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State to auction cotton reserves today onwards
22 May '09
1 min read
In order to meet the needs of the textile industry and stabilize supply in the cotton markets, the government has decided that the state will release part of national cotton reserves starting today onwards.
This will be done through an open auction trading system. Among the cotton stocks to be released are 313,000 tons of cotton reserves of 2003, 210,000 tons of cotton reserves of 2004 and one million tons of those purchased in 2008.
Auction opening bid for cotton reserves purchased in 2003-2004 is 12,500 Yuan per ton and for that of 2008 is 12,900 Yuan per ton.
This will be done through an open auction trading system. Among the cotton stocks to be released are 313,000 tons of cotton reserves of 2003, 210,000 tons of cotton reserves of 2004 and one million tons of those purchased in 2008.
Auction opening bid for cotton reserves purchased in 2003-2004 is 12,500 Yuan per ton and for that of 2008 is 12,900 Yuan per ton.
Fibre2fashion News Desk - China
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