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Chinese Currency To Depreciate Causing The Drop In Demand, Indian Cotton Export Prices Reduction.
- Aug 08, 2018 -

According to statistics, in the past seven days, the price of s-6 cotton in India has increased by 300 rupees to 48,100 rupees/kanda, up 0.63%, up 3% over the past four weeks and 13.44% over the same period last year. Cotton yarn prices for punjab 30S have risen a cent to $3.23 a kilogram, down 5.27 per cent from a year ago.


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On the export side, China's import demand fell sharply due to the sharp depreciation of the RMB exchange rate. In order to stabilize the competitiveness of Indian cotton yarn in China, the export price of Indian cotton yarn dropped sharply in the past week. According to statistics, over the past seven days, the FOB export price of India's 30S pure cotton knitted yarn has dropped 5 cents to $3.50 / kg, down 1.41%, down 5.41% over the past four weeks.


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Indian exports of 32S pure cotton yarn to China have fallen 3.5 per cent over the past seven days to $3.03 a kilogram. Vietnam $3.19 / kg, down 2.74 per cent over the past four weeks; Uzbekistan, at $3 per kilogram, is down 1.32 per cent over the past four weeks. Indonesia's $3.22 / kg is down 1.83 per cent from the past four weeks.

 

It is understood that China's cotton reserve auction has been postponed until the end of September, which greatly covers the demand for cotton before the new cotton is sold on the market. The price advantage of China's cotton far exceeds that of India, and the pressure on India's cotton export to China will gradually increase.




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