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China cotton monthly report - september, 2013

China cotton monthly report - september, 2013 Source: www.chinatexnet.com
Date: 11-10-2013
Visits: 248
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For the cotton season of 2012/13 (from 31st August,2012 to 1st September, 2013), the increased Chinese cotton production and relatively low demand kept the state reserve at high level, which dominating the market and stabilizing the domestic price, and import cotton volume was still large with large price gap home and abroad.

According to actual Xinjiang cotton reserve trade and mechanical testing quantity, CCA adjusted national cotton production of 2012/13 season to 7.73 million ton, 6.2% higher than its previous year statistics. Textile industry kept stable, yarn production of 2012/13 was 31.77 million ton 1.8% up over the corresponding time last year, the increase rate of which declined by nearly 10%; export of textiles and apparels recovered to total export value of US5.9 billion for the season, 11.8% up over the corresponding time last year, the increase rate of which increased by nearly 9%. Domestically, reserve purchase supported the cotton price, and CC Index328 had average price of 19,136 Yuan per ton, 0.1% up over the corresponding time last year, while over the same time period, international cotton price kept drifting downward, and average price gap between domestic and international prices was 4,000 Yuan per ton, and 4.4 million ton of foreign cotton was imported for this season, 19% less over last season though still a large number, especially with much full duty import; while at the same time, yarn import increased largely to 1.94 million ton, 48% more than last season, when the chemical fibre was taken into account, domestic cotton consumption reduced to approximately 8.5 million ton.
 
By the end of this season, reserve cotton release closed and domestic cotton trade was weak with slightly reduced price. CC Index 328 monthly average price for August was 19,190 Yuan per ton, 0.4% down over the month and 4.3% up than last August. With certain undelivered reserve sold cotton, the national commercial cotton carryover stock was 660,000 ton. 
 
Textile industry saw more recovering signs with increased production and export. According to National Bureau of Statistics, in August yarn production was 2.94 million ton, 1.1% up over the month, and 2.8% up than last August. According to Customs, August textile and apparel import valued US billion, 1.3% up over the month, and 14% up than last August. Domestic and international cotton price gap reduced to less than 4,000 Yuan per ton, and 280,000 ton of foreign cotton was imported, 18.3% less over the month, and 9.7% less than last August.
 
In August, cotton in Yellow river region and Northwest inland areas grows well, and some in Yangtze region had reduced yield and quality due to bad weather. According to CCA survey, national cotton production was estimated to be 6.93 million ton, 10.4% down over last year. During late August, cotton picking started gradually, lightly fast than last year, the seed cotton price was in high position though the trade processed quite slowly.
 
On 26th September, China Cotton Association held National Cotton Situation Analysis Conference in Beijing, participants from government; industry organizations and cotton related companies discussed cotton market in 2012/13 season and overlooked the coming season. The meeting projected a reduced production, stable demand and policy dominated market in the new cotton season.
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