Arrivals of imported yarn at Hong Kong declined, traders were reluctant to sell and increased
According to feedback from some cotton yarn traders in Jiangsu, Zhejiang, Guangdong, Shandong and other places, due to the recent sharp rise in cotton and cotton yarn prices in India, Pakistan and other producing areas, and the large-scale global outbreak of new coronavirus mutant strains, (increased impact on shipping, logistics and other links), high sea freight from Southeast Asian ports to China and other factors, the quantity of imported cotton yarn arriving at the port and warehousing has declined significantly since mid-to-late December, according to an organization It is estimated that the amount of imported yarn arriving at the port in December is about 137,000 tons, a year-on-year decrease of 17.5%. Therefore, cotton yarn traders “sell down but not up” and are reluctant to sell. The quotations of bonded and customs cleared cotton yarn at the port are lower than those in November and December.
A raw material import company in Shaoxing stated that considering the high domestic cotton costs and selling prices in 2021/22 and the substantial increase in Xinjiang cotton public inspection quality indicators compared with the previous two years, Textile enterprises have shifted their focus to the production of medium and high count yarns. Downstream weaving mills and traders are slightly more willing to restock OE yarns, siro spinning 8S-16S, and ring spinning yarns below 32S produced in Pakistan, Vietnam, Central Asia and other places. Carded and combed yarns of 40S and above produced in India, Vietnam and other places are not very “cold”, and the transactions of cargo, spot and port spot are relatively deserted.
Several weaving factories and traders reported that due to the sharp rise in cotton yarn FOB/CNF/CIF prices, the Indian cotton yarn contracts signed and purchased from August to October 2021 are facing difficulties. Implementation difficulties and even supplier defaults. Some Indian yarn mills and exporters are raising prices on the excuses of a sharp increase in the price of cotton and other raw materials, high sea freight and tight ships, and Indian textile and clothing taxes may be increased from 5% to 12%, requiring purchasers to either increase the contract price or delay it indefinitely. Due to the order arrangement and delivery, the quantity and price of the Indian cotton yarn originally planned to be sold in Hong Kong in December/January/February are subject to great changes. Some traders with large stocks of imported cotton yarn and low costs have a strong mentality of stocking up before the holidays. In addition, some weaving factories in coastal areas have been on holiday one after another, so the shipment of imported yarn has gradually cooled down.
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