From the week of June 29th to July 5th, the first week that India’s new GST tax system was officially implemented, India’s domestic cotton textile prices were basically frozen, and the export price of cotton yarn fell slightly.
It is understood that India is currently confused about the implementation of the GST (Goods and Services Tax). Textile manufacturers and traders in some cities have triggered protests and even clashed with the police. At the same time, there is a strike in Tamil Tad. Domestic trading activity in India is in disarray.
In terms of exports, Indian cotton yarn export prices fell slightly last week, with the price of JC30SFOB falling 8 cents to 2.95 cents/kg. It is understood that since the end of November 2016, the price of cotton yarn in India has basically fluctuated around 3 cents/kg. The current export price of Indian cotton yarn has increased by 5.4% compared with the same period last year.
Pakistani cotton prices began to fall last week, while Indian cotton prices remained strong. Affected by the continued sharp decline in international cotton prices, India’s spinning profit margins have come under further pressure, and cotton yarn export profits have continued to be compressed. GST disrupts market operations India’s cotton yarn export prices fell slightly
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