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Cotton market stable, but reality is different
16
Mar '11
According to a report from China Cotton Association, market looks stable but the reality is different. At present, price of better micronaire cotton is steady at 32,500 Yuan / ton while price of lower micronaire is around 32,000 Yuan / ton.

Inland cotton is traded above 30,000 Yuan / ton. These are officially quoted figures but most of the deals take place at negotiated prices which can be less than the officially quoted figures.

In China, cotton yarn market faces hard time, because of slow sale and piling stocks. Even after the Spring Festival, the market has shown no signs of recovery. As a result, textile enterprises have started to reduce ex-factory prices to clear the stocks.

On March 14, Chinese cotton price index (CCIndex328) was 31098 Yuan / ton, down 10 Yuan from the previous closing but 998 Yuan / ton higher than Zhengzhou March contract.

On March 14, China's import cotton price index (FC Index M) was 232.73 cents / lb up 2.64 cents from the previous level. Current import cost based on 1 percent tariff is 7,665 Yuan / ton, higher than China's domestic spot price index (CCIndex328).

At one percent tariff calculation, import cost will be 38,763 Yuan / ton and 39,026 Yuan / ton on sliding tariff.

According to a survey of textile enterprises conducted in February, raw material inventory of textile factories reduced in the month. Though use of imported cotton and Xinjiang cotton increased, cotton consumption of enterprises declined and stocks of yarns and fabrics increased.

Fibre2fashion News Desk - China

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