In the past week, the price of cotton yarn in Pakistan has rebounded slightly, consistent with the rising trend of cotton prices. Cotton imports reached very high levels due to heavy rains that reduced new cotton production significantly.
The price of 30-count carded yarn returned to the level one month ago, recovering the ground lost in the previous two weeks. Government sales tax caused market conflicts, and domestic yarn transactions declined. Although China’s import demand is small, Pakistan’s cotton yarn export prices remain stable.
Currently, cotton prices in Pakistan continue to rise because the country is generally pessimistic about the amount of new cotton on the market. According to reports from ginners, heavy rainfall has caused great damage to new cotton. As of October 1, the volume of new cotton on the market has decreased by 27% year-on-year. Spinners have begun to actively import foreign cotton, and purchases of Brazilian cotton have increased significantly in recent weeks.
