China's cotton import in February kept unchanged month-on-month in terms of both quantity and price, but it continued to drop year-on-year. According to the General Administration of Customs, China imported 159,100 tons of cotton, down 0.21 tons or 1.3% from the previous month and 35.3% compared to same period of last year.
The average import price stood at US$ 1,698/ton, up US$ 23/ton or 1.4% from January, but down 15.4% year-on-year. In the first six months of 2014/15 cotton year, China imported 881,700 tons of cotton, down 47% from a year ago. In the first two months of 2015, China imported 320,300 tons of cotton, down 40.5% year-on-year.
The CCI has procured approximately 8.6 million bales of cotton till now and cotton off take from CCI godowns is seeing a positive trend in the last few days as many mills have started buying CCI cotton.The second meeting of newly constituted Cotton Advisory Board (CAB) was held on March 31 to which ICF representatives were invited.
At the meeting the ICF representative, Atul Asher projected the cotton crop for the current season at 38.9 million bales, while CAB concluded the revised cotton output at 39 million bales.The report informs that cotton prices are moderately firming up, although mill demand is still moderate as they have to fulfill year-end financial commitments.