Indian cotton prices plummet, spinning costs drop
In the past week, Indian cotton yarn prices stopped rising and cotton prices fell sharply, which is consistent with international cotton prices.
The domestic S-6 spot price in India fell by 1,400 rupees that week, a drop of more than 3%, but it was still much higher than the high at the end of February. Previously, cotton prices rebounded due to tight domestic supply, so spin mills began to import large quantities of foreign cotton, especially textile mills in southern India. Now that international cotton prices have plummeted, their import costs have also dropped significantly. As cotton costs fall, Indian spinning profits are expected to recover. After all, Indian cotton yarn prices have not changed much. Indian industry analysts believe that the setback in Sino-US trade relations may cause American apparel buyers to turn their targets to India. However, although U.S. procurement demand has left China, Vietnam and Cambodia should be the biggest beneficiaries under the new supply system.
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