According to feedback from some cotton textile enterprises in Jiangsu, Shandong and other places, since mid-March, except for the relatively smooth production and sales of high count carded and combed yarns of 50S and above, the sales of ring spinning and open-end spinning yarns of 40S and below have been relatively 1,2 The month has slowed down significantly, the wait-and-see atmosphere of consumer terminals such as cloth mills, fabrics and clothing is thicker, and the phenomenon of accumulation is becoming more and more prominent. Both the light textile markets in coastal areas and the ports of India, Pakistan, Vietnam and other yarn quotations have seen corrections. Confidence in the downstream of the industrial chain has been shaken.
A medium-sized yarn factory in Zibo, Shandong stated that although the quotations of carded and combed yarns of 40S and above were lowered by RMB 1,000-1200/ton from mid-to-late February, and the quotations of high-count yarns of 50S and above were lowered by RMB 1,500/ton, customers were not satisfied with 40S It is difficult to stop the weak inquiries and purchases of cotton yarns and below. On the one hand, traders in the textile market in Guangdong, Jiangsu, Zhejiang, Shandong and other places not only lowered prices by a large margin, but also purchased "small quantities, multiple batches, and high requirements". On the other hand, as the Zheng Mian CF2105 contract dived, cotton , The spot price of cotton yarn has been declining. In January and February, the cloth mills and textile and clothing enterprises that signed high prices have slowed down the implementation of the contract. Some customers even requested delayed delivery and delivery on credit. The company said that it will still focus on completing pre-orders before mid-April. In order not to reduce production, no layoffs, and to ensure employment, it is considering appropriately increasing a part of C26S-40S conventional carded yarn inventory. Take measures to reduce the pressure on working capital.
With the Zhengmian CF2105 contract returning to 15000-15500 yuan/ton to consolidate, some cotton textile companies believe that the cotton yarn and grey cloth market is not far from bottoming out. The current "yin fall" is mainly due to the sharp rise and fall of the cotton futures in February and March. The price and confidence "overdraft" triggered, the industrial chain needs time to repair.
Market participants believe that the current bullish factors still exist. First, although the high-level meeting between China and the United States does not give in to each other, the press conference after the meeting stated that Sino-US relations have not continued to deteriorate, and both sides are exploring each other's bottom line; With the global vaccination of the new crown vaccine and the continued improvement of the epidemic in Europe and the United States, the economy, trade, and transportation have experienced a difficult recovery, and the "dark moment" of consumer demand for textiles has passed; third, the Fed's continued ultra-loose monetary policy intensified global inflationary pressure; The central bank's monetary policy is not a turnaround, but a phased tightening. There is a high probability that liquidity will be released from March to April.
Source of this article: China Cotton Net (If there is any infringement, delete it immediately)
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