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Chinese textile sector welcomes release of imported cotton
15
May '13
The Government of China has started releasing cotton from its 2011 reserves of imported cotton from May 6, 2013, onwards. This move has been welcomed by the Chinese textile industry, which purchased all the released quantity of cotton on the first three days of the release.
 
More than 7,000 tons of cotton was released by the Government during May 6-8, 2013. Foreign cotton grade 4 was transacted at the highest price averaging at 19,900 yuan/bale.
 
The release of imported cotton from reserves has come at a time when supply of high grade foreign cotton is tight, inventory of low-grade foreign cotton has been less, and cotton import quotas are not adequate.
 
At present, most textile enterprises are buying cotton only as per their immediate requirement.
 
The price of auctioned cotton from 2011 imported cotton reserves is same as the price that existed in 2011 for cotton grade 4, US cotton grade 2, and West African cotton.
 
Last week, the clearance price of Indian cotton S-6 at various China’s main ports was in the range of 18,500-18,700 yuan/ton, while the offers of SM-level US cotton and West African cotton were in the range of 19,500-19,700 yuan/ton after clearance from the port.
 

Fibre2fashion News Desk - China

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