Since June, the disk price of Zheng Cotton CF2109 contract has continued to consolidate in the range of 15,500-16,000 yuan/ton, while the domestic cotton spot basis quotation and point price have also been adjusted with Zheng Cotton, but the fluctuation range is more obvious than in March/April. Narrowing, the costs of cotton yarn and gray fabrics in cotton textile mills have gradually stabilized, and the mood for receiving, arranging and delivering orders is good.
Since March, the profits of cotton spinning mills in Shandong, Henan and other places have continued to be on the high side, significantly higher than those of weaving, fabrics, clothing and consumer terminals, and even if Zheng Cotton’s main contract has The annual high of 17,215 yuan/ton in late February fell to a low of 14,485 yuan/ton, and the ex-factory price of cotton yarn was only reduced by 400-500 yuan/ton (some manufacturers’ quotations for 50S and above high-count yarns and combed yarns were reduced by as much as 6500-800 yuan/ton), but overall, in the first half of 2021, the situation of cotton spinning mills “not open for half a year, but open for a year” is quite prominent. Therefore, in the first half of 2021, some cotton spinning mills will rush to expand or build new factories.
So how high are the current profits of cotton spinning mills? The author makes a simple calculation (due to different raw material replenishment times, purchase prices, financial costs, etc. of textile enterprises, there may be certain discrepancies, for reference only):
1. Cost of C32S cotton yarn Lower than 23,700 yuan/ton: From late April to late June 2021, the CF2109 contract price was generally 15,500-16,000 yuan/ton. Therefore, the purchase price of 3128/4128 Xinjiang cotton inland warehouses did not fluctuate greatly and remained at 16,100-16,100. 16,500 yuan/ton (spinning 32S with cotton yarn, 3128/4128 each accounting for 50% can fully meet the requirements of downstream customers, so the cotton cost is calculated as 16,300 yuan/ton), C32S medium yarn cost: 16,300*1.05+6,000 yuan / ton (processing cost, including water and electricity charges, employee wages, etc.) + 500~600 yuan/ton (road freight from Henan, Shandong, Hebei and other manufacturers to the coastal textile market) = 23615~23715 yuan/ton;
2. At present, the market transaction price of C32S mid-range cotton yarn in the light textile market in Jiangsu, Zhejiang, Guangdong and other places is 25,500-25,800 yuan/ton (due to different cotton blends, different brands, and different processes) There is a big difference (the quoted price is 25,000-26,000 yuan/ton); while the market price of Zheng cotton yarn CY2109 contract on June 23-24 is only 23,250-23,650 yuan/ton, excluding financial costs, warehousing and warehousing fees, and transaction delivery fees. The cotton yarn price is currently over 2,000 yuan/ton;
3. The current profit from spinning C32S yarn: 25500~25800-23700=1800~2100 yuan/ton (can be approximated as 2000 yuan) / ton calculation), the profits of high-count carded yarn and high-count combed yarn of 40S and above are obviously higher, significantly exceeding 2,000 yuan/ton. The profit situation in the entire cotton spinning industry chain will be that of ginners and weaving factories. , clothing companies, etc. are far behind. </p
