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RMB depreciation will curb China's foreign yarn imports

by:Chengyi     2021-03-15
In the past seven days (July 4-10), India's chemical fiber yarn prices have begun to fall, which is consistent with the trend that the depreciation of the renminbi has led to a decline in the export prices of polyester and viscose fiber denominated in dollars. After India's cotton yarn exports rebounded, the depreciation of the renminbi will curb China's foreign yarn imports in the short term.  According to statistics, in the past seven days, the prices of polyester staple fiber and viscose fiber in India have both fallen by 1 rupees/kg, and the price of 100% polyester yarn has fallen by 2 rupees/kg. The export price of 30S pure cotton yarn FOB is stable at US$3.7/kg, and the price of T65/C3530S polyester-cotton blended yarn is stable at US$2.85/kg.  Affected by China's additional 25% tariff on US cotton, China's cotton demand has begun to shift to other cotton-producing countries such as India. In the past seven days, Indian cotton prices have soared, especially high-grade cotton. According to statistics, in the past seven days, the price of Indian S-6 cotton has risen by 600 rupees to 47,300 rupees/candi, an increase of 1.28%.  According to the latest survey, India’s cotton planting to other crops this year will significantly reduce the cotton sown area compared with the previous year, further pushing up cotton prices. Since the current market price of cotton is higher than MSP, a substantial increase in the minimum support price (MSP) will not have much impact on the market. In the next period of time, whether Indian cotton prices can continue to rise depends mainly on the rupee and other countries' currencies. According to statistics, India's cotton yarn export volume and export value both increased in April. The export volume increased by 60.92% year-on-year to 105,400 tons, and the export value increased by 55.71% year-on-year to 331 million U.S. dollars. The export volume of cotton yarn to China was lower than the same period last year. Point growth of 335%, accounting for 1/4 of India’s total cotton yarn exports, about 40,000 tons, and the export value of about 110 million US dollars. From January to April, India exported a total of 404,000 tons of cotton yarn with an export value of 1.267 billion U.S. dollars, of which 114,000 tons were exported to China, and the total export value was 313 million U.S. dollars. Article keywords:  Indian cotton yarn imports, RMB depreciation, overseas textile
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