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77% of cotton imports in September emanate from US

27
Oct '08
In September, China's cotton crop reached its zenith as most parts of the country saw fine weather, ample light and heat, which were helpful to cotton maturation and harvesting. According to the survey by China Cotton Association, total output of this year is expected to reach 7,795,000 tons, basically a flat growth rate when compared with that of last year.

According to China Cotton Association, as of September 30, the average harvesting progress of cotton among surveyed farmers was 46.3 percent, basically the same as in the corresponding period of last year.

However, farmers did not want to sell their harvest due to increased cotton production costs and a decline in cotton prices with the average price for the whole month standing at just 5.43 Yuan per kg, down 0.34 Yuan, or 6 percent from the same time last year.

Cotton processing enterprises seem to have lost confidence and they were also delaying purchases which has resulted in a stalemate between growers and textile mills. According to the Association, among surveyed enterprises in September, 65 percent of the enterprises had not started their normal cotton purchases.

The average purchasing price of raw cotton by cotton processing units stood at 5.54 Yuan per kg, a year-on-year decline of 4 percent. China cotton price index (CC Index328) also fell by 618 Yuan per ton in September. The accumulated drop since July reached 1000 Yuan considering the drop of September.

Average price of cotton was 13,177 Yuan per ton in September, down by 408 Yuan per ton from August. Cotton imports in September came to 129,000 tons, a substantial decline from the previous month and the same period of last year.

U.S. cotton accounted for 77 percent of the total imports. There was not much difference in price of imported and domestic cotton as price drop in domestic cotton was higher than that of decline in international cotton prices.

To stabilize the domestic cotton market and protect the interests of cotton growers, the state decided to purchase cotton from farmers of Xinjiang province which grows the biggest cotton crop in China on October 21, 2008.

In the first phase, the state will purchase 220,000 tons of cotton at a uniform price of 12,600 Yuan per ton. The state will gradually increase purchase volumes depending on the situation in a timely manner.

Fibre2fashion News Desk - China


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