In the week of July 6-12, as cotton prices rose, Indian cotton yarn prices remained strong, while polyester and viscose yarn prices increased slightly. The Indian yarn market is still very chaotic as traders continue to strongly protest against the implementation of GST.
It is understood that although international cotton prices continued to fall last week, Indian cotton prices remained strong supported by tight supply in the domestic market. It is expected that cotton prices in India will remain at a high level before new flowers are released in October. Affected by this, the profits of Indian textile companies will continue to decline, especially export companies that are forced to lower prices.
Last week, the price of JC30SFOB in India fell by 5 cents to 2.9 cents/lb, hitting a nearly one-year low. It is understood that in order to restore market share in China and as cotton prices in Pakistan fell, the price reduction of cotton yarns in Pakistan put great pressure on Indian cotton yarn prices, forcing Indian exporters to accept lower prices and profits. In contrast, the increase in the prices of polyester fiber and viscose fiber has caused the price of yarn to increase in the Indian domestic market. GST still confuses the market. Indian cotton yarn export prices continue to fall
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