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Why did Indian yarn quotations 'proudly' rise?
According to feedback from cotton yarn trading enterprises in Guangdong, Jiangsu, Zhejiang and other places, since early and mid-August, inquiries and transactions for port bonded, customs clearance of Brazilian cotton, Indian cotton, West African cotton, and Mexican cotton have continued to improve. More out of the library'. Contrary to the reduction in storage capacity pressure, not only the shipments of outer yarn from ports have started to pick up, but also the voices of foreign yarn mills and cotton yarn trading companies are increasing in price, especially the performance of Indian yarn and Vietnamese yarn. Intermediaries in Foshan, Zhongshan, Guangzhou and other places said that for nearly half a month, in addition to C20S-C32S high-quality packaged bleached yarns, there was a surprisingly poor transaction. Inquiries and inspections of JC21S, JC32S, OE16S, OE21S also bottomed out; but JC40S The shipments of the above-mentioned high-count Indian yarns, Vietnamese yarns and Indonesian yarns have not improved much. Weaving factories in Shandong and Henan reported that the FOB and CNF quotations of OE8S-OE16S and C20S-C40S in India have risen significantly in the past week or so (the domestic and foreign prices of Pakistani yarn have remained stable, and traders have been relatively cautious in adjusting the increase). The shipment and delivery of Indian “future yarns” signed in May/June have become more difficult, and Indian yarn mills have delayed the implementation of the contract or required negotiation of prices, supplementary accessories or re-signing the purchase and sale contract; Enthusiasm to cool down. According to industry analysis, there are several factors that have caused the “arrogant” increase in the quotations of Indian yarn mills and exporters: First, the CCI bidding reserve price and the domestic spot S-6 price in India have been increased in turn (the average spot price of S-6 has increased by 5 in a week) -6%), the cost pressure of spinning mills needs to be released; second, the recovery of domestic weaving, clothing, foreign trade exports and other industries in India has accelerated, and consumer demand for cotton, cotton yarn, grey cloth, etc. has bottomed out strongly (The Indian Cotton Association predicts that most textile mills currently (Capacity reached 80%), optimistic about the textile and apparel production and export situation in the second half of 2020, the spinning mills have the confidence to raise their quotations; thirdly, affected by the continuous decline in the US dollar index, the exchange rate of the Indian rupee against the US dollar has changed from a depreciation to an increase (the Indian rupee has remained unchanged against the RMB Strong), export quotations of cotton and cotton yarn passively rose. Some institutions and investment banks believe that multiple factors will continue to exert greater downward pressure on the US dollar. If the US dollar index falls below the key level of 91.50, the downward target will point to 88.70; fourth, due to the recent CF2101 contract breaking through 13,000 yuan/ton, the transaction price of reserve cotton In addition to the impact of rising cotton spot prices, some large and medium-sized domestic spinning mills have raised their export quotations for cotton yarn, and the price gap between domestic and foreign cotton yarns has widened, stimulating Indian spinning mills and traders to slightly increase their quotations; Fifth, some foreign trade companies and weaving companies are worried about contracts with American customers. China requires banning the use of Xinjiang cotton. In order to reduce unnecessary troubles and losses, imported cotton yarn is directly purchased to avoid risks. Article Keywords: Indian Yarn Quotation