test


Member ID:
Password: 
Stay logged in for 30 days
Forget Your Password?
close

login CCFGroup App

Industry News | Time:Apr 15 2016 5:07PM
2015/16 state cotton reserves sales to commence from May 3, 2016
 
Text size
2015/16 state cotton reserves sales will commence from May 3, and last to August 31, 2016, according to the latest news released by National Development and Reform Commission on April 15, 2016.

The total selling volumes will be no more than 2.00 million tons. In principle, daily auction volumes will be no more than 30,000 tons and reserved imported cotton will be sold first.

The base selling price is confirmed to be set at the average price of international cotton and domestic cotton, which will be adjusted every week.

Formula:
Base selling price (cotton type 3128B)=average price of prior week's domestic cotton prices*50%+average price of prior week's international cotton price*50%.
1. Domestic cotton price=(China Cotton Index+CNcotton)/2;
2. International cotton price=Cotlook A Index (converted to USD per ton)*exchange rate*(1+1%import duty)*(1+13%VAT)

Moreover, according to the NDRC, in principle, state reserves can be sold during March and August every year except during the period from September to February that new crop cotton comes into the market. In the meantime, to optimize the reserved cotton structure, after the auction, small quantity of quality cotton will be reserved into state warehouse, during the period that new crop cotton comes into the market (September to February). The reserving quantity is based on the selling volumes and the supply and demand in the season. In principle, the reserving volumes will be no more than 30% of the selling volumes of last season.
Related Articles
State Council of China: agricultural product VAT to decrease
China sets 2017-2019 cotton target prices at 18600yuan/mt
CNCRC: details on 2016/17 state reserves sales
2017 China state cotton reserves sales to commence from March 6,
China sets 2017 import quotas for cotton
China state cotton auction confirmed to extend one month
China state cotton auction to be extended to September 30,
Selling volumes of state reserved cotton can be added, NDRC
China reserved cotton structure and reserves sales sequence
China sets 2016 cotton target prices at 18600yuan/mt
 
Research
Cotton production and consumption structure analysis in ...
PTMEG: price stops falling, supply&demand pattern alters ...
Influence forecast of CPL capacity expansion in second half ...
Will Chinese domestic cotton yarn emerge with uncompetitive ...
Polyester industrial chain pattern and change
Analysis of changes on China's MEG market structure
 
 

浙公网安备 33010902000742号