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State to release additional cotton for auction

19
Aug '09
The National Development and Reform Commission (NDRC) has decided to release another 600,000 tons of cotton reserves to domestic market prior to new cotton arriving in the market.

Of this, 500,000 tons will be from 2008 cotton reserves and the auction contract price will be 12,600 Yuan per ton. The state had targeted to release 1.52 million tons of cotton of which 92 percent of the same has been auctioned.

The amount of 600,000 tons is close to one-month consumption of textile enterprises, so this additional release is to ensure adequate cotton supplies, before new cotton starts arriving in the market in mid-September.

According to the China Cotton Information Network, domestic cotton enterprises held 900,000 tons of commercial cotton stocks in July. With the additional 600,000 tons of cotton reserves, supply and demand situation will be balanced in the market.

Market demand in 2008 cotton year (September 2008 - August 2009) is estimated at about 8.5 million tons. Under the impact of release of cotton reserves, standard class cotton prices are expected to be in range of 13,000 Yuan per ton.

Market sources also suggest that, NDRC may also release 400,000 tons of cotton quotas under floating tariffs after the release of 600,000 tons in order to open import channel and meet the demand in domestic markets.

Fibre2fashion News Desk - China


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