Indian cotton prices soar, blended yarn drops sharply
From the week of March 30 to April 5, domestic cotton yarn prices in India continued to fall, with the prices of blended yarns falling significantly. According to statistics, the price of pure cotton yarn fell by 1 rupee/kg, the price of PV yarn fell by 2 rupees/kg, and the price of PC yarn fell by 3 rupees/kg. Last week, the tight domestic cotton supply in India caused cotton prices to continue to rise to a new height. Among them, the price of S-6 cotton rose to 44,000 rupees/kandy, an increase of 2.1% month-on-month and an increase of 9.4% over the past three months.
It is understood that due to the soaring domestic cotton prices, Indian textile companies have begun to import a large amount of foreign cotton in order to save production costs and reduce market prices. Currently, cotton mills in southern Indian states tend to import West African cotton, and northern states are also importing foreign cotton.
In terms of exports, with the continuous appreciation of the Indian rupee and the increase in foreign investment in the past few weeks, the price of C30SFOB in India has increased to US$3.4/kg. China’s demand is gradually declining. Although cotton yarn exports to China surged 73% year-on-year in January, India’s cotton yarn exports to China decreased by 23% year-on-year from April 2016 to January 2017. During the same period, Pakistan’s cotton yarn exports to China soared 62% year-on-year. Indian cotton prices soar and blended yarns fall sharply
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