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Bidding at state reserves cotton auctions peaks
25
Dec '09
Based on assessment of main producing areas, 2009/2010 cotton production in China is estimated at 6.50 million tons against a projected consumption of 10 million tons. Thus, the gap between domestic cotton production and consumption will be 3.50 million tons.

This situation was last witnessed in the 2005-2006 season. It will not be possible for the national cotton reserves to plug this huge gap, which will compel the country to import large quantities of foreign cotton to create a balance between supply and demand.

Domestic cotton supply has been very tight in November and December, since import quotas are unavailable, transport facility in Xinjiang is problematic and difficult, due to which inland cotton reaches the markets later than usual.

Therefore, in the recent third round of state reserve auction of about 500,000 tons, a mad scramble by cotton and textile enterprises was witnessed, which led to auction prices peaking at 15,000 Yuan per ton, 2,000 Yuan per ton higher than in the first round of auction.

Fibre2fashion News Desk - China

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