Xinjiang: Cotton companies are under tight financial pressure and are fully committed to sales, hoping for a turnaround
The traditional textile peak season of “gold, three and silver” has passed more than half. As time goes by, the cotton costs of Xinjiang’s cotton processing enterprises that hold a large amount of spot goods continue to rise. Although more and more companies have recently actively launched special resource promotions to alleviate financial pressure, sales have continued to be sluggish due to difficulties in production and operation of textile companies and their lack of willingness to purchase. At present, many large traders have stated that they have no purchase plans or specific quotations and are fully committed to selling the resources they hold.
As the weather gets warmer, Xinjiang’s cotton sowing work has begun in full swing. Some enterprises in Xinjiang still have consolidated land and need to continue to invest capital. Some processing enterprises that lack funds are also facing the difficult situation of insufficient bank deposits. They are eager to wait and see. We hope that the market will turn around soon.
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