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Chinese govt promulgates cotton action plan
01
Apr '11
Chinese authorities have announced an action plan to stabilize cotton production as well as market supply. It will also take care of expectations from cotton market operators and enterprises.

The plan, called the "Provisional cotton purchase and storage plan for 2011" will be implemented from September 1, 2011 to March 31, 2012.

China's National Development and Reform Commission developed the plan in collaboration with the Ministries of Finance, Agriculture and Railways. The State Administration of Quality Supervision and Supply, the Marketing Cooperatives Society and the Agricultural Development Bank of China also contributed. All these departments will work together to implement the plan effectively.

The main objective of this plan is to set interim purchase and storage prices for 2011 cotton. At present, purchase price of standard lint arriving at warehouses is 19,800 Yuan per ton. In accordance with this, purchase prices of other grade lint will be decided. Normally three percent grade difference and one percent length difference is considered to decide the prices of other grade lint.

China Cotton Association will promulgate reference acquisition price of seed cotton to the public from time to time. For that reasonable parameters will be decided. On the basis of provisional price of lint cotton, prices of cottonseed and related by-products, conversion price formula between lint and seed cotton will be declared.

During the implementation of this plan, China Reserve Cotton Corporation will have right to intervene. If the prices of cotton in the market will be lower than provisional purchase price for five consecutive working days, it will intervene. It will announce a bulletin in those circumstances.

Fibre2fashion News Desk - China

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