According to statistics from the Brazilian National Cotton Exporters Association (Anea), Brazil’s cotton export volume reached 731,400 tons in the first quarter of 2021 (including cotton in 2018/19 and 2019/20), a year-on-year increase of 18%, a record high; China It is the main destination for Brazilian cotton exports. In February and March alone, China purchased more than 100,000 tons. Anea expects Brazil’s total cotton exports in 2019/20 to exceed 2.3 million tons, a year-on-year increase of more than 20%.
Cotton trading companies in Qingdao, Zhangjiagang and other places stated that Brazilian cotton has achieved “dislocation” exports in the past two years. Brazilian cotton with medium, high quality, high grade and high spinnability (general lengths) 1-1/8 and above, strong 28GPT and above) focus on shipping to the main cotton ports in China; while low-quality and low-index Brazilian cotton tends to be shipped at ports in Vietnam, Pakistan, India, Indonesia and other countries, while Chinese low-quality and low-end cotton The import market is gradually occupied by cotton from India, Africa, Mexico, Greece and other producing areas; in addition, low-grade and low-index US cotton also occupies a certain proportion of the market share.
From the survey, as of now, the inventory of bonded and customs-cleared Brazilian cotton in China’s main ports is relatively large, but the April/May/June shipping date is 2019/20 Brazilian cotton. There are not many quotations. According to industry analysis, on the one hand, the cotton currently sold and shipped in Brazil is mainly late-flowering, and various indicators such as grade and quality are less consistent with the actual needs of China’s textile enterprises; on the other hand, with the increase of ICE cotton Futures have bottomed out and have rebounded. In addition, export companies and international cotton merchants have increased the basis difference of high-quality Brazilian cotton (the basis difference of low-grade and low-quality cotton has dropped). Therefore, buyers’ acceptance of cargoes has declined.
According to customs statistics, from January to February 2021, my country imported 690,600 tons of cotton, a year-on-year increase of 67.51%; import volume in March remained high, so Brazil’s imports increased in the first quarter It is reasonable that the amplitude is relatively large, mainly due to the low cotton import base due to the outbreak of the new crown epidemic from January to March 2020.
Analysis believes that as the contracted export of US cotton in 2020/21 enters an oversold rhythm, some international cotton merchants and import companies plan to use Brazilian cotton with similar quality indicators to replace delivery. At the same time, Brazilian cotton has obvious advantages over Indian cotton, African cotton, etc. in terms of large export volume, timely shipment, and quality indicators. Textile companies in Henan, Hubei and other places said that although the RMB quotation of Brazilian cotton is 300-500 yuan/ton higher than that of Indian cotton, Brazilian cotton has relatively less foreign fibers and slightly lower impurities. The spinning rate is not only high, but also of stable quality. Because of its high performance, it is more popular among yarn mills. </p