mar '13
The accumulated acquisition by the China National Cotton Reserves Corporation under 2012-13 temporary purchase and storage plan has reached 6.384 million tons by March 15, 2013, according to an announcement made by the Information Center of State Reserve Cotton Corporation.
The purchase of cotton so far is quite close to China’s annual production of 6.84 million tons announced by the National Bureau of Statistics, and is also not far from 7.164 million tons of output estimated by the China Cotton Association for 2012-13 season.
In comparison, the temporary purchase and storage of national cotton reserves in 2011-12 was only 3.130 million tons.
So far, of the cumulative acquisition of 6.384 million tons for cotton reserves, 4.576 million tons of cotton was acquired through listing, while another 1.727 million tons was acquired by backbone enterprises through contracts.
Of the cotton reserves procured through listing process, 2.118 million tons was purchased from inland area, and another 2.539 million tons was bought from Xinjiang.
On the other hand, the sale of cotton released from reserves is slow and only 768,600 tons of cotton was traded by March 15 from the already released cotton by National Cotton Reserves.
China’s 2012-13 temporary cotton purchase and storage plan, launched on September 7 last year by the National Development and Reform Commission and the Ministry of Finance, will end on March 31, 2013.
The first round of the release of cotton from state reserves for 2012-13 is also scheduled to end on the same day.

Fibre2fashion News Desk - China

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