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China announces 2013-14 cotton buying & storage rules
11 Sep '13
1 min read
The National Development and Reform Commission (NDRC) of China National Cotton Reserves Corporation has announced 2013-14 annual cotton purchasing and storage rules.
According to the announcement, the storage plan shall be decided from September 9, 2013, and would be implemented when the cotton prices in the domestic market are lower than the national cotton temporary reserve price of 20,400 yuan/ton for five consecutive days.
At present, the market price of cotton is around 19,100 yuan/ton, which is lower by more than 1,000 yuan/ton compared to the state purchasing and storage price.
Monitoring data shows that cotton processing plants are currently operating at 10 percent capacity, about five percent lower than the same period in previous years. The operating rates of these processing companies are expected to gradually increase following the NDRC announcement.
The 2013-14 annual cotton purchasing and storage conditions, however, make paying by cotton processing enterprises for storage requirements more stringent.
Fibre2fashion News Desk - India
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